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WorksheetsUnit 4 - Paying for College Study Guide
Total questions: 15
Worksheet time: 8mins
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
The federal government makes interest payments on while you’re enrolled in school at least half-time, for the first six months after you leave school, and during any period of deferment.
Work-Study
Unsubsidized federal loans
Grants
What types of money are used in paying for college and in what order should you use them?
Your money, borrowed money, free money
Borrowed money, your money, free money
Your money, free money, borrowed money
Free money, your money, borrowed money
Although it’s not a type of financial aid, how can transferring credits from a community college help save you money on college costs?
It reduces amount of credits you’ll have to pay for at your 4-year
college
Colleges will pay you for any credits transferred from a community college
The cost of community college credits can be deducted on your taxes
Transferring credits from a community college makes you 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
Who is eligible to receive Direct Subsidized loans?
Graduate students
Professional students
Undergraduate students
Students enrolled less than half-time
Which repayment option does not accrue interest while your required payments are paused?
Consolidation
Deferment
Refinancing
Forbearance
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
Typically, when should you first file the FAFSA?
After you finish freshman year of high school
October or November of your last year of high school
After you receive your Student Aid Index
Once you are ready to start repaying your student loans
Which of the following is TRUE about the Student Aid Index (SAI)?
The lower your SAI the more financial aid you are eligible for
The higher your SAI the more financial aid you are eligible for
The lower your SAI the less financial aid you are eligible for
Your SAI does not impact how much financial aid you are 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
Each of the following organizations offers grants to college students EXCEPT...
the federal government
colleges
private companies
FAFSA
Which of the following is the default federal student loan repayment plan college graduates are entered into, requires the same minimum payment for the life of the loan, and ensures the borrower will pay the loan in full in ten years?
Standard repayment plan
Graduated repayment plan
Extended repayment plan
Income-driven repayment plan
You will find each of the following pieces of information on your FAFSA Submission Summary EXCEPT...
a. a record of the answers you submitted on your FAFSA
b. your Student Aid Index (SAI)
c. your eligibility for federal student aid
d. a record of all scholarships you have applied for
Which of the following is a benefit of an income-driven repayment plan?
Theoretically, your payment should never be more than you can afford
You 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 you start to make more money, your monthly payments won’t change
