Quiz 8 Finance

when determining your estimated family contribution (EFC), a student's assets will count more than the parent's assets

true

broke millennial ch 9: what are examples of tricks to reduce your debt burden quickly?

all of the above

broke millennial ch 9: where can you go to find which student loans you have?

both a & b

what is one way you can reduce total tuition cost over your time in college

enroll for 15-18 credits each semester

If enough expenses are paid, both education tax credits can be taken for the same student in a given year.

false

when you start paying back your federal loans after graduation, the default repayment option is

fixed payments over 10 years

when you graduate you are able to consolidate your federal student loans. per class discussion and the online material, what is the most efficient way (generally) to do this?

through the federal loan website directly

the overall focus on the person stories from YouTube videos is to reduce expenses and tuition costs through spending/savings habits and taking maximum advantage of student aid programs

true

how much of your student loan interest can you deduct yearly as an adjustment to your income?

2,500

federeal loans have a ____ grace period after you graduate before you must start payments

6 month

For a subsidized loan, your interest while you are in school full time...

is paid by the federal government

if you are in grad school, which tax credit could help offset your costs by lowering taxes paid?

lifetime learning tax credit

in class lecture and the YouTube video it is recommended to...

pay above the minimum payment on student loans starting with the highest interest rate

broke millennial ch 9: which of the following qualified as one of the four main types of income-driven repayment plans?

pay as you earn

most federal grands, work-study programs, and subsidized loans are mainly merit based

false

broke millennial ch 9: why does the author recommend a small term life insurance policy on yourself if your parents were to be your co-signer?

because if the student were to die prematurely, the parents would still be on the hook for the loan payment

in class we discussed saving for future education goals. which of the following most accurately describes the conversation

depends on family dynamics and goals whether or not kid's college education is a savings priority

the big difference between subsided and unsubsidized loans is that your interest is paid (by the government) while in the deferral period on an unsubsidized loan

false