Entrance Counseling (Fed Student Loans)

Réussis tes devoirs et examens dès maintenant avec Quizwiz!

C

Which of the following is true? a. A repayment incentive is a benefit (such as a reduced interest rate) that is offered to encourage you to repay your loans on time. b. Your Direct Loan servicer can tell you if any repayment incentive programs are available. c. Both of the above d. Neither of the above.

T

You must repay the full amount of each Direct Loan you receive, plus interest. T or F?

T

Your disclosure statement shows the loan's actual interest rate. T or F?

T

Your loan may be discharged if you are determined to be totally and permanently disabled. a. True b. False

t

Your signature on the MPN allows your school to make multiple loans to you under a single promissory note. T or F?

T

Direct Subsidized Loans are for students with financial need. T or F?

a. Direct Subsidized Loans b. Direct Unsubsidized Loans c. Direct PLUS Loans d. Direct Consolidation Loans

The Direct Loan Program offers the following types of loans:

t

The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees. T or F?

T

The actual amount you receive for an academic year may be less than the maximum annual amounts. T or F?

t

To take out a Direct Loan for the first time, you must complete a Master Promissory Note (MPN). T or F?

T

We charge a loan fee (also called an origination fee) on Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans. T or F?

t

When you are notified each time your school disburses a portion of your loan, the notification includes which loan funds are subsidized and which are unsubsidized. T or F?

c

Which of the following are true? a. If the loan disbursement amount exceeds school charges, the remaining balance of the disbursement will be paid to you. b. You will be notified in writing each time your school disburses a portion of your loan. c. Both a and b d. Neither a nor b

C

Which of the following are true? a. Direct Subsidized Loans made to graduate or professional students have a fixed interest rate of 6.8%. b. Direct Unsubsidized Loans made to all students (undergraduate and graduate/professional) have a fixed interest rate of 6.8%. c. Both a and b.

T

You can change repayment plans at any time. T or F?

T

You may decline any portion or all of a loan you do not need. T or F?

T

All Direct Subsidized Loans and Direct Unsubsidized Loans have a fixed interest rate. T or F?

T

A possible consequence of default is that the Federal Government can take all or part of your federal tax refund. a. True b. False

T

A scheduled break in enrollment, such as the summer session at many traditional 4-year schools, is not considered an interruption in your enrollment if you are planning to return to school during the next regularly scheduled enrollment period. T or F?

d

Before accepting a loan you should: a. Calculate your expenses and your resources. Use these figures to help you determine how much you really need to pay for your education. b. Identify non-loan sources of financial assistance. c. Look for ways to increase your income, decrease your expenses, or both. d. All of the above.

T

You may use your loan money only to pay for authorized educational expenses at the school that certified your loan eligibility. T or F?

T

You must repay the full amount of your loans. T or F?

T

Your Direct Loan servicer has options that may help you if you have trouble making payments. a. True b. False

T

For Direct Subsidized Loans and Direct Unsubsidized Loans, the loan fee varies depending on the first disbursement date of the loan. T or F?

T

For Direct Subsidized Loans and Direct Unsubsidized Loans, there are limits on the maximum amount you may borrow for an academic year (annual loan limits). T or F?

T

For Direct Subsidized Loans and Direct Unsubsidized Loans, there are limits on the maximum amount you may borrow in total for undergraduate and graduate study (aggregate loan limits). T or F?

t

For each loan that you receive under an MPN, you'll receive a disclosure statement that gives you specific information about that loan. T or F?

T

If you stop making payments your loan could go into default, which has serious consequences. a. True b. False

T

It is your responsibility to contact your Direct Loan servicer and your school if you stop attending school or drop below half-time enrollment. T or F?

T

Capitalization increases the unpaid principal balance of your loan, and we will then charge interest on the increased principal amount. This can substantially increase the total amount you repay over the life of your loan. T or F?


Ensembles d'études connexes

Sect 16: The Lending Process in WA

View Set

Hardware and Network Troubleshooting

View Set

Med Surg 3 Exam 2 Immune/ARDs/Hepatic

View Set

Crash Course US Gov. #19-21 QUIZ

View Set

Pnemonics and pictures for biology

View Set