Which resource would not have reliable information about student loans?

Teller at a Financial Institution

A $10,000 loan w/ 1% origination fee of $100, how will it affect the amount money you receive & how much to pay later?

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

What happens if you don't pay back a cosigned loan on time?

Impacts your credit score & credit score of parent/guardian who cosigned.

What is the difference between a parent loan and a loan that your parents or guardians cosign with you?

Responsibility of parent loan is parent & cosigned loan = both responsible.

Private student loans are from _________.

Financial institutions like banks and credit unions

When do you need to apply for a federal student loan?

Every year, based on the deadline for your state

studbud

#3 - Student Loan Basics *PATHWAYS: In EVERFI

14 termsStudBud Administration42 plays

#3 Module- Student Loan Basics *PATHWAYS: In EVERFI

Flashcards14 cardsFPractice quizPHost liveL

Questions 14

Answers

1
Which type of loan has a higher borrowing limit, subsidized or unsubsidized loan?
Subsidized Loan
Unsubsidized Loan
They are the same
It depends how much financial need you have
2
Which resource would not have reliable information about student loans?
School Counselor
Loan Officer
Financial Aid Officer
Teller at a Financial Institution
3
What do you need to complete in order to qualify for a federal student loan?
Loan Application
The FAFSA
Credit Report
Standardized test (SAT or ACT)
4
A $10,000 loan w/ 1% origination fee of $100, how will it affect the amount money you receive & how much to pay later?
You receive $9,900, but must pay back the full $10,000 later.
You receive $10,100 and must pay it all back later.
It doesn't have an impact on what you receive or pay back later.
You only have to pay back the $100 origination fee.
5
Who is most likely to have general information about financial aid at many different institutes of higher education?
A teller at a local financial institution
High School Counselor
Financial aid officer at a university
A loan officer at a local financial institution
6
How often do you need to apply for a federal student loan?
Every semester
Every year
Every other year
Only once
7
How often do you need to fill out the FAFSA in order to apply for federal student loans?
Every Semester
Every Year
ONLY ONCE
Every Other Year
8
What happens if you don't pay back a cosigned loan on time?
It will impact just your credit score
Nothing, as long as you give notice.
It impacts just credit score of person who cosigned with you.
Impacts your credit score & credit score of parent/guardian who cosigned.
9
What is the difference between a parent loan and a loan that your parents or guardians cosign with you?
They are the same. Co-signatures are needed on both to prove you're related
Cosigned = parents/guardians are only witnessess to your signing.
Responsibility of parent loan is parent & cosigned loan = both responsible.
NONE of the answers are correct.
10
Private student loans are from _________.
The stock market
Area businesses
The government
Financial institutions like banks and credit unions
11
Federal loans are from ___________.
Financial institutions like banks and credit unions
The stock market
The government
Area businesses
12
When do you need to apply for a federal student loan?
After you've decided which higher education institution to attend
Before Higher Ed. institution start & again if taking 4+ years to graduate
Every year, based on the deadline for your state
Before you start at a higher education institution
13
Who would most likely be a cosigner on some student loans?
A loan officer
A financial aid officer
A school counselor
A parent or guardian
14
Which type of loan is based on financial need?
Subsizdized Loans
Online Lender Loans
Private Loans
Unsubsidized Loans

#3 - Student Loan Basics *PATHWAYS: In EVERFI Flashcards | StudBud