Financial Avenue
What is a good rule of thumb for what percentage of money should be used for expenses, savings, and spending?
50/20/30
What makes a goal a SMART Goal? A SMART goal is detailed and specific A SMART goal is trackable and measurable A SMART goal has a timeline A SMART goal is all of the above
A SMART goal is all of the above
What does it mean to know your school's value? A. Knowing how much your school costs B. Knowing that you are getting what you need out of your education C. Knowing what other people think of your school A and B only
A and B only
When setting a SMART goal, what questions should you ask yourself? A. Is this achievable? B. Is this a goal my friends would approve of? C. When do I want to achieve this goal? All of the above A and C only
A and C only
What is the difference between a debit card and a credit card?
A debit card is linked to your checking account and a credit card is borrowed money.
What is a long-term goal?
A goal that is set to be completed in the future
What is a short-term goal?
A goal that is set to be completed in the short-term
What is an unsubsidized loan?
A loan that starts accruing interest as soon as it is disbursed, for which the student is responsible
By completing the FAFSA, you will be able to: A. Find out the types of aid for which you may be eligible B. Receive a financial aid package from your school C. Apply early to qualify for funds that are awarded on a first-come, first-serve basis All of the above A and B only
All of the above
Scheduling a time to check in on your academic plan and financial aid can help ensure that... You still have enough financial aid left to cover your expenses You are on track to graduate on time You are able to take care of financial aid gaps All of the above
All of the above
The COA can include: A. Tuition B. Travel costs C. Room and board All of the above
All of the above
What is a way to cover the gap between financial aid and the cost of college without borrowing money? Reduce costs Sign up for a payment plan Ask for an additional review of your financial aid offer All of the above
All of the above
A certificate of deposit is:
An account where you deposit your money for a specific period of time in exchange for a higher interest rate
What is the difference between an associate's degree and a bachelor's degree?
An associate's degree is usually awarded to a student who completes two years of higher education and a bachelor's degree is usually awarded to a student who completes four years of higher education
Students are always considered independent if they: Are over 18 Live on their own Have their own insurance Are in the military
Are in the military
When should you complete the FAFSA for the next school year?
As soon as the new FAFSA becomes available (October 1)
Which would be the cheapest option to cash a check?
At your bank
If your financial aid package does not cover all your education costs, you can: A. Look for ways to reduce your costs B. Look for ways to increase your aid Both A & B Neither, your financial aid package will cover all costs
Both A & B
What is the difference between a retail bank and a credit union? A. A retail bank is a for-profit institution and a credit union is a non-profit institution B. A retail bank often has branches outside of a local region and a credit union often has branches only in the local region Both A and B None of the above
Both A and B
Which of the following is an example of a long-term goal?
Buying a car
In banking terms, what does CD stand for?
Certificate of Deposit
The U.S. Department of Education has a data retrieval tool that provides general information about a college's graduation rates, default rates, and average borrowing amounts. What is this tool called?
College Scorecard
You can better manage your education costs by:
Creating an academic plan to determine which classes you need to take
Which of the following are true about credit unions?
Credit unions are owned by their members
Private student loans:
Do not have as many repayment options as federal loans
When it comes to financial aid types, both grants and scholarships:
Do not need to be repaid
How often must you renew your FAFSA?
Each academic year
The FAFSA should be completed:
Every year to determine aid eligibility
A return on investment is always greater for students who attend a 2-year college.
False
All schools have the same payment plans requiring term dues to be paid in full at the beginning of the term.
False
Financial aid only comes from the federal government.
False
T OR F Once you create a budget or spending plan, you should never adjust it.
False
T OR F Renewing the FAFSA means you are reapplying for private student loans.
False
T OR F Taking the minimum amount of credit hours necessary to receive federal financial aid guarantees that you will graduate on time.
False
T OR F The benefit of setting a SMART goal is having a flexible timeline that you don't have to define.
False
True or false: You can only list up to five different schools of interest on your FAFSA.
False
When it comes to budgeting expenses, which of the following are considered "needs"?
Housing, Utilities, Food
When it comes to budgeting expenses, which of the following are considered "needs?"
Housing, Utilities, Food
Satisfactory Academic Progress, or SAP standards include all of the following except:
Making the Dean's list
Students who are considered dependent:
Must include parent information on the FAFSA
If you qualify for financial aid, this means: All your school-related expenses will be covered by aid The aid will be sent to you to be used at your discretion The aid does not need to be repaid All of the above None of the above
None of the above
What is the difference between debit cards and credit cards? Debit cards allow you to borrow money from the bank, credit cards borrow money from lenders Debit cards have high interest rates, credit cards have no interest rates Debit cards can only be used at ATMs, credit cards can only be used for online purchases All of the above None of the above
None of the above
Which federal student loan has no limit on how much you can borrow? A. Stafford Loan for dependent students B. Stafford Loan for Independent students C. Graduate and Medical school loans B & C only None of the above
None of the above
Which of the following is true about budgeting? A. Budgets only tell you how much you have spent B. Budgets are very restrictive and don't allow for flexibility C. Budgets aren't very practical if you don't have much money A and C only None of the above
None of the above
Which of the following is true about spending plans? Spending plans only tell you how much you have spent Spending plans are very restrictive and don't allow for flexibility Spending plans aren't very practical if you don't have much money A and C only None of the above
None of the above
Why would you not complete a FAFSA? Your family's income exceeds $100,000 You are over age 24 You have children in college who have already completed a FAFSA Your employer is offering tuition reimbursement None of the above
None of the above
The value you get versus what you pay for is called ____________.
Return on investment
Your SAI (formerly known as EFC) is:
Student Aid Index The benchmark your school will use to determine your financial need
T OR F Students should search for scholarships beyond just the first year of college.
True
True or false: You can choose the amount of loans you wish to accept.
True
What do we mean when we refer to a school's sticker price?
What you pay before any financial aid is applied
If you were selected for verification, you:
Will need to submit documentation regarding your finances
Which of the following about associate's degrees are true?
You may transfer part or all of your associate's degree courses to a bachelor's degree program
After your FAFSA is processed, how will you be notified of your SAI amount?
You will receive a Student Aid Report
To complete the FAFSA, you need all of the following EXCEPT:
Your credit history
Which of the following FAFSA statements is NOT true?
Your signature is only required on the paper FAFSA, not the electronic version
Private colleges and universities typically cost ___________ public colleges and universities.
more than
T OR F You cannot begin an academic plan until you are in college.
False
T OR F You have to pay back the money received from a federal work study job.
False
True or false: Accepting your award package ensures that all your costs will be covered by your financial aid.
False
True or false: Only one individual per household per year may complete a FAFSA.
False
True or false: The FAFSA determines the financial aid you will receive, which will be the same at every school for which you apply.
False
What price do most students pay for college?
The net price
Your FAFSA data is used by ________ to determine __________.
Federal Student Aid; your expected family contribution/student aid index
What is the difference between federal student loans and private loans?
Federal student loans often have lower fixed interest rates and more flexible repayment options than private loans
What does FAFSA stand for?
Free Application for Federal Student Aid
What is the best time to renew your FAFSA?
On October 1st when the FAFSA for the next academic year becomes available
How often should you reapply for financial aid?
Once a year
Which of the following is an example of a short-term goal?
Paying your cellphone bill
What is a financial aid gap?
The difference between your financial aid and the cost to attend college
