Which of the following best describes a Subsidized Direct Loan?

A loan where the government pays interest while you're in school

What is the Net Price of college?

The amount you actually pay after grants and scholarships

Deferment allows you to:

Postpone repayment of the principal while the government pays the interest

What is the purpose of the FAFSA?

To apply for grants and financial aid from the federal government

. What is a Private Student Loan?

A loan offered by banks and financial institutions

What is one major downside of using a Direct Consolidation Loan?

Longer repayment time and more interest paid

A Promissory Note is best described as:

A legally binding contract outlining the terms of a loan

What is the Sticker Price of college?

The published cost of tuition, fees, room, and board

Which of the following defines an Income-Driven Repayment (IDR) Plan?

A repayment plan based on income and family size

What is a Federal Work Study program?

A government program offering students part-time jobs during college

What is a Graduated Repayment Plan?

A repayment plan that increases payments over time

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Fin Lit Quiz

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Questions 19

Answers

1
Which type of loan does not have interest paid by the government while the student is in school?
car loans
Private Loan Forgiveness
Direct Subsidized Loan
Direct Unsubsidized Loan
2
Which of the following best describes a Subsidized Direct Loan?
A loan where the government pays interest while you're in school
a subway sandwich
A type of scholarship for athletes
A loan with a variable interest rate from a private bank
3
What is auto insurance designed to cover?
. Damages in the workplace
Health costs of elderly people
Automobile-related damages
Property damage from renters
4
What is the Net Price of college?
The amount you actually pay after grants and scholarships
A government-backed loan you don’t pay interest on during school
A loan from a private institution
The published cost of tuition and fees
5
What is the maximum amount an insurance company will pay after an accident?
Premium
Out of Pocket Maximum
Deductible
Insurance Limit
6
Deferment allows you to:
void paying loans permanently
Postpone repayment of the principal while the government pays the interest
skip college
Pay only interest on your loan
7
What must you pay before your insurance begins to cover costs after an accident?
Deductible
Premium
Insurance Limit
Claim
8
What is the purpose of the FAFSA?
To compare colleges based on tuition
To apply for a student loan from a private bank
To practice spelling
To apply for grants and financial aid from the federal government
9
What is the government-run health care program for elderly Americans?
Medicaid
Medicare
Marketplace.gov
Pre-existing Condition
10
. What is a Private Student Loan?
A loan from the federal government
A type of scholarship
A job-based funding option for students
A loan offered by banks and financial institutions
11
What term describes a health condition you had before getting health insurance?
Liability Coverage
Pre-Existing Condition
Premium
Out of Pocket Maximum
12
What is one major downside of using a Direct Consolidation Loan?
Lower interest rate
being an f student
Loss of all federal loan benefits
Longer repayment time and more interest paid
13
A Promissory Note is best described as:
A breakdown of financial aid eligibility
A letter from your college admissions office
A scholarship application form
A legally binding contract outlining the terms of a loan
14
What is the Sticker Price of college?
The cost after financial aid is applied
The published cost of tuition, fees, room, and board
The amount owed after consolidation
exotic fruits
15
Which of the following defines an Income-Driven Repayment (IDR) Plan?
A loan where the monthly amount changes yearly regardless of your income
A repayment plan based on income and family size
A scholarship program tied to your GPA
A repayment plan only for private loans
16
What is a Federal Work Study program?
A contract agreeing to repay loans under set terms
a promise to work forever
A loan program that defers payments until graduation
A government program offering students part-time jobs during college
17
What is the name of the program that provides healthcare to low-income individuals in the U.S.?
. Medicare
. Marketplace
Medicaid
Renter’s Insurance
18
What is the monthly payment made to maintain an insurance policy?
Copay
Premium
Deductible
Out of Pocket Maximum
19
What is a Graduated Repayment Plan?
A plan where payments are postponed for six months
A plan tied only to the interest rate
A repayment plan that increases payments over time
A repayment plan where payments are fixed each month

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