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Planning for your future Flashcards | StudBud
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Planning for your future
Planning for your future
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A review tool to help reinforce college financing concepts.
Flashcards
48 cards
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Practice quiz
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Questions
48
Answers
1
Which type of degree generally takes 2 years and prepares you for the workforce?
Bachelor's
Master's
Associate's
Professional or Doctorate
2
If you are struggling to make your student loan payment, you should
Ask your employer for a raise
Call your parents for help
Contact your loan servicer
Take out a loan or use a credit card to make the payment
3
What type of school financing is usually based on need?
Scholarships
Grants
4
How many days can you go without making a federal student loan payment before you are in default?
120
60
270
365
5
You need to take at least 15 credits or 5 three credit classes in order to complete college in 4 years.
False
True
6
What or who is the primary point of contact & manager for your federal loans?
Loan Servicer
Financial Aid
Your College
Bank
7
Private student loans usually need to be paid while you are in school.
False
True
8
Which one is not a source of funding for higher education
Cash Savings or working
Dual Credit and AP Credit in High School
None of these
Federal and Private Student or Parent Loans
Scholarships & Grants
The Military or Apprenticeships
9
There is no need to compare college financial offers since they are all the same.
True
False
10
This program provides full or part time options, will train you in a job and has benefits that pay for your education.
Job Corps
Apprenticeship
State Employment
Military
11
Which degree generally takes 4 years and is available at a college or university and teaches you to do.
Bachelor's
Associate's
Master's
Professional or Doctoral
12
You must remain in school at least part time to receive federal student loans.
False
True
13
A FAFSA is required to receive federal financial aid including Work Study.
False
True
14
Characteristics of federal parent loans:
Student can get if they are independent or parents don't qualify
Parents/Guardians are responsible for repayment
All of these are characteristics
Repayment begins 6 months after you leave school
15
Federal student loans go into repayment
12 months after leaving school.
12 months after school starts
6 months after leaving school
Right after graduation
16
After using savings, grants and scholarships, this is the next best method for paying for college.
Credit Cards
Federal Student Loans
Private Loans
Parent Loans
17
Looking at your return on investment for your education means
You compare how long you have to be in school
You compare loans
You compare the income you can make with the cost of education
You compare the cost of going to school versus just working
18
Some of the reasons people don't complete a bachelor's degree in 4 years includes:
Taking less than 15 credits a semester
Taking remedial classes based on scores from placement tests
Repeating classes they earned less tha a C in
All of the above
Pursuing a double major
Changing their major
19
When filing a FAFSA, you must have a FSA ID.
True
False
20
This program allows you to work, from the 1st day, at a high paying job, while also getting an education.
Job Corps
Military
Apprenticeship
State Employment
21
What degree is one of the best in terms of employment rates?
Business
Computer Science
Social Sciences
Health Care
22
What degree is one of the best if you really aren't sure what you want to do?
Business
Computer Science
Math
Health Care
23
The smartest thing to do regarding student loans is to
Have your parents take out parent loans
Not borrow at all
Borrow to buy what you want
Borrow only what you need
24
What lender does not usually care if you fail to maintain at least a C average or drop lower than 6 credits
Federal Student Aid/government
Scholarship Programs
Federal grant manager
Private student lenders
25
When you accept a student loan, you can only accept the entire amount of the loan offered.
True
False
26
Which degree generally takes 2 years after a bachelor's degree and is available at a university and teaches you to lead.
Professional or Doctoral
Associate's
Master's
Bachelor's
27
Once you have filed the FAFSA, you will get a
Grant
Student Aid Report
Scholarship
Loan
28
Aptitude tests can help you choose a career that you are best suited for because
You will be automatically successful
You will make a lot of money
College is unnecessary
You are more likely to find the right career and reach your goals
29
Characteristics of an unsubsidized loan include____.
All of the above
Based on financial need or other criteria
School must be accredited
Government pays the interest while you are in school.
30
What type of educational financing is usually based on merit?
Grants
Scholarships
31
What is the note you must sign to accept a student loan?
Promise to pay Note
Master Promissory Note
Agreement to Repay
You don't have to sign anything
32
Compared to federal loans, private loans_____.
May have higher interest rates
All of these
May require payments while you are in school
Have fewer repayment terms than fed loans and usually no grace period
33
All colleges will offer the same award packages.
False
True
34
Which kind of financial aid must be repaid?
Scholarship
Student Loan
Grant
Work Study
35
Federal loans have which of the following?
All of these
Options for postponing or reducing payments
Loan forgiveness and discharge available
A grace period and various repayment plans
36
If you leave school or drop below part time, your loans go into what?
Immediate Repayment
Default
Grace Period before repayment
37
When filing a FAFSA, you must have your tax return or your guardian's tax return available.
True
False
38
If you are having trouble paying back your student loan, you can:
Consolidate your loans
Contact your loan servicer
Apply for a different repayment plan or even a deferment
All of these
39
The formula to determine how long it will take to recover the money you spent on education is Cost/(New Pay-Old Pay)
True
False
40
When filing a FAFSA, you must have your social security number available.
True
False
41
When you are in school, you do not have to make payments on federal student loans.
True
False
42
Obtaining even some post secondary training will
Just waste money
Help you have greater career related opportunities
Exposes you to information that is not that valuable
Make your coworkers think you are trying to be the boss.
43
Billions of dollars of Pell Grants go unclaimed and millions of dollars of scholarships go unawarded every year.
False
True
44
What major is changed the most frequently?
Math
Health Care
Business
Computer Science
45
Private loans are obtained through
Federal Government
Banks, Credit union or other financial institutions
46
It is possible to pay cash for your post-secondary education.
False
True
47
Earning a college degree generally means
All of these are correct
You are less likely to be unemployed
You are likely to make more money
You are likely to live longer and be more satisfied
48
What percentage of people change their major at least once?
80%
60%
40%
100%
