Quiz
Paying for College
3 years ago by
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  • Question 1
    20 seconds
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    Q.

    What is a benefit of going to college and having a college degree?

    answer choices

    Lower lifetime earnings

    Lower interest rates on future loans

    Expanded professional and social netowrk

    Guaranteed starting salary of $50,000 after graduation

  • Question 2
    20 seconds
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    Q.

    All of the following are costs of going to college EXCEPT...

    answer choices

    Tuition and fees

    Room and board

    Textbooks and school supplies

    Scholarships and grants

  • Question 3
    30 seconds
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    Q.

    Which is TRUE about sticker price and net price? (hint: choose 2 correct answers)

    answer choices

    Net price is the published cost of going to a school

    Sticker Price is the published cost of going to a school

    Net price is the sticker price minus scholarships & grants

    Sticker price is the net price minus scholarships & grants

  • Question 4
    20 seconds
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    Q.

    When does the FAFSA filing period open every year?

    answer choices

    January 1st

    June 1st

    October 1st

    December 1st

  • Question 5
    20 seconds
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    Q.

    Why should you file the FAFSA as early as possible?

    answer choices

    It can help your chances of being accepted into schools

    Aid is given out on a first-come, first-serve basis

    You're guaranteed to get more merit-based scholarships

    You'll get a lower interest rate on federal student loans

  • Question 6
    30 seconds
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    Q.

    What kinds of aid are you eligible for by filing the FAFSA? (hint: choose 3 correct answers)

    answer choices

    Grants and Scholarships

    Private Student Loans

    Work-Study

    Federal Student Loans

  • Question 7
    20 seconds
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    Q.

    How do scholarships and grants differ?

    answer choices

    Scholarships are need-based; grants are merit-based

    Grants are private forms of aid; scholarships are federal

    Grants are need-based; scholarships are merit-based

    They're not different; they are one and the same

  • Question 8
    20 seconds
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    Q.

    What do you need to file your FAFSA if you're a dependent?

    answer choices

    Just your tax forms

    Your high school student ID number

    Your and your parents' tax forms from 2 years priors

    A pay stub if you had a job in the past year

  • Question 9
    20 seconds
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    Q.

    Which is TRUE about the FAFSA?

    answer choices

    You only need to file the FAFSA 1x in your college career

    Your parents must earn below a set amount for you to apply

    You need to file it at the start of every quarter/semester

    There is no cost to file the FAFSA

  • Question 10
    20 seconds
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    Q.

    Which is TRUE about the EFC?

    answer choices

    It's the cost of filing the FAFSA

    It's how much you & your family are expected to pay for college

    It's another term for "net price"

    It's how much your parents must contribute towards college

  • Question 11
    20 seconds
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    Q.

    Which of the following is the correct flow of submitting/receiving these documents?

    answer choices

    SAR > FAFSA > Financial Aid Package

    Financial Aid Package > SAR > FAFSA

    FAFSA > Financial Aid Package > SAR

    FAFSA > SAR > Financial Aid Package

  • Question 12
    30 seconds
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    Q.

    What are two things you will need to do if you accept a Federal student loan?

    answer choices

    Agree to an official credit check by the government

    Complete entrance counseling

    Pay a refundable deposit to secure your loan

    Sign a Master Promissory Note

  • Question 13
    20 seconds
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    Q.

    Which of the following is TRUE about how you get your financial aid?

    answer choices

    All financial aid is paid directly to you in one payment

    All financial aid is paid to you in installments

    Aid is 1st applied to your account; you get the rest

    The school receives all of your financial aid

  • Question 14
    20 seconds
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    Q.

    Which of the following is TRUE about federal and private student loans?

    answer choices

    Private loans may be subsidized; federal ones are not

    Both types offer the same repayment plans

    Private loans always offer fixed interest rates

    Fed. loans don't have prepayment penalties; private ones may

  • Question 15
    20 seconds
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    Q.

    How can you lower the total amount you in pay in student loans?

    answer choices

    Choose a repayment plan with a longer term

    Accept private loans first, then federal ones

    Make interest payments during your grace period

    Accept loans with variable interest rates, not fixed ones

  • Question 16
    20 seconds
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    Q.

    If you select a repayment plan with a longer term for your loans...

    answer choices

    You will have a larger monthly pyament

    You will have a smaller monthly payment

    You will pay less in interest

    You will pay the same amount in interest

  • Question 17
    20 seconds
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    Q.

    Which is TRUE about loan payments?

    answer choices

    $ goes 1st towards the principal, then the accrued interest

    Interest rate has little impact on total cost of the loan

    Payments are not split between interest and principal

    Interest can be added to the principal if it goes unpaid

  • Question 18
    30 seconds
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    Q.

    What can happen if you don't make payments towards your student loans? (hint: choose 2 correct answers)

    answer choices

    You will owe all interst in full after 270 days

    Your loan balance may become due in full, but no interest

    Your loan servicer will contact you via phone, email, etc.

    Your credit score may suffer

  • Question 19
    20 seconds
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    Q.

    When looking at a financial aid award letter, which type(s) of aid would you have to pay BACK?

    answer choices

    Federal Pell Grant

    Direct Subsidized Loan

    Merit Scholarship

    Federal Work-Study

  • Question 20
    20 seconds
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    Q.

    In what order should you accept different types of financial aid?

    answer choices

    Work-study, scholarships, federal loans, private loans

    Private loans, scholarships, work-study, federal loans

    Scholarships, work-study, federal loans, private loans

    Scholarships, work-study, private loans, federal loans

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