Econ - Higher Education

Which institution will most likely have the lowest sticker price?

Certificate Program

What do you need to consider to decide if you can afford to go to an institute of higher education?

Cost of Attendance (COA) and financial aid

Scholarships, grants and work-study money all reduce the _____ of higher education.

Net Price

Anna got a high-paying job as a lab technician upon graduation. She took five years to graduate from a public university and did take out a lot of loans. What kind of return on investment (ROI) does Anna demonstrate?

Positive

In order to qualify to refinance a student loan, you will need _____. a high paying job and significant savings

A good credit score and good income-to-debt ratio

Which statement best describes how federal student loans are different than private student loans?

Federal loans always have a fixed interest rate and you qualify regardless of your credit score.

Opportunities to reduce or wipe away part of a loan amount based on your public service or by being a teacher in a low-income public school are called_____.

Forgivness Programs

A net price calculator _____.

Helps estimate the amount of money you might get in scholarships and grants

What is an annual percentage rate (APR)?

The additional costs paid each year in order to borrow money in loans, including both interest and fees.

When applying for the FAFSA, which of the following is not true?

The application is available once you have been accepted to a school.

Which of the following is true about financial aid letters from institutes of higher education?

They only include aid for one year. You must reapply for financial aid every year.

When determining how much money you will need to borrow in loans for each year of your higher education, you will need to take into account the amount of money you will still need after subtracting scholarships, grants, work study, and personal and family contributions.

True

If you borrow $10,000 with a 1% origination fee of $100, how will it affect the amount of loan money you receive and how much you must pay back later?

You receive $9,900, but must pay back the full $10,000 later.

The FAFSA asks you to list the higher education institutions you will apply to because the federal government will _____. send a letter of recommendation on your behalf

send your student aid report directly to them