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Cost of Education & Training Review

Total questions: 41

Worksheet time: 21mins

Name
Class
Date
1.

The __________ is considered a private university.

a)

University of Notre Dame

b)

University of North Carolina

c)

University of Texas

d)

University of Florida

2.

Which of the following describes vocational or trade school?

a)

Two-year school where a student can receive an associate degree

b)

Four-year school where a student can receive a graduate degree

c)

Short-term school, which focuses on specific topics

d)

Long-term school, which focuses on specific topics

3.

Select all of the following which are factors which play a role in academic reputation.

a)

Financial resource

b)

Graduation rates

c)

Location

d)

Student engagement

4.

Which of the following is most likely an admissions requirement?

a)

Test scores

b)

Financial needs

c)

Extracurricular and leadership activities

d)

Student involvement

5.

Select all of the following which are considerations a student should consider when choosing a postsecondary education path.

a)

A school where their friends attend

b)

A school which fits only their personal budget

c)

A school which offers subjects within their career interests

d)

A school with a good academic reputation

6.

Damien plans to attend a public, two-year institution in his hometown while living at home. Which of the following will be the greatest cost he will incur while attending this school?

a)

Tuition and fees

b)

Room and board

c)

Books and supplies

d)

Transportation

7.

__________ is a funding source in which students must repay the funding received.

a)
Student loans
b)

Personal saving or income

c)

Scholarships

d)

Student grants

8.

Which of the following represents the FAFSA acronym?

a)

Funding Application for Federal Student Aid

b)

Funding Application of Financial Student Aid

c)

Free Assignment of Financial Student Aid

d)

Free Application for Federal Student Aid

9.

__________ allow students to combine multiple loans into one.

a)

Direct subsidized loans

b)

Direct unsubsidized loans

c)

Direct consolidation loans

d)

Direct PLUS loans

10.

Students must possess financial need to obtain a federal work-study.

a)

True

b)

False

11.

Select all of the following which are loan repayment considerations.

a)

College grade point average

b)

Interest rates

c)

Loan consolidations

d)

Repayment plans

12.

__________ is used to help calculate interest.

a)

Cost of attendance

b)

Expected family contribution

c)

Outstanding principal balance

d)

Financial need

13.

Which of the following is the best definition of interest rate factor?

a)

The amount of money which has yet to be paid on a loan

b)

The daily rate of interest on the loan

c)

The percentage of the loan which is added to the amount the student borrows

d)

The number of days since the student's last payment

14.

How many years will a student have to repay their student loans before they choose to consolidate them into one “direct consolidation loan” and use the “revised pay as you earn repayment plan”?

a)

15 to 20 years

b)

20 to 25 years

c)

25 to 30 years

d)

30 to 35 years

15.

Which of the following should be done if students cannot repay their loans?

a)

Avoid paying their monthly bill

b)

Change their repayment plan

c)

Take out a loan to help pay their monthly bill

d)

Avoid consolidating their loans

16.

Which of the following best defines loan consolidation?

a)

Multiple loans are combined with 10 percent of the principal forgiven

b)

Multiple loans are combined with the principal increased by 10 percent

c)

Multiple loans are combined into one loan with one monthly payment

d)

Multiple loans are combined into one loan with daily payments

17.

Which of the following postsecondary education options operates as an educational nonprofit organization who receives funding through tuition, donations and endowments?

a)

Community colleges

b)

Public universities

c)

Private universities

d)

Vocational and trade schools

18.

Federal student loans do NOT require students to pay them back until after graduation.

a)

True

b)

False

19.

Select all of the following which should be considered when choosing postsecondary education.

a)

Academic reputation

b)

Admission requirements

c)

Personal budget

d)

School mascot

e)

Size of school

20.

Select all of the following which are repayment plan options for student loans.

a)

Graduated Repayment Plan

b)

Income-Sensitive Repayment Plan

c)

Loan Consolidation Repayment Plan

d)

Standard Repayment Plan

21.

After earning a bachelor's degree, how many additional years of education does a master’s degree require?

a)

One to two years

b)

Three to four years

c)

Five to six years

d)

Seven to eight years

22.

Vocational and Trade Schools are short-term schools which tend to focus on specific topics or careers and help prepare students for the workplace by earning diplomas, certificates or licenses.

a)

True

b)

False

23.

Which of the following refers to a set amount of money an institution feels a student’s family should be able to pay for their education?

a)

Family assets and income

b)

Expected family contribution

c)

Family expenses and liabilities

d)

Expected student contribution

24.

Select the correct answer from the choices provided in the underlined section.

Federal Pell Grants are awarded to undergraduate students and do not have to be repaid, whereas

Indirect Unsubsidized Loans / Direct Subsidized Loans are awarded to undergrads and must be repaid.

a)

Indirect Unsubsidized Loans

b)

Direct Subsidized Loans

25.

Select all of the following, which are classified as day-to-day or personal expenses students may have.

a)

Car loan payments

b)

Cell phone bills

c)

Laundry

d)

Tuition

26.

Calculating interest includes the outstanding principal balance, the number of days since the last payment and the amount of interest previously paid.

a)

True

b)

False

27.

Which of the following degree levels does a doctoral degree fall under?

a)

Graduate degree

b)

Undergraduate degree

c)

Certification

d)

License

28.

Select the correct answer from the choices provided in the underlined section.

Student loan consolidations allow students to combine one / multiple student loan(s) to have one interest rate and one monthly payment.

a)

one

b)

multiple

29.

Select all of the following on which financial aid eligibility depends.

a)

Cost of attendance

b)

Expected family contribution

c)

Grade point average

d)

Year of enrollment

30.

Kelly has an outstanding principal balance of $12,000. It has been eight days since her last payment, and her interest rate factor is 3.89 percent. What is the total interest she must pay?

a)

$18.28

b)

$10.22

c)

$21,321,34

d)

$63.29

31.

Which of the following is awarded only to undergraduate students and does NOT have to be repaid?

a)

Federal Pell Grants

b)

Supplemental Education Grants

c)

Unsubsidized Loans

d)

Family Federal Education Loans

32.

Select all of the following plans a loan provider may advise a student to make when trying to repay a loan.

a)

Asking parents for assistance

b)

Changing the payment due date

c)

Changing the repayment plan

d)

Consolidating the loans

33.

The loan forgiveness repayment plan is one of the available repayment plan options.

a)

True

b)

False

34.

Schools considered to be educational nonprofit organizations, receiving the majority of their funding through tuition, donations and endowments

a)

Private Universities

b)

Vocational and Trade Schools

c)

Community Colleges

d)

Public Universities

35.

Short-term schools which tend to focus on specific topics or careers

a)

Private Universities

b)

Vocational and Trade Schools

c)

Community Colleges

d)

Public Universities

36.

Two-year colleges which award associate degrees and allow the students the option to transfer to a private or public university

a)

Private Universities

b)

Vocational and Trade Schools

c)

Community College

d)

Public Universities

37.

Colleges or universities which are mainly funded by state government

a)

Private Universities

b)

Vocational and Trade Schools

c)

Community College

d)

Public Universities

38.

Set the amount of money an institution feels a student’s family could contribute to their education

a)

Expected Family Contributions

b)

Student Grants

c)

Free Application for Federal Student Aid

d)

Cost of Attendance

39.

Amount of money awarded to students based on certain financial need criteria

a)

Expected Family Contribution

b)

Student Grants

c)

Free Application for Federal Student Aid

d)

Cost of Attendance

40.

Allows students to apply for financial aid from a variety of sources

a)

Expected Family Contributions

b)

Student Grants

c)

Free Application for Federal Student Aid

d)

Cost of Attendance

41.

Amount of money a student will have to pay to attend the college or career school of their choice

a)

Expected Family Contributions

b)

Student Grants

c)

Free Application for Federal Student Aid

d)

Cost of Attendance