Which of the following statements about federal student loans is TRUE? A) The interest rate on your loan will be fixed over time. |
A) The interest rate on your loan will be fixed over time. |
You are looking for ways to pay for your higher education costs. Which of the following options will require you to pay back any money you receive? A) Grants |
C) Federal student loans |
Which answer best describes an unsubsidized federal loan? A) You are only responsible for the cost of the loan. |
B) You are responsible for paying all the interest that accumulates on your loan. |
Which type of loan requires that you pay the interest accumulated during college? A) Subsidized federal loan |
B) Unsubsidized federal loan |
Select the answer that best describes why the return on investment (ROI) for higher education is high even though the cost of college is increasing. A) You have the potential to earn more money in the future when you continue your education past high school. |
A) You have the potential to earn more money in the future when you continue your education past high school. |
Your brother is starting 9th grade next year and is thinking about going to college. What steps would you recommend he take? A) Meet his guidance counselor. |
D) Both A & B |
After you send in your FAFSA form, what will you receive back? A) Your Student Aid Report |
A) Your Student Aid Report |
The Federal Application for Student Aid (FAFSA) form: A) Is only used to apply for federal unsubsidized loans. |
D) Is the free application for federal student aid. |
Which of the following statements about the Federal Application for Student Aid (FAFSA) is TRUE? A) You can only apply online. |
C) The IRS Data Retrieval Tool allows you to view and transfer your tax information directly into your FAFSA form. |
Which education level has the highest return on investment (ROI)? A) Bachelor’s Degree (4 years of college) |
A) Bachelor’s Degree (4 years of college) |
Your sister is starting 9th grade next year and is thinking about going to college. What step would you recommend she take first? A) Fill out her FAFSA form |
C) Look for school clubs & organizations she’s interested in |
Which loan type requires you to make loan payments while you’re attending school? A) Unsubsidized federal loan |
D) None of the above |
The return on investment (ROI) from education is typically the highest for: A) A high school graduate |
D) Someone with a 4-year (Bachelor’s) degree |
The Federal Application for Student Aid (FAFSA) form: A) must be completed by your guidance counselor |
D) can be submitted on online or by mail |
Which of the following types of financial aid do not require you to pay the money back? A) Grants |
A) Grants |
When referring to student loans, what is a grace period? A) The time period between graduating college and starting your first job when you don’t have to pay back student loans |
B) The period after graduating or leaving school before you must begin paying back student loans |
Which of the following loans will typically offer the lowest interest rate? A) Payday loan |
B) Federal Student Loan |
On average, someone with a Bachelor’s degree is estimated to earn ____ times more than someone with a high school diploma. A) 1.2 |
C) 1.6 |
Everfi Financial LIteracy- Module 5 – Higher Education – Final Quiz Questions and Answers
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