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Personal Finance Higher Education
Test Description: Personal finanance
Instructions: Answer all questions to get your test result.
1) The return on investment (ROI) from education is typically the highest for:
A
Someone with a 2-year (Associate) degree
B
Someone with a 4-year (Bachelor’s) degree
C
A college applicant
D
A high school graduate
2) Your brother is starting 9th grade next year and is thinking about going to college. What steps would you recommend he take?
A
Both A B
B
Join a club or sports team.
C
Fill out the FAFSA form.
D
Meet his guidance counselor.
3) Which type of loan requires that you pay the interest accumulated during college?
A
Subsidized federal loan
B
Pell Grant
C
Unsubsidized federal loan
D
University scholarship
4) When referring to student loans, what is a grace period?
A
None of the above
B
The period after graduating or leaving school before you must begin paying back student loans
C
The time period between graduating college and starting your first job when you don’t have to pay back student loans
D
The amount of time you have to pay back your entire student loan amount
5) Which of the following statements about the Federal Application for Student Aid (FAFSA) is TRUE?
A
The IRS Data Retrieval Tool allows you to view and transfer your tax information directly into your FAFSA form.
B
Both A B are true.
C
You can only apply online.
D
The earliest you can submit your FAFSA application is December 1st.
6) Which of the following statements about federal student loans is TRUE?
A
The interest rates on federal loans and private loans are similar.
B
You can only get federal student loans if you demonstrate financial need
C
You do not accumulate interest on federal loans.
D
The interest rate on your loan will be fixed over time.
7) The Federal Application for Student Aid (FAFSA) form:
A
Is only used to apply for federal subsidized loans.
B
Is the free application for federal student aid.
C
Is only used to apply for federal unsubsidized loans.
D
Can only be submitted by mail.
8) After you send in your FAFSA form, what will you receive back?
A
A copy of your family’s tax returns
B
A copy of your completed FAFSA form
C
Your Student Aid Report
D
Your IRS Data Retrieval Form
9) On average, someone with a Bachelor's degree is estimated to earn ____ times more than someone with a high school diploma.
A
1.2
B
1.6
C
2.0
D
1.4
10) 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
Scholarships
B
Grants
C
529 plans
D
Federal student loans
*select an answer for all questions
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