WorksheetsPaying for College - Unit Test Review
Total questions: 25
Worksheet time: 13mins
1. Considering the career earnings of Benjamin, a college graduate, and David, a high school graduate, which of the following statements is TRUE?
David can expect to earn about the same as Benjamin over their careers
Benjamin can expect to have a starting salary over $60,000 right after college
Benjamin can expect to earn, on average, more than David over their careers
Benjamin typically earns less than David for the first 10 years after graduation
2. During a period of financial hardship, Ethan can apply for this to pause student loan payments while interest still accrues...
Grace period
Grants and scholarships
FAFSA
Forbearance
Avery is evaluating different types of financial aid for college. Which of these options lists the types of financial aid from MOST attractive to LEAST attractive?
Private loans, Federal loans, Work-study, Grants/Scholarships
Grants/Scholarships, Work-study, Federal loans, Private loans
Work-study, Grants/Scholarships, Federal loans, Private loans
Federal loans, Grants/Scholarships, Work-study, Private loans
Ethan is planning to attend college next year. In order to qualify for financial aid, which application must he submit?
FAFSA
PLUS
SAVE
SAI
Sophia is reviewing her college expenses. Which of the formulas below correctly calculates her net price?
Sticker price - student loans = net price
Grants and scholarships + student loans = net price
Sticker price - grants and scholarships = net price
Sticker price + grants and scholarships = net price
Emma is currently enrolled in college full-time. The federal government makes interest payments on __________ while Emma is in school, for the first six months after she leaves school, and during any period of deferment.
Work-Study
Subsidized federal loans
Unsubsidized federal loans
Grants
Emma is reviewing her college expenses. Which of the following is considered a direct cost of attendance?
Travel expenses
Cell phone bill
Tuition
Food and entertainment
8. Who receives and uses the information submitted in Charlotte's FAFSA?
Her employer to see if she’ll still be able to work while attending college
Her parents to keep track of her progress at college
The federal government for tax purposes
The schools she’s applied to and her state government to determine her eligibility for financial aid
Sophia is planning how to finance her college education. What types of money should she consider using, and in what order should she use them?
Her money, borrowed money, free money
Borrowed money, her money, free money
Her money, free money, borrowed money
Free money, her money, borrowed money
Although it’s not a type of financial aid, how can transferring credits from a community college help save William money on college costs?
It reduces the amount of credits William will have to pay for at his 4-year college
Colleges will pay William for any credits transferred from a community college
The cost of community college credits can be deducted on William's taxes
Transferring credits from a community college makes William eligible for lower interest rates when taking out federal student loans
Janelle's family earns about $60,000 per year. She has been accepted to College A and College B and is comparing their financial aid packages. College A has a sticker price of $28,000 and net price of $12,000. College B has a sticker price of $60,000 and net price of $9,000. Which statement below is FALSE?
It will cost less to attend College A
College B is providing Janelle more grants and scholarships
College A has a lower sticker price than College B
It will cost less to attend College B
12. Jackson is planning how to finance his college education. Which of the following is a good strategy for him?
Only report his own earnings and savings, not those of his parents, even if he lives with them full-time
See how much he can borrow in loans before applying for scholarships
Spend the money he earns from his summer job so he can get more financial aid
Save his earnings from his summer job so that he can reduce the amount of loans he needs to take
14. James is exploring ways to pay for college that are MOST likely to be based on his financial need. Which of the following options should he consider?
Direct PLUS Loans
Grants
Scholarships
Federal Subsidized Loans
Mason is considering pausing his student loan payments while he returns to school. Which repayment option does not accrue interest while his required payments are paused?
Consolidation
Deferment
Refinancing
Forbearance
16. Hannah is applying for college and needs to file the FAFSA. How much does it cost to file the FAFSA?
It is free
It is free the first time you file, but costs $9.99/year thereafter
It is 2% of your total loan amount
$50
17. Typically, when should William first file the FAFSA?
After he finishes freshman year of high school
October or November of his last year of high school
After he receives his Student Aid Index
Once he is ready to start repaying his student loans
18. Evelyn is considering her school counselor as a resource for all of the following EXCEPT...
Providing information about scholarships and grants she wouldn’t be able to find elsewhere
Negotiating lower interest rates with her lenders
Suggesting specific scholarship and grant opportunities based on her personal strengths and accomplishments
Comparing different colleges, their costs of attendance, and financial aid offers
Aria is applying for college financial aid. Which of the following is TRUE about the Student Aid Index (SAI) in her case?
The LOWER her SAI, the MORE financial aid she is eligible for
The HIGHER her SAI, the MORE financial aid she is eligible for
The LOWER her SAI, the LESS financial aid she is eligible for
Her SAI does not impact how much financial aid she is eligible for
Keith's tuition, room & board, and fees for freshman year total $26,000. Including scholarships, grants, and federal student loans, his financial aid package is $25,500. Which option below is both realistic and the most financially responsible?
Keith’s financial aid package covers all of his necessary costs, so there is no need for him to do anything else
Keith should take out a private loan and limit himself to $8000 in other expenses freshman year
Keith should pick up a part-time job to cover his remaining costs and personal expenses
Keith should not attend this college because he cannot afford it
Benjamin is researching organizations that offer grants to college students. He found that all of the following organizations offer grants EXCEPT...
the federal government
colleges
private companies
FAFSA
Ava recently graduated and is reviewing her student loan repayment options. Which of the following is the default federal student loan repayment plan she would be entered into, requires the same minimum payment for the life of the loan, and ensures she will pay the loan in full in ten years?
Standard repayment plan
Graduated repayment plan
Extended repayment plan
Income-driven repayment plan
23. As Evelyn makes decisions during her college years at the University of Example, she should focus on...
Minimizing her student loan debt at all costs
Having fun, because she’s only in college once
Focusing entirely on her studies to maximize her GPA
Balancing her academic, social, and financial decisions to make the most out of the entire experience while setting herself up for success post-college
24. Emma is reviewing her FAFSA Submission Summary. She will find each of the following pieces of information on it EXCEPT...
a record of the answers she submitted on her FAFSA
her Student Aid Index (SAI)
her eligibility for federal student aid
a record of all scholarships she has applied for
Aria is considering different repayment plans for her student loans. Which of the following is a benefit of an income-driven repayment plan?
Theoretically, her payment should never be more than she can afford
She will pay the least amount of interest over the life of the loan when compared to other loans
They’re structured to be paid off in 5-10 years
Even if she starts to make more money, her monthly payments won’t change
