U7: Kahoot

What kinds of aid are you eligible for by filing the FAFSA? a. grants and scholarships b. private student loans c. work-study d. federal student loans

all but B

When looking at a financial aid award letter, which types of aid would you have to pay back? a. federal Pell grant b. Perkins loan c. merit scholarship d. federal work-study

b. Perkins loan

Why should you file for the FAFSA as early as possible? a. it can help your chances of being accepted into schools b. aid is given out on a first-come, first-serve basis c. you're guaranteed to get more merit-based scholarships d. you'll get lower interest rates on federal student loans

b. aid is given out on a first-come, first-serve basis

What are two things you will need to do if you accept a Federal student Loan? a. agree to an official credit check by the gov't b. complete entrance counseling c. pay a refundable deposit to secure your loan d. sign a Master Promissory Note

b. complete entrance counseling d. sign a Master Promissory Note

Which is TRUE about the EFC? a. it's the cost of filing the FAFSA b. it's how much you and family are expected to pay for college c. it's another term for "net price" d. it's how much your parents must contribute towards college

b. it's how much you and family are expected to pay for college

Which is TRUE about sticker price and net price? a. net price is the published cost of going to a school b. sticker price is the published cost of going to a school c. net price is the sticker price - scholarships and grants d. sticker price is the net price - scholarships and grants

b. sticker price is the published cost of going to a school c. net price is the sticker price - scholarships and grants

If you select a repayment plan with longer terms for your loans... a. you'll have a larger monthly payment b. you'll have a smaller monthly payment c. you'll pay less in interest d. you'll pay the same amount in interest

b. you'll have a smaller monthly payment

When does the FAFSA filing period open every year? a. Jan 1 b. June 1 c. Oct 1 d. Dec 1

c. Oct 1

Which of the following is true about how you get your financial aid? a. all aid is paid directly to you in one payment b. all aid is paid to you in installments c. aid is first applied to your account; you get the rest d. the school receives all of your aid

c. aid is first applied to your account; you get the rest

What is a benefit of going to college and having a college degree? a. lower lifetime earnings b. lower interest rates on future loans c. expanded professional and social network d. guaranteed starting salary of $50,000 after graduation

c. expanded professional and social network

How do scholarships and grants differ? a. scholarships are need based; grants are merit based b. grants are private forms of aid; scholarships are federal c. grants are need based; scholarships are merit based d. they're not different; they are one and the same

c. grants are need based; scholarships are merit based

How can you lower the total amount you pay in student loans? a. choose a repayment plan with a longer term b. accept private loans first, then federal ones c. make interest payments during your grace period d. accept loans with variable interest rates, not fixed ones

c. make interest payments during your grace period

In what order should you accept different types of financial aid? a. work-study, scholarships, federal loans, private loans b. private loans, scholarships, work-study, federal loans c. scholarships, work-study, federal loans, private loans d. scholarships, work-study, private loans, federal loans

c. scholarships, work-study, federal loans, private loans

What do you need to file your FAFSA if you're a dependent? a. just your tax forms b. your high school ID number c. your and your parents' tax forms from 2 years prior d. a pay stub if you had a job in the past year

c. your and your parents' tax forms from 2 years prior

What can happen if you don't make payments towards your student loans? a. you'll owe all interest in full after 270 days b. your loan balance may become due in full, but no interest c. your loan servicer will contact you via phone, email, etc. d. your credit score may suffer

c. your loan servicer will contact you via phone, email, etc. d. your credit score may suffer

Which of the following is the correct flow of submitting/receiving these documents? a. SAR > FAFSA > Financial Aid Package b. Financial Aid Package > SAR > FAFSA c. FAFSA > Financial Aid Package > SAR d. FAFSA > SAR > Financial Aid Package

d. FAFSA > SAR > Financial Aid Package

Which of the following is true about federal and private student loans? a. private loans may be subsidized; federal ones are not b. both types offer the same repayment plans c. private loans offer fixed interest rates d. federal loans don't have prepayment penalties; private ones may

d. federal loans don't have prepayment penalties; private ones may

Which is true about loan payments? a. money goes first towards the principal, then the accrued interest b. interest rate has little impact on the total cost of the loan c. payments are not split between interest and principal d. interest can be added to the principal if it goes unpaid

d. interest can be added to the principal if it goes unpaid

All of the following are costs of going to college EXCEPT: a. tuition and fees b. room and board c. textbooks and school supplies d. scholarships and grants

d. scholarships and grants

Which is true about the FAFSA? a. you only need to file the FAFSA one time in your college career b. your parents must earn below a set amount for you to apply c. you need to file it at the start of every quarter/semester d. there is no cost to file the FAFSA

d. there is no cost to file the FAFSA