What is the order of money use for college?

Your money, borrowed money, free money

When should you first file FAFSA?

October or November of senior year

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College Financial Literacy

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Test your knowledge on college financial aid, student loans, and payment options with these insightful questions.

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Questions 17

Answers

1
True or false: A college degree guarantees a high salary.
False
True
2
What is the order of money use for college?
Your money, borrowed money, free money
Your money, free money, borrowed money
Borrowed money, free money, your money
Free money, your money, borrowed money
3
Who is eligible for Direct Subsidized loans?
Undergraduate students
Professional students
Part-time students
Graduate students
4
How much does it cost to file FAFSA?
2% of loan amount
It is free
$9.99/year
$50
5
When should you first file FAFSA?
After freshman year
When repaying loans
October or November of senior year
After receiving SAI
6
What pauses student loan payments during hardship?
FAFSA
Forbearance
Grace period
Grants
7
What is a benefit of income-driven repayment?
Structured to pay off quickly
Least interest paid
Payments based on income
Payments never change
8
Which payment option does not accrue interest?
Deferment
Consolidation
Refinancing
Forbearance
9
What should you focus on during college?
Balancing all aspects
Focusing on studies
Minimizing debt
Having fun
10
Who uses FAFSA information?
Federal government
Your parents
Your friends
Your employer
11
Which cost is a direct attendance cost?
Tuition
Food and entertainment
Travel expenses
Cell phone bill
12
What is the most attractive financial aid type?
Grants/Scholarships
Federal loans
Private loans
Work-study
13
Which application is needed for financial aid?
SAVE
FAFSA
SAI
PLUS
14
Which organization does NOT offer grants?
Federal government
FAFSA
Colleges
Private companies
15
What does a lower SAI mean?
Higher loan amounts
No impact on aid
More financial aid
Less financial aid
16
What information is NOT on FAFSA Summary?
Your SAI
Record of scholarships
Answers submitted
Eligibility for aid
17
What is the default repayment plan?
Standard repayment plan
Income-driven repayment plan
Graduated repayment plan
Extended repayment plan

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