1) What is a benefit of going to college and having a college degree? a) Lower lifetime earnings b) Expanded professional and social network c) Lower interest rates on future loans d) Guaranteed starting salary of $50,000 after graduation 2) All of the following are costs of going to college EXCEPT... a) Tuition and fees b) Textbooks and school supplies c) Room and board d) Scholarships and grants 3) Which is TRUE about sticker price and net price? a) Net price is the published cost of going to a school b) Net price is the sticker price minus scholarships & grants c) Sticker Price is the out-of-state cost of going to a school d) Sticker price is the net price minus scholarships & grants 4) When does the FAFSA filing period open every year? a) January 1st b) October 1st c) June 1st d) December 1st 5) Why should you file the FAFSA as early as possible? a) It can help your chances of being accepted into schools b) You're guaranteed to get more merit-based scholarships c) Aid is given out on a first-come, first-serve basis d) You'll get a lower interest rate on federal student loans 6) What kinds of aid are you NOT eligible for by filing the FAFSA? a) Grants and Scholarships b) Work-Study c) Private Student Loans d) Federal Student Loans 7) How do scholarships and grants differ? a) Scholarships are need-based; grants are merit-based b) Grants are need-based; scholarships are merit-based c) Grants are private forms of aid; scholarships are federal d) They're not different; they are one and the same 8) What do you need to file your FAFSA if you're a dependent? a) Just your tax forms b) Your and your parents' tax forms from 2 years priors c) Your high school student ID number d) A pay stub if you had a job in the past year 9) Which is TRUE about the FAFSA? a) You only need to file the FAFSA 1x in your college career b) You need to file it at the start of every quarter/semester c) Your parents must earn below a set amount for you to apply d) There is no cost to file the FAFSA 10) Which is TRUE about the EFC? a) It's the cost of filing the FAFSA b) It's another term for "net price" c) It's how much you & your family are expected to pay for college d) It's how much your parents must contribute towards college 11) Which of the following is the correct flow of submitting/receiving these documents? a) SAR > FAFSA > Financial Aid Package b) FAFSA > Financial Aid Package > SAR c) Financial Aid Package > SAR > FAFSA d) FAFSA > SAR > Financial Aid Package 12) What is one thing you will need to do if you accept a Federal student loan? a) Agree to an official credit check by the government b) Pay a refundable deposit to secure your loan c) Sign a Master Promissory Note 13) Which of the following is TRUE about how you get your financial aid? a) All financial aid is paid directly to you in one payment b) Aid is 1st applied to your account; you get the rest c) All financial aid is paid to you in installments d) The school receives all of your financial aid 14) Which of the following is TRUE about federal and private student loans? a) Private loans may be subsidized; federal ones are not b) Private loans always offer fixed interest rates c) Both types offer the same repayment plans d) Fed. loans don't have prepayment penalties; private ones may 15) How can you lower the total amount you in pay in student loans? a) Choose a repayment plan with a longer term b) Make interest payments during your grace period c) Accept private loans first, then federal ones d) Accept loans with variable interest rates, not fixed ones 16) If you select a repayment plan with a longer term for your loans... a) You will have a larger monthly payment b) You will pay less in interest c) You will have a smaller monthly payment d) You will pay the same amount in interest 17) Which is TRUE about loan payments? a) $ goes 1st towards the principal, then the accrued interest b) Payments are not split between interest and principal c) Interest rate has little impact on total cost of the loan d) Interest can be added to the principal if it goes unpaid 18) What can happen if you don't make payments towards your student loans? a) You will owe all interest in full after 270 days b) Your loan servicer will contact you via phone, email, etc. c) Your loan balance may become due in full, but no interest d) Your credit score may go up 19) When looking at a financial aid award letter, which type(s) of aid would you have to pay BACK? a) Federal Pell Grant b) Merit Scholarship c) Direct Subsidized Loan d) Federal Work-Study 20) In what order should you accept different types of financial aid? a) Work-study, scholarships, federal loans, private loans b) Scholarships, work-study, federal loans, private loans c) Private loans, scholarships, work-study, federal loans d) Scholarships, work-study, private loans, federal loans

Paying for College Trivia

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