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WorksheetsPaying for & Attending College Test v1
Total questions: 66
Worksheet time: 1hrs 5mins
Imagine Aria and Maya are discussing college finances. Aria says, "The biggest difference between scholarships and loans is that scholarships are like (a) , but loans must be paid back."
free money
a financial burden
a loan
a debt
Imagine you're helping Priya plan her college journey. Which method of funding higher education will keep adding interest until Priya pays it back?
(a)
Grants
Scholarships
Loans
Work-study programs
Imagine you're helping Evelyn and Daniel plan their future. What should they consider first when figuring out how to pay for higher education?
(a)
Loans
Work-study programs
Scholarships and grants
Military programs
Benjamin is planning to attend college and needs financial assistance. What is the purpose of the FAFSA?
To access need-based federal aid, including federal loans
To apply to an institute of higher education and access aid from that school
To apply for community-based scholarships and local bank loans
To access loans from your local bank and the federal government
Imagine you're helping Daniel and Abigail fill out their FAFSA forms. Which of the following statements is actually a myth?
Since it is a federal application, there is one application deadline for the entire country.
You need to apply the year before you attend higher education.
You must fill it out every year you attend higher education.
Every state has its own deadline.
Why is it necessary for Ethan to include his family's income and tax information on a FAFSA application?
They are used to analyze your Honors Class Eligibility (HCE) and what classes would most fit your profile.
They are used to determine the type of housing and meal plans your school can offer to you.
They are useful in determining your Contribution Quotient (CQ) which is the percentage of aid you deserve.
They are used to calculate your Student Aid Index (SAI) which determines your need-based aid.
Samuel is applying for scholarships and knows that merit scholarships can be awarded for all of the following except (a) .
community service
leadership roles
high GPA or test scores
financial need
Isla and Daniel are on a quest to find scholarship opportunities. Which of the following places should they skip on their adventure?
Community associations
Bank loan officers
School counselors
Institutes of higher education
Samuel is considering defaulting on his loan. How could this decision or having a high debt-to-income ratio impact his future opportunities?
It can improve his credit score and make it easy to borrow money for big purchases like a house or car.
There is no impact on future opportunities.
It can block affordable options in his searching algorithms.
It can lower his credit score and make it difficult to borrow money for big purchases like a house or car.
Emma defaulted on her student loan. One consequence is loan acceleration. What does this mean?
You must pay the loan back twice as fast.
Bill payment is required every week.
You owe the amount of your loan and interest immediately.
You must prepay all the interest on the loan now.
Mason recently defaulted on his student loan. One consequence of this is to have his wages garnished. What does this mean?
When Mason gets a raise or increased wages, his loan payments will also increase.
A garnish is a bonus payment that Mason needs to make in order to get out of default.
Money is taken directly out of Mason's paycheck to cover his debt.
A garnish is an additional tax that Mason will pay to the state as a criminal penalty for defaulting on his loan.
Benjamin and Charlotte are discussing different types of loans. Can you help them figure out why subsidized loans are unique? They _____.
are awarded by financial institutions
are based on financial need
are awarded by institutes of higher education
have zero interest
Emma is considering her loan options for college. If she qualifies, why is it better for her to accept a subsidized loan before an unsubsidized loan?
Subsidized loans are in your parent's name, which means you do not have to pay them back.
Since subsidized loans have higher borrowing limits, you can pay for more classes.
The accrued (or added) interest on a subsidized loan is paid by the Department of Education while you are enrolled at least half-time.
Subsidized loans have zero interest.
Abigail is applying for student loans to fund her college education. Which statement is true regarding how private and federal loans use her credit score (borrowing history) when approving applications?
Both federal and private loans look carefully at your credit score.
Only federal loans look at your credit score.
Only private loans look at your credit score.
Neither federal nor private loans look at your credit score.
Mason is planning to apply for a federal student loan. When does he need to apply?
Every year, based on the deadline for your state
Before you start at a higher education institution
After you've decided which higher education institution to attend
Before you start at a higher education institution and again if you take more than four years to graduate
Why might Benjamin or Aiden need a cosigner for their student loans?
If they don't have a credit history, a cosigner's credit score will be used to secure certain student loans.
If they don't currently have a source of income, they would need a cosigner for certain student loans.
If they are going to an institute of higher education out of state from where they live, they would need a cosigner for certain student loans.
If they don't have a credit card in their name yet, they would need a cosigner with a credit card in their name for certain student loans.
Kai cosigned a loan for Jackson. What happens if Jackson doesn't pay back the loan on time?
Nothing, as long as Jackson gives notice.
It will impact just Jackson's credit score.
It will impact just the credit score of Kai who cosigned with Jackson.
It will impact Jackson's credit score and the credit score of Kai who cosigned with him.
Noah is considering taking a loan for his college education. What is the difference between a parent loan and a loan that his parents or guardians cosign with him?
The responsibility of a parent loan is solely on them, but a cosigned loan means you share the responsibility.
They are the same. The co-signatures are needed on both to prove you are related.
A cosigned loan means that your parents or guardians are witnesses to your signing. They only have responsibility on parent loans.
The responsibility of a parent loan is solely on them, but a cosigned loan means you share the responsibility.
A positive return on investment for Ava's higher education _____.
happens when you get a really good scholarship and discounts on tuition
is when your earnings potential is higher than the cost of your education
is when you land a job after graduating
happens when the costs of higher education are less than you expected
Kai is considering pursuing higher education. Which is an example of why higher education typically has a positive return on investment (ROI)?
The jobs you can get with higher education will earn more money than jobs without a degree or certificate.
Higher paying jobs come with experience, not with earning a degree or certificate.
Higher education usually results in a lot of debt which can be difficult to afford.
The highest paying jobs come with a high school diploma which is an important reason to finish high school.
Mason is considering attending a university and wants to know the full cost of attendance, including tuition, room and board, books, and other costs. This total cost is known as _____.
a full ride
the net cost
the sticker price
the reduced price
Hey there, curious minds! Have you ever wondered why the net costs of higher education can be so different from the sticker prices? Let's dive into this mystery!
Sticker prices include all scholarships, grants, and special program financing.
Net costs are higher since they include interest charged to basic costs.
Net costs include all scholarships, grants, and special program financing.
Sticker prices are higher since they include interest charged to basic costs.
Mia is considering attending a community college before transferring to a 4-year institution. How can this decision help create a positive return on investment for her higher education?
It can extend her studies by two years.
She spends less money the first 2 years and then transfers to a 4-year institution.
Since community colleges are intense, they cover all 4 years of college in 2 years.
Community colleges generally charge less money for their books.
Michael, a pet store enthusiast, once enrolled in a community college but decided to chase his dreams before finishing. Now, he's juggling some student loans. Michael showcases a (a) kind of return on investment (ROI).
Negative ROI
Positive ROI
Neutral ROI
Can't determine ROI
Noah is planning to attend a university and wants to understand how the cost of attendance (COA) is determined. How is COA calculated at an institute of higher education?
It's based on tuition, so it is calculated from the number of classes you enroll in.
It is an estimate of tuition, fees, room and board, books, supplies, and other expenses.
It combines financial aid, what your family can pay, plus tuition and room and board.
It is the cost of tuition plus taxes.
Emma received a financial aid letter from her chosen university. Which of the following is true about the financial aid letters from institutes of higher education?
They only describe the types of financial aid you are eligible for; you then must apply for it all.
They include funding for every year that you are enrolled in school.
They only include aid for one year. You must reapply for financial aid every year.
They include funding that must be accepted as a full package.
Elijah and Samuel are comparing the financial aid letters from two higher education institutions. How can they determine which one is more affordable?
The higher education institution that gives more financial aid will be more affordable.
The higher education institution that has a lower cost of attendance will be more affordable.
Subtracting the financial aid offer from the cost of attendance will help you determine which one is more affordable.
Adding the financial aid offer to the cost of attendance will help you determine which one is more affordable.
Isla is planning her higher education finances. When determining how much money she will need to borrow in loans for each year, she needs to take into account _____.
The amount of money she will still need after subtracting scholarships, grants, work-study, and personal and family contributions.
The amount of money she will still need after all financial aid is subtracted.
The amount of money she will still need after taking into account her Expected Family Contribution (EFC).
The number of years she wants to be paying back loans during her career.
Abigail and David are discussing loans. Abigail says, 'The shorter a loan's term, the _____.' Can you help them fill in the blank?
lower the monthly payment and less interest paid over the life of the loan
higher the monthly payment but less interest paid over the life of the loan
higher the monthly payment and higher the interest paid over the life of the loan
lower the monthly payment but more interest paid over the life of the loan
Oftentimes, students who go to college deal with what scenario?
They often have no debt.
They leave with large amounts of tuition debt.
They always find high-paying jobs.
They regret going to college.
Charlotte is applying for college and wants to know the chance that a FAFSA applicant will receive some type of financial aid for college?
(a)
35%
55%
85%
100%
Rohan is filling out forms for college financial aid. What does FAFSA stand for?
Federal Application for Student Aid
Free Application for Federal Student Aid
Financial Aid for Students and Families Application
Federal Aid for Students Application
Avery and Scarlett are discussing types of federal student aid. Which one of these options is like a gift that doesn't need to be repaid?
Student loans
Work-study
Pell Grant
None of the above
Sophia is exploring financial aid options for her undergraduate studies. Can you help her identify which grant is specifically for students with exceptional financial need and is only available at participating colleges?
(a)
Pell Grant
FSEOG
Work-study
Student loans
Charlotte and Samuel are discussing student loans. What is one perk of choosing federal loans over private ones?
They require a cosigner.
They have variable interest rates.
They often have lower interest rates than private loans.
They are only available to graduate students.
Ethan is considering taking out a direct subsidized loan for his college education. Which of the following is NOT true about these loans?
They are for students with financial need.
They accrue interest while you are in school.
They do not require a credit check.
They have a fixed interest rate.
Mississippi aid is specifically available to which group of students?
All U.S. students
Mississippi graduates attending college in Mississippi
International students
Students with high academic achievements
Abigail is applying for college and needs to take the ACT. What is the purpose of an ACT fee waiver?
To help all students pay for the ACT
To help lower-income students pay for the ACT
To help students pay for college tuition
To help students pay for textbooks
Isla and David are planning their college journey! How many ACT fee waivers can they receive if they qualify for free or reduced lunch?
(a)
Two
Three
Four
Five
What should Evelyn do if she is unsure about qualifying for an ACT fee waiver?
Contact the ACT organization directly
Ask her high school counselor about the necessary paperwork
Apply for a scholarship
Pay the full fee and request a refund later
Grace is exploring what other fees can fee waivers cover besides the ACT?
(a)
College tuition fees
College application fees
Textbook fees
Dormitory fees
In a futuristic world of 2027, Luna, Rohan, and William are discussing their career plans. What percentage of all jobs will require some form of post-secondary education by then?
50%
70%
60%
80%
Aria and James are debating about colleges. Can you help them figure out what a private college is?
A college that is publicly funded and follows government policies.
A college that is privately funded and makes its own policies and rules.
A college that offers free tuition to all students.
A college that only offers online courses.
Emma is applying to colleges and is considering an HBCU. What does the acronym "HBCU" stand for?
Historically Black College or University
Highly Beneficial College or University
Historically Built College or University
High Budget College or University
During a lively debate, Scarlett claimed that (a) is an example of an extremely selective college. Do you agree?
Mississippi State University
Juilliard
University of Mississippi
Hinds Community College
Aria is applying to several colleges. What is one characteristic of a selective college?
It admits all applicants.
It has no admission criteria.
It admits only a small percentage of applicants.
It offers only online courses.
Grace is planning her college budget. What does COA stand for?
College Opportunity Assessment
Cost of Academic Programs
Cost of Attendance
College Options for Academic Success
Mia has just completed her FAFSA application. What is a Student Aid Report (SAR) that she will receive?
The information received after the FAFSA has been processed
Financial aid given to students with a demonstrated financial need
A form of financial aid that does not need to be repaid
The official record of high school or college courses and grades
Harper is reviewing her college expenses and notices that the fees charged for the cost of classes is called (a) .
tuition
financial aid
scholarship
loans
When Zoe was in college, her main field of study was called a ___.
(a)
Minor
Degree plan
Master's degree
Students in college working on earning a bachelor's degree are called ________ students.
(a)
Graduate
minor
advanced
What is a credit hour?
What is the primary source of funding for public colleges?
(a)
Alumni donations
Private investors
Tuition fees
Which type of college is typically owned and operated by a private company?
(a)
Nonprofit college
Public college
Community college
Explain the difference in funding sources between public and private colleges.
How do community colleges differ from four-year institutions in terms of degree offerings?
Community colleges offer only bachelor's degrees.
Four-year institutions offer only certificate programs.
Community colleges offer 1-2 year programs, while four-year institutions offer bachelor's degrees.
Both offer the same types of degrees.
Discuss why investors might be interested in for-profit colleges.
For-profit colleges offer free education to all students.
Investors are interested in the revenue generated for non-educational purposes.
For-profit colleges are funded by the government.
Investors are not interested in for-profit colleges.
What is a common financial characteristic of private colleges?
They receive operational funds from the state government.
They rely heavily on student tuition and fees.
They are funded by public taxes.
They do not accept donations.
Evaluate the benefits and drawbacks of attending a community college versus a four-year institution.
Community colleges are more expensive but offer more programs.
Four-year institutions are less expensive and offer fewer programs.
Community colleges offer shorter programs, which can be less costly, but may not provide a bachelor's degree.
There are no differences in cost or program length between the two.
(2 minutes) Match the definition with the correct term.
A degree that is earned by a student usually after two years of study at a junior college.
Associate's Degree
A degree that is earned by a student from a college or university usually after four years of study.
Bachelor's Degree
A degree that is that is earned by a student from a college or university usually after one or two years of additional study following a bachelor's degree
Master's Degree
A degree that is earned by a student from a college or university usually after after earning one of the highest academic degrees following a master's degree. Will usually take 8+ years to achieve.
Doctoral Degree
(3 minutes) This is a real test question, but a chance to take a break from the test for a bit. You will get 5 bonus points if you can come up with a joke that will legit make me laugh. It must be appropriate.
Brain Break Question: Does England have a 4th of July?
Yes
No
There isn't enough information to decide.
Brain Break question: What is the seventh letter of the alphabet?
F
G
H
J
(3 minutes) Explain why filling out the FAFSA is important. Be sure not to hit enter or your answer will submit.
(5 minutes) Compare and contrast subsidized and unsubsidized loans. Be sure not to hit enter or your answer will submit.
(5 minutes) Explain how debt load can impact future opportunities including the ability to borrow. Be sure not to hit enter or your answer will submit.
