Everfi Module 6: Financing Higher Education

What type of federal funding is free money, but is based on financial need only?

Federal Grants

Andrew doesn't want to spend a lot of money on student loans, and does not qualify for grants. What is his best option for affording a Bachelor's Degree?

He can attend the local community college whose courses transfer to the public four-year college.

Earning a degree can be expensive but which example shows why it might be worth it?

Individuals with a bachelor's degree typically earn a higher annual salary than those with one.

Federally-funded grants require the student to...

have financial need only.

Everyone interested in post-secondary education should complete the Free Application for Federal Student Aid (FAFSA) because...

it allows you to be eligible for federal aid and other scholarships and grants

A 529 plan can help you save more money than a traditional savings account because...

it's tax free

Preparing to pay for higher education can start in 9th grade or earlier by...

opening a 529 plan

Cutting down on costs by earning an Associate's degree first and then transferring to a four-year college or university can be done by going to what type of higher education institution?

A local community college.

Which of the following answers lists 4 year colleges from generally the least expensive to most expensive?

In-state public university, out-of-state public university, private university.

All of the following are true about why it is important to complete the Free Application for Federal Student Aid (FAFSA) process EXCEPT: - It allows you to be eligible for federal student aid. - It allows you to be eligible or early admission - It allows you to be eligible for some grants. - It allows you to be eligible for many scholarships.

It allows you to be eligible or early admission

What can affect whether a public or private university is affordable?

The amount of financial aid that they offer

Which of the following is NOT true about the Free Application for Federal Student Aid (FAFSA)?

The earliest you can submit your FAFSA is January 1st of each year.

Making the choice to spend money on post secondary education pays off in the long run because:

The salary you will earn with a degree will pay back the cost of college over your career.

Living on campus while earning your degree can help you save money on...

Transportation

Textbooks, transportation and room and board are all...

additional costs for attending a college or university

Living at home could save you money while enrolled in post secondary school or training because...

it reduces costs of room and board