understanding college savings assignment

Which of these statements about financial aid are true? Select all that apply.

1. Most student loans from the government have a lower interest rate than other types of loans. 3. The FAFSA helps the government determine how much financial aid you need. 6. The FAFSA is available on paper and online.

Marcus is in seventh grade. He has decided that he wants to go to college when he graduates from high school. What are the best things Marcus can do to help pay for his college education? Select all that apply.

A- Marcus could open a savings account and start saving money C- if possible, Marcus's parents could help him pay for his college expenses

Think about your plans to go to college even if you have never considered it before. What plan would you develop to help pay for college? Explain your plan using vocabulary terms from this lesson

I would develop a savings plan with my parents. Then I would research what scholarships and grants were available. I would wait until I was ready to attend college before filling out the FAFSA. Finally, I would review the results from the FAFSA and determine the best financial aid options

Liam and Robert are discussing how they will pay for college. Liam says the interest rate on a student loan is higher than on other types of loans. Robert says work-study options are like loans because you have to pay the money back. Who is correct? Explain.

Liam is incorrect. The interest rate on the student loans is typically lower than on other types of loans. Robert is also incorrect. Work-study is like a job. You work to earn money and you do not have to pay it back 1,2,3

Devon plans to attend college. He has estimated to cost for his first year. His financial aid counselor says Devon will receive $2,100 that year and grant money, and he's eligible for a work-study program that will pay $2300 his first year. Devon also will receive a scholarship for $1000. What will be the total cost of Devons first year? How much financial aid will Devon receive for his first year? How much money will Devon need to save to cover his first year college?

1. $8050 2. $5400 3. $2650

Brian is in 11th grade and he has decided he wants to go to college. After talking it over with his parents, he has decided to apply for financial aid. What is the first step Brian to take? What form should Brian complete? What else can Brian do to help pay for college?

1. Visit the office of federal student aid's website and complete an application form 2. A FAFSA form 3. start saving money in an account

Justin plans to attend a four-year college. He has estimated the cost per year. Tristan's counselor estimates he will receive $3500 a year in grants. He will also be eligible for a work-study program that pays $2800 per year. Justin also plan to save enough money to contribute $500 each year. Justin's plan doesn't cover his cost completely. What are his options for covering the rest of his costs? Select all that apply.

1. he could try to save more money 2. he could get a student loan for the extra amount he needs 3. he could apply for a scholarship 5. he could ask his family to contribute

What is one major difference between a grant and loan?

B- A grant is considered a financial gift. Unlike a loan, you do not have to pay it back.

which statement best defines a grant?

C- A grant is money given by an organization for a specific purpose

The FAFSA form is the form used by the US Department of education office of federal student aid. The form asks for a variety of information, but focuses on three specific types. Two types are parental information and personal information. What is the third type of information in the form request?

C- Financial information