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Personal Finance 13
Higher Education
| Question | Choices | Answer |
|---|---|---|
| Select the answer that best describes why the return on investment 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 past high school. B. Higher education is not an investment but a debt. D. Earning potential is not affected by education level. | A. You have the potential to earn more money in the future when you continue past high school |
| Your sister is starting 9th grade next year and is thinking about going to college. What step would your recommend she take first? | A. Fill out her FAFSA from. B. Start applying for grants and scholarships. C. Look for school clubs & organizations she is interested in. D. Sign up for college admission exams. | C. Look for school clubs & organizations she is interested in. |
| Your brother is starting 9th grade next year and is thinking about going to college. What step would you recommend? | A. Meet his guidance counselor. B. Join a club or sports team. D. Fill out the the FAFSA form. D. Both A & B. | D. Both A & B |
| Which of the following loans will typically offer the lowest interest rate: | A. Payday loan. B. Federal Student Loan. C. Private Loan. D. Both A & B | B. Federal Student Loan |
| Which type of loan requires that you pay the interest accumulated during college: | A. Pell Grant. B. Subsidized Federal Loan. C. Unsubsidized Federal Loan. D. University Scholarship | C. Unsubsidized Federal Loan |
| When referring to student loans, what is a grace period? | A 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 leaning school before you must begin paying back student loans | B. The period after graduating or leaving school before you must begin paying back student loans. |
| Which of the following statements about the Federal Application for Student Aid (FAFSA) is TRUE? | A. You can only apply online. B. The earliest you can submit your FAFSA is December 1. C. The IRS Data Retrieval Tool allows you to view and transfer your tax information directly to your FAFSA form. D. Both A & B | C. The IRS Data Retrieval Tool allows you to view and transfer your tax information directly into your FAFSA form |
| Which loan type requires you to make loan payments while you are attending school? | A. Unsubsidized Federal Loan. B. Subsidized Federal Loan. C. Pell Grant. D. None of the above | D. None of the above |
| Which education level has the highest return on investment (ROI)? | A. High school diploma. B. Bacherlor's Degree (4 years of college). C. Senior in high school. D. ROI is equal for all of the above. | B. Bachelor's Degree (4 years of college) |
| Which of the following statements about Federal Student Loans is TRUE? | A. The interest rate on your loan will be fixed over time. B. The interest rates on federal loans and private loans are similar. C. You can only get federal student loans if you demonstrate financial need. | A. the interest rate on your loan will be fixed over time |
| When planning for college, you should consider: | A. Visiting colleges during you junior year. B. Speaking with your school's college adviser. C. Joining an after school club or sports team. D. All of the above | D. All of the above |
| Using the FAFSA form, you can apply for: | A. Federal Student Loans. B. the Federal Work-Study Program. C. Private Loans. D. Both A & B | D. Both A & D |
| Which answer best describes an unsubsidized federal loan? | A. You are responsible for paying all the interest that accumulates on your loan. B. You are only responsible for the cost of the loan. C. The government will cover the interest accumulated on the loan while you are in school. | A. You are responsible for paying all the interest that accumulates on your loan. |
| 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 |
| B. The return on investment (ROI) from education is typically the highest for: | A. A high school graduate. B. A college applicant. C. Someone with a 2-year degree. D. Someone with a four-year degree | D. Someone with a 4-year degree |
Created by:
SusieQ60
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