Unit 5 - Financing Higher Education
Quiz by John Peters
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- Q1
What does FAFSA stand for?
Free Application for Federal Student Aid
Functional Application for Free Student Aid
Free Application for Functional Student Aid
300s - Q2
What acts as the Federal Student Aid Username to “sign the form”?
FSA ID
Social Security
PIN
300s - Q3
What classifies someone as a dependent?
A full-time student under 30 who receives support from you.
Active Duty/Veteran of the U.S. Armed Forces who receives support from you.
Someone under the age of 18 who receives more than half of their support from you.
300s - Q4
How frequently do you have to fill out a FAFSA?
Every semester
Once
Once a year
300s - Q5
What type of money do you have to pay back?
Grants
Scholarships
Loans
300s - Q6
What is the formula used to calculate financial need
Financial Need + Expected Family Contribution = Cost of Attendance
Income – Expenses = Profit
Attendance Cost – Contributions of the Family = Student Needs
300s - Q7
A deferment is a
period during which the government subsidizes all student loans.
period during which repayment of the principal and interest of your loan is temporarily delayed.
period where the government does not change the unsubsidized loan interest rate for college loans.
300s - Q8
Which of the following is not a college loan repayment option
Income-driven
Work-study
Graduated repayment
300s - Q9
The standard college loan repayment term is 10 years.
False
True
300s - Q10
With ________________, you may be able to stop making payments or reduce your monthly payment for up to 12 months.
work-study
deferment
forbearance
300s - Q11
Subsidized loans are often a preferred option over unsubsidized.
False
True
30s - Q12
Which is NOT a requirement for work-study?
Must file a FAFSA
Must work more than 20 hours a week
Must work less than 20 hours a week
300s - Q13
Leo was awarded federal aid that does not have to be repaid. What type of aid does Leo have?
Federal Stafford Loan
Federal Pell Grant
Municipal Private Loan
300s - Q14
The best way to avoid making a late payment on your student loans is to set up...
automatic payments
unsubsidized loans
30 year loans
300s