Test 6 test 6 test 6

You will find each of the following pieces of information on your Student Aid Report (SAR) EXCEPT...

a record of all scholarships you have applied for

Who is eligible to receive Direct Subsidized loans?

Undergraduate students

Which of the following statements is TRUE about the value of a college degree?

A college graduate can expect to earn, on average, more than a high school graduate over a career

Which repayment option does not accrue interest while your required payments are paused?

Deferment

Each of the following organizations offers grants to college students EXCEPT...

FAFSA

In order to qualify for financial aid, which application must you submit?

FAFSA

During a period of financial hardship, you can apply for this to pause student loan payments while interest still accrues...

Forbearance

Which of the following is a good strategy to use when it comes to paying for college?

Save your earnings from your summer job so that you can reduce the amount of loans you need to take

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

Which of the formulas below correctly calculates net price?

Sticker price - grants and scholarships = net price

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.

Subsidized federal loans

As a result of completing the FAFSA, you get a student aid report that indicates your EFC is $10,000. What does this mean?

The government expects that your family can contribute about $10,000 to the cost of your education

Who receives and uses the information submitted in your FAFSA?

The schools you've applied to and your state government to determine your eligibility for financial aid

Which of the following is a benefit of an income-driven repayment plan?

Theoretically, your payment should never be more than you can afford

Which of the following is considered a direct cost of attendance?

Tuition

What types of money are used in paying for college and in what order should you use them?

Free money, your money, borrowed money

Which of the following ways to pay for college is MOST likely to be based on someone's financial need?

Grants

Which of these options lists the types of financial aid from MOST attractive to LEAST attractive?

Grants/Scholarships, Work-study, Federal loans, Private loans

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

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

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 should pick up a part-time job to cover his remaining costs and personal expenses

Your school counselor is a great resource for all of the following EXCEPT...

Negotiating lower interest rates with your lenders

How much does it cost to file the FAFSA?

Nothing; it is free

Typically, when should you first file the FAFSA?

October or November of your last year of high school

As you make decisions during college, you should focus on...

Balancing your academic, social, and financial decisions to make the most out of the entire experience while setting yourself up for success post-college