ccr
3 differences between federal and pirate student loans
- Don't have to pay federal loan until after you graduate while the private loan starts being payed back after a month - Credit check for private, no credit check for federal. - Federal loans tax deductible, private isnt
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.
You will find each of the following pieces of information on your FAFSA submission summary except
A record of all the scholarships you have applied for.
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
Briefly explain the difference between direct and indirect costs of attending college and provide an example of each type of cost.
Direct is paid directly to the college, tuition housing and meal plan. Indirect is paid to someone other than the college, transportation and personal expenses.
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
What types of money are used in paying for college and in what order should you use them
Free money, your money, borrowed money.
Your friend has asked you for advice in choosing the best federal student loan repayment plan after college graduation. They told you that they have a job lined up that won't pay very much at first but after a few years with the company their salary will increase significantly. What repayment plan would you recommend and why?
Graduated repayment plans will start out small and get larger as they make more money.
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 the amount of credits you will have to pay for at a four 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 package. College A has a sticker price of 28,000 and a net price of 12,0000. College B has a sticker price of 60,000, and net price of 9,000. Which statement is false?
It will cost less to attend college a
Keith's tuition, room and board, and fees for freshmen year total 26,000 including scholarships, grants, and federal student loans his financial aid package is 25,500.which question below is both realistic and most financially responsible.
Keith should pick up a part time job to cover his remaining costs and personal expenses
Wour school counselor is a great resource for all of the following except
Negotiating lower interest rates with your lenders
Typically when should you first file the FAFSA?
October or November of your last year of high school
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 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 gov makes interest payments on _________while you're enrolled in the school at least half-time for the first six months after you leave school, and during any period of deferment.
Subsidized federal loans
Which of the following is true about the student aid index
The lower your SAI the more financial aid you are eligible for
Who receives and uses the information submitted in your FAFSA
The schools you've applied to and your state gov 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.
You received your financial aid offer you've been offered a direct subsidized loan and diretcc unsubsidized loan asming you accept both pans explain how interest is handled differently between two types of loans and how that can impact your monthly payment.
Unsubsidized is interest added to your payment
Which payment option does not approve interest while your required payments are paused?
deferment
During a time of financial hardship you can apply for this to pause student payments while interest still accrues...
forbearance
How much does it cost to file the FAFSA?
free
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 form most attractive to least attractive
grants/scholarships, work-study, federal loans,private loans
Which of the following is a good strategy to use when it comes to paying for college.
save your earnings for your summer jobs so that you can reduce the amount of loans you need to take.
Which of the following is considered a direct cost of attendance
tuition
Who is eligible to receive direct subsidized loans?
undergraduate students
