When should students begin submitting their FAFSA?

The fall of your senior year in high school

What would be a consequence of defaulting (not paying) on your student loan?

It will damage your credit score

Which of these is the main characteristic of a public university?

Gets funding from the state government

Which of these strategies will help minimize your student loan debt?

Applying for all the scholarships and grants you can.

What is the consequence of making any spending decisions?

You must give up something else to get what you want

What is the difference between a 2-year and a 4-year college?

Length of time to complete the degree program

Why is it important to submit your FAFSA early?

Some aid is awarded on a first-come, first-served basis

The reason for completing scholarship and grant applications is

to receive financial assistance for your education

Why should you start researching scholarships and grants early?

To have time to gather required materials and meet the deadlines

Which of these will not affect your ability to repay your student loans after graduation?

Your credit score during high school

Which of these best describes a trade school?

A school that teaches specific job skills and trades.

Why should you complete the FAFSA?

To apply for federal student financial aid

What is an apprenticeship program?

A program combining on-the-job training with classroom instruction.

When is the best time to start researching scholarships?

Your freshman year in high school

What is an advantage of attending a vocational school?

The focus is on hands-on, practical skills

What is the main difference between federal and private student loans?

Private loans tend to have higher interest rate.

You should submit scholarship and grant applications early because

late applications are automatically rejected.

Which statement best explains opportunity costs?

It's the next best alternative you give up.

A student spent 2 hours playing video games instead of studying. What is the opportunity cost?

The time that could have been spent studying

Which approach should you take when writing a college essay?

Write specifically for each scholarship's unique requirements.

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Chapter 7 College Planning

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Questions 28

Answers

1
When should students begin submitting their FAFSA?
After you received your college acceptance letter.
The summer before your senior year in high school
The fall of your senior year in high school
After graduating from high school.
2
What would be a consequence of defaulting (not paying) on your student loan?
You will enjoy higher salary opportunities
Your loan will be immediately forgiven.
You will incur lower interest rates.
It will damage your credit score
3
Which of these is the main characteristic of a public university?
Smaller class sizes
Affiliated with a religious organization.
Gets funding from the state government
Higher tuition costs
4
Which of these strategies will help minimize your student loan debt?
Waiting until your senior year to make a plan on paying for school
Taking the most you can on a loan.
Choosing the school that has the highest tuition
Applying for all the scholarships and grants you can.
5
What is the consequence of making any spending decisions?
There are not real consequences to spending
You can have everything you want if your save.
You must give up something else to get what you want
You can change your mind later about what you spent your money on.
6
What is the difference between a 2-year and a 4-year college?
Cost of attendance
Length of time to complete the degree program
Location of the campus
Quality of the education
7
Which of these usually takes the shortest time to complete?
Master's Degree
Bachelor's degree
Industry Certification
Associate's Degree
8
What is a big advantage of going to a community college before transferring to a 4-year university?
Better social life
More prestigious degree
Guaranteed admission to the university of your choice.
Lower tuition costs
9
Why is it important to submit your FAFSA early?
Some aid is awarded on a first-come, first-served basis
Late submissions are automatically rejected.
Colleges require early submission
It takes several months to process.
10
Which of these is NOT a trade school program?
Welding
Automotive Technology
Philosophy
HVAC repair
11
The reason for completing scholarship and grant applications is
to receive financial assistance for your education
to collect recommendation letters.
to improve your typing skills
to practice writing essays
12
Which type of institution normally offers vocational training and associates degrees?
Technical schools
Community colleges
Research universities
Liberal arts colleges
13
Why should you start researching scholarships and grants early?
To avoid competition with other students
Because the website for the scholarship might crash
To impress teachers with your organizational skills
To have time to gather required materials and meet the deadlines
14
Which of these will not affect your ability to repay your student loans after graduation?
Your career field
Your credit score during high school
The interest rate on your loan.
The total amount borrowed
15
Which of these should not be a consideration when choosing a college?
The cost and how much financial aid you'll receive
Where your friends are going
The academic programs offered.
Your career goals
16
Which of these best describes a trade school?
An on-line educational platform
A school that teaches specific job skills and trades.
A traditional university with multiple majors.
A four-year college focused on liberal arts.
17
Why should you complete the FAFSA?
To submit your college applications.
To apply for federal student financial aid
To register for college classes
To apply for private scholarships
18
Which of these is normally required from a student to be admitted to a four-year college??
Military service
Work experience
SAT/ACT scores
Professional references
19
What is an apprenticeship program?
A full-time position with no educational part.
A program combining on-the-job training with classroom instruction.
A volunteer position at a local business
A part-time summer job
20
Sarah has $50 to spend on either a concert or shoes. If she spends it on concert tickets, what is her opportunity cost?
The time spent at the concert.
The price of the concert tickets.
The shoes she cannot buy
The money she spent
21
When is the best time to start researching scholarships?
After you've been accepted in college
Your freshman year in high school
The week before the deadlines
During the summer before your senior year
22
What is an advantage of attending a vocational school?
Extensive liberal arts education into literature, music and philosophy.
Guaranteed job when you complete the program.
Guarantted admission to the college of your choice.
The focus is on hands-on, practical skills
23
What is the main difference between federal and private student loans?
Private loans tend to have higher interest rate.
Federal loans have higher interest rates.
Federal loans require excellent credit scores.
Private loans are always subsidized by the federal government.
24
You should submit scholarship and grant applications early because
it shows time management skills
you will have time to fix any computer errors that come up.
late applications are automatically rejected.
you will compete with fewer applicants
25
Which statement best explains opportunity costs?
It's the next best alternative you give up.
It only applies to large purchases
It represents all possible choices available
It's the monetary cost of an item.
26
A student spent 2 hours playing video games instead of studying. What is the opportunity cost?
The electricity used while playing
The wear and tear on the gaming console
The cost of the video game.
The time that could have been spent studying
27
Which of these specializes in specific career-focused training?
Trade schools
State universities
Liberal arts colleges
Ivy League Universities
28
Which approach should you take when writing a college essay?
Write specifically for each scholarship's unique requirements.
Focus only on academic achievements
Copy successful essays from online sources
Use generic content which can be reused for multiple scholarships.

Chapter 7 College Planning Flashcards | StudBud