Higher Education- Module 5

When visiting a college you can:

A. Receive reimbursement for your college visit costs
B. Schedule a tour of the college campus
C. Attend a college class to see what it’s like
D. Both B & C
E. All of the above

E. All of the above

For financing higher education, what is the best order to look for funding sources? (Federal Student Loans, Grant/Scholarships, & Private Loans)

Grans/Scholarships – Fed. Student Loans – Private Loans

What is a subsidized loan?

Not everyone qualifies

What is an unsubsidized loan?

You are the one responsible for paying all accumulated interest on your loan during school; Available to everyone

Would you rather have a subsidized loan or an unsubsidized loan?

Subsidized

Are the interest rates of subsidized and unsubsidized loans fixed or variable?

Fixed, so it won’t change

Which of the following statements about the FAFSA process are TRUE?
A. You must be a U.S. citizen to submit the FAFSA form.
B. You must use the FAFSA to apply for the federal work-study program.
C. You cannot fill out the FAFSA form without your parent/guardian.
D. You should only fill out the FAFSA form if you can demonstrate financial need.

B. FAFSA is the only way to apply for t/work-study program

Which of the following correctly pairs a financing option with its description?
A. Grants & Scholarships – $ you Earn
B. Federal Student Loans – Free $
C. 529 Plan – $ you Save
D. Federal Work-Study Program – $ you Borrow

C. 529 Plan – $ you save

Which of the following types of financial aid do not require you to pay the money back?
A. Grants
B. Private Loans
C. Federal Loans
D. All of the above

A. Grants

Why is the return on investment (ROI) for higher education high (even though the cost of college is increasing)?

You have the potential to earn more money in the future when you continue your education past high school

On average, someone with a Bachelor’s degree is estimated to earn ____ times more than someone with a high school diploma.

1.6 times more than someone with a high school diploma

Which type of loan will typically offer the lowest interest rate?

Fed. Student Loans