Paying for College - Unit Test
Quiz by Melissa Reed
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25 questions
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- Q11. Which of the following statements is TRUE about the value of a college degree?A high school graduate can expect to earn about the same as a college graduateA college graduate typically earns less than someone with a high school diploma for the first 10 yearsEvery college graduate can expect to have a starting salary over $60,000 right after collegeA college graduate can expect to earn, on average, more than a high school graduate over a career30s
- Q22. During a period of financial hardship, you can apply for this to pause student loan payments while interest still accrues…ForbearanceGrants and scholarshipsFAFSAGrace period30s
- Q33. Which of these options lists the types of financial aid from MOST attractive to LEAST attractive?Federal loans, Grants/Scholarships, Work-study, Private loansPrivate loans, Federal loans, Work-study, Grants/ScholarshipsWork-study, Grants/Scholarships, Federal loans, Private loansGrants/Scholarships, Work-study, Federal loans, Private loans30s
- Q44. In order to qualify for financial aid, which application must you submit?SAISAVEPLUSFAFSA30s
- Q55. Which of the formulas below correctly calculates net price?Sticker price - grants and scholarships = net priceSticker price + grants and scholarships = net priceSticker price - student loans = net priceGrants and scholarships + student loans = net price30s
- Q66. 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.Unsubsidized federal loansSubsidized federal loansGrantsWork-Study30s
- Q77. Which of the following is considered a direct cost of attendance?TuitionTravel expensesFood and entertainmentCell phone bill30s
- Q88. Who receives and uses the information submitted in your FAFSA?Your parents to keep track of your progress at collegeThe federal government for tax purposesYour employer to see if you’ll still be able to work while attending collegeThe schools you’ve applied to and your state government to determine your eligibility for financial aid30s
- Q99. What types of money are used in paying for college and in what order should you use them?Free money, your money, borrowed moneyYour money, free money, borrowed moneyBorrowed money, your money, free moneyYour money, borrowed money, free money30s
- Q1010. Although it’s not a type of financial aid, how can transferring credits from a community college help save you money on college costs?Transferring credits from a community college makes you eligible for lower interest rates when taking out federal student loansIt reduces amount of credits you’ll have to pay for at your 4-year collegeColleges will pay you for any credits transferred from a community collegeThe cost of community college credits can be deducted on your taxes30s
- Q1111. 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 AIt will cost less to attend College BCollege A has a lower sticker price than College BCollege B is providing Janelle more grants and scholarships30s
- Q1212. Which of the following is a good strategy to use when it comes to paying for college?Only report your own earnings and savings, not those of your parents, even if you live with them full-timeSpend the money that you earn from your summer job so you can get more financial aidSee how much you can borrow in loans before applying for scholarshipsSave your earnings from your summer job so that you can reduce the amount of loans you need to take30s
- Q1313. Who is eligible to receive Direct Subsidized loans?Professional studentsStudents enrolled less than half-timeGraduate studentsUndergraduate students30s
- Q1414. Which of the following ways to pay for college is MOST likely to be based on someone’s financial need?GrantsDirect PLUS LoansFederal Subsidized LoansScholarships30s
- Q15Which repayment option does not accrue interest while your required payments are paused?DefermentForbearanceRefinancingConsolidation30s