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Financial Literacy: Methods of Paying for College Flashcards | StudBud
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Financial Literacy: Methods of Paying for College
Financial Literacy: Methods of Paying for College
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This quiz targets TEK 6.14G in the 6th grade Texas Math Standards on methods of paying for college.
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Questions
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Answers
1
Provides a part-time job on campus. Money is applied to fees owed to the college or university.
Work study
Grant
Student Loan
Scholarship
2
What can be a benefit to junior colleges?
Taking the basic courses while saving money
Helps adjust to life after high school slowly
Less expensive
All could be benefits
3
Which is NOT true about student loans?
Loans can be forgiven/paid off by a future employer
Loans are repaid a little at a time (usually w/ interest)
Some loans offer a grace period before interest is charged
Loans never have to be paid back
4
Which college payment option would be your PERSONAL first choice?
Use my savings
Work study or an outside job
Apply for student loans
Apply for grants or scholarships
5
A year of tuition =$18,000. Ben has a scholarship for $8,000. He earned 20% of the uncovered cost. How much did he earn?
$2,000
$3,600
$1,600
$10,000
6
How much needs to be paid each year? $18,400 tuition per year with a work study for $6,500 per year
$12,100
$24,900
$11,900
$23,800
7
Awarded based on outstanding achievements like athletics, academics, community involvement.
Student Loan
Grant
Scholarship
Work study
8
Funds awarded based on personal or family financial need and do not have to be paid back.
Work study
Student Loan
Grant
Scholarship
9
A year of tuition is $12,000. Diego got a loan for 30% of the tuition. How much did he borrow for one year?
$3,600
$3,000
$8,400
$1,200
10
These are funds that have to be paid back, usually with interest added.
Work study
Scholarship
Student Loan
Grant
11
Kaleb's tuition is $16,000 per year. Using the graph, how much does his work study cover per year?
$2,400
$1,500
$1,800
$8,000
12
John attends a 4-year university with tuition costs of $18,910. How much are all 4 years?
$18,910
$37,820
$75,640
$90,460
13
Which of the following is NOT an example of a work study job?
Working at the university library
Working in the college bookstore
Working at Chilis
Working in the campus recreation center
14
What would be the remaining cost for 1 year? $25,085 tuition (per year) minus a $2,800 scholarship (per semester)
$30,685
$22,285
$27,885
$19,485
15
A person has $10,000 in savings & wants to use all of it for college. What is another option?
Try a low-interest loan that can be paid AFTER graduation
Keep your grades high & apply for an academic scholarship
Save your money & try to get an on- or off-campus job
Apply for grants to see if you qualify for financial help
16
How much does Allison have to pay if her tuition is $6,130 a year for 2 years?
$6,130
$12,260
$24,520
$3,065
