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Financial Literacy for Higher Ed Quiz Flashcards | StudBud
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Financial Literacy for Higher Ed Quiz
What does MPN stand for?
What is EFC?
Financial Literacy for Higher Ed Quiz
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1
What is EFC?
Early Financial Counseling
My Expected Finances for Christmas
Amount your family can be expected to contribute to your education
What you and/or your parents make annually
2
What does MPN stand for?
marketing publishing network
master post note
master promissory note
money postponed now
3
Who is eligible to apply for a PLUS loan?
parents of undergraduate students
undergraduate students
graduate students
all of the above
4
Which loans are based on creditworthiness?
private student loans
Stafford student loans
Federal grants
Perkins loans
5
What is the current interest rate on federal undergraduate student loans?
2.75%
5.25%
4.06%
1.5%
6
The Stafford subsidized student loan will ...
requires interest and principle to be paid immediatly
requires interest to be paid immediately
none of the above
defers interest and principle payment 6 months after grad.
7
Which financing options must you repay?
Grants
Loans
Scholarships
Work Study
8
What is the form that initiates the application process for federal loans?
FAFSA
GOVFA
WASFA
FASFA
9
What does SAR stand for ?
Student Aid Report
Student Applied Rport
Student Aid Reality
Scholarship Are Reality
10
Which of the following is an advantage of federal student loans?
no co-signor needed
all of the above
lower fixed interest rates
postponement options when making payments
11
Which of the following is a disadvantage of private student loans?
All of the above
based on creditworthiness
need a co-signer
higher interest rates
12
Which colleges are typically the most expensive?
Technical colleges
Private universities
State colleges or universities
Community colleges
13
Student loans ....
can be wiped away if you do not graduate
can be wiped away in times of bankruptcies
are never wiped away until the loan is paid in full
can be wiped away if you cannot pay back the loan
