Personal Finance Higher Education Question Preview (ID: 40037)


Personal Finanance. TEACHERS: click here for quick copy question ID numbers.

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 (Associate) degree
d) Someone with a 4-year (Bachelor’s) degree

Your brother is starting 9th grade next year and is thinking about going to college. What steps would you recommend he take?
a) Meet his guidance counselor.
b) Join a club or sports team.
c) Fill out the FAFSA form.
d) Both A B

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

When referring to student loans, what is a grace period?
a) The 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 leaving school before you must begin paying back student loans
c) The amount of time you have to pay back your entire student loan amount
d) None of the above

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 application is December 1st.
c) The IRS Data Retrieval Tool allows you to view and transfer your tax information directly into your FAFSA form.
d) Both A B are true.

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
d) You do not accumulate interest on federal loans.

The Federal Application for Student Aid (FAFSA) form:
a) Is only used to apply for federal subsidized loans.
b) Can only be submitted by mail.
c) Is the free application for federal student aid.
d) Is only used to apply for federal unsubsidized loans.

After you send in your FAFSA form, what will you receive back?
a) Your Student Aid Report
b) Your IRS Data Retrieval Form
c) A copy of your family’s tax returns
d) A copy of your completed FAFSA form

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) 1.4
c) 1.6
d) 2.0

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) Grants
b) 529 plans
c) Federal student loans
d) Scholarships

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