The Cost of College
On average the net price of college is often lower than the published "sticker" price. Net price =
(7-1)
a. Tuition + Room & Board
b. Tuition & Fees - Scholarships - Room & Board
c. Tuition & Fees - Scholarships - Grants - Room & Board
d. Tuition & Fees - Grants - Scholarships
d. Tuition & Fees - Grants - Scholarships
Sarah is looking for ways to pay for college. Her federal aid pays for college and the interest will start after she graduates. This is known as?
(7-2)
a. A grant
b. A work-study program
c. A subsidized loan
d. An unsubsidized loan
c. A subsidized loan
Which tax break allows up to $2,000 credit per tax return and can be applied even if you are not seeking a degree?
(7-3)
a. American Opportunity Tax Credit
b. Lifetime Learning Tax Credit
c. You could claim both
d. You wouldn’t be eligible for either.
b. Lifetime Learning Tax Credit
What costs should be considered when deciding on a college?
(7-1)
a. Tuition
b. Room & Board
c. Transportation
d. All of the above
d. All of the above
For a subsidized loan, your interest while you are in school full time…
(7-2)
a. Is your responsibility. You have to pay it each period.
b. Is your responsibility (but you can let it accrue till after graduation).
c. Is paid by the federal government.
d. Is paid by your parents.
c. Is paid by the federal government.
How much of your student loan interest can you deduct yearly as an adjustment to your income?
(7-3)
a. $2,000
b. $2,500
c. $5,000
d. $1,000
b. $2,500
You should look at ___________ when comparing the cost to attend different colleges.
(7-1)
a. Tuition
b. Tuition plus room and board
c. Scholarships
d. Net Price
d. Net Price
If you qualify, which of the following types of aid provides direct funds towards reducing college cost, is needs based (not merit based), and doesn’t need to be repaid?
(7-2)
a. Grant
b. Scholarship
c. Subsidized loan
d. Work study program
a. Grant
Regarding student loan repayment, it is recommended to…
(7-3)
a. Everyone should consolidate their federal loans.
b. Pay above the minimum payment on student loans starting with the highest interest rate.
c. Make the minimum payments only as programs may be available in the future to erase your student loan debt.
d. Declare bankruptcy.
b. Pay above the minimum payment on student loans starting with the highest interest rate.
FAFSA needs to be completed:
a. Just one time only
b. Once every 2 yrs
c. Every year
d. Twice a year
c. Every year
Most scholarships are _________.
(7-2)
a. Needs based
b. Merit based
c. Paid back after graduating from college.
d. Paid back when not a full-time student.
b. Merit based
Which student loan repayment plan offers a fixed payment amount over 10 years?
(7-3)
a. Income-based
b. Extended
c. Standard
d. Graduated
c. Standard
This type of Federal Loan is for undergraduates & graduate students. It is the most common federal loan and accrues interest while you are in school.
(7-2)
a. Direct Subsidized
b. Direct Unsubsidized
c. Parent PLUS
d. Grad PLUS
b. Direct Unsubsidized
There are multiple ways to pay for college. This way should be used only as a last resort.
(7-2)
a. Grants
b. Private loan
c. Scholarships
d. Federal student loan
b. Private loan
Which of the following helps schools determine how much financial aid you may need and has a range from -1500 to 999999?
(7-2)
a. Student Aid Index (SAI)
b. Federal Student Aid Estimator (FSAE)
c. Parent PLUS
d. School Contribution Indicator (SCI)
a. Student Aid Index (SAI)