Part 1 Test Question Bank

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1 Module 1 1. Which is true regarding unemployment rates? a. The unemployment rate for people with a bachelor s degree and a high school diploma are the same. b. People with a bachelor s degree experience an unemployment rate that is half that of those with a high school diploma. c. The unemployment rate depends on how hard you try to get a job, not the level of education you have received. d. None of the above are true. 2. Which is true regarding earnings? a. Someone with a bachelor s degree will earn almost twice as much as someone with just a high school diploma. b. Earnings mostly depend on how much you work. c. The amount you earn is not really related to your level of education. d. All of the above are true. 3. Since the most important priority in college is academic study, you should not distract yourself with clubs, organizations, or activities. This statement is:

2 Module 2 1. Which is true regarding the costs of college? a. College costs are going down because of the state of the economy. b. Everyone has to pay the full costs of whatever college they attend, it s only fair. c. All colleges cost about the same. d. None of the above are true. 2. What is normally not a required cost in college? a. Tuition and fees b. Books and course supplies c. Room and board d. Study abroad expenses 3. What does tuition mean? a. How successful you think you will be in completing your degree. b. The cost of taking classes in college. c. A term for a formal event held during the sophomore year. d. The term for the cost of eating and place to live. 4. Most colleges measure the amount of time a course is worth by: a. The number of students who want to take the course. b. The number of credit hours for the course. c. The amount of time you need to study for the course to get a good grade. d. None of the above.

3 5. What s one way a college sets graduation requirements? a. By the number of credit hours earned towards a major. b. By your age. c. By the total amount of tuition you have paid. d. By the total amount of time you have spent in class, whether you have passed the course or not. 6. Most colleges set their prices by the type of degree you earn. That means the cost is the same, no matter how long you take to get the degree. This statement is:.. c. Not enough information supplied to make a correct choice. 7. An academic advisor: a. Helps you know what credits will transfer from another school. b. Helps you know what classes you need to take to graduate with a certain major. c. Helps you find out if it will take longer to graduate if you change your academic major. d. All of the above. e. None of the above. 8. What is true about books used during college courses? a. They are supplied for free by the school since they are required. b. They are always available in the library. c. Their cost could be several hundred dollars per semester. d. They are usually not needed if you take good notes.

4 9. The best way to deal with the costs of college is to: a. Not worry, the government will take care of most of the costs. b. Understand the specific costs and plan for them. c. Deal with them one at a time after arriving at college. d. Decide that college is not worth the time, expense, and effort. 10. Living on campus is usually easier than living off campus. This is true for all of the following reasons EXCEPT: a. Almost everything covered by the term room and board is included in the cost to live on campus. b. There is usually a greater sense of community. c. You may not have to deal with a roommate in the same room. d. It is easier to use campus services. Module 3 1. There are many sources of funds to pay for the costs of college. Which of the following sources would you have to pay back? a. A TEACH grant if the service obligation is not completed. b. Money you saved for college. c. Money you earn while in college. d. A scholarship from a local church or civic organization.

5 2. It s a good idea to pay a company to search for grants and scholarships for you if they promise you will get into your #1 school. 3. What is the rule of thumb for the amount of time you should spend studying outside of class for you college courses? a. Most college classes do not require you to study outside the classroom. b. You should plan to study three hours for every hour you spend in class. c. You should not try to plan your study time; just try to study when you are in the mood. d. None of the above. 4. A financial aid award letter from a school is valid for any school of the same type. Module 4 1. Doing your FAFSA every year could make you eligible for the following: a. Federal Student Loans b. Federal Education Grants c. Federal Work Study d. Some scholarships e. All of the above

6 2. The fastest way to file a FAFSA is to: a. Print it and put it in the mail. b. File it online. c. Neither way is faster. 3. Pick the way you electronically sign the FAFSA. a. With fingerprint scanning technology. b. With the information from your most recent paycheck. c. With a PIN. d. There is no way to electronically sign a FAFSA. 4. If no one claims you as their dependent on their tax return, you are automatically considered independent for the FAFSA. 5. Special rules apply for students whose parents have separated or divorced when filling out the FAFSA.

7 6. All of the following are true about the Expected Family Contribution (EFC) number on the FAFSA EXCEPT: a. It is the exact amount your family will have to pay for one year at college. b. It describes you family s financial strength. c. It is used to calculate the amount of financial aid for which you are eligible. d. It is calculated by a formula established by law. 7. The best way to think about the term Date for Priority Consideration when applying for student aid or completing a FAFSA is. a. The first day the school will accept applications. b. The date to submit an application if you are notified you are a priority applicant. c. The deadline. d. None of the above. Module 5 1. If you need a loan to help with college costs it should be a Federal Student Loan. What is NOT true regarding federal student loans? a. They are usually less expensive (have lower interest rates and fees) than other types of loans a student can get. b. They are easier to get (the student s credit history is not considered). c. The interest rates are higher on these loans than most other types of student loans. d. The have repayment plans that are usually better than most other loans used to meet the costs of college

8 2. The two main kinds of Federal Student Loans that may be available to a student are: a. Pell and PLUS. b. Perkins and Stafford. c. PLUS and IRA. d. IRA and Stafford. 3. If a student doesn t make satisfactory academic progress, as defined by their school, they could lose eligibility for federal student aid. 4. Which is NOT true regarding private education loans? a. The borrower usually has to pass a credit history check. b. Repayment plans are usually not as flexible as Federal Student Loans. c. Interest rates and fees are usually lower than Federal Student Loans. d. Interest rates and fees are usually higher than Federal Student Loans. 5. Why are home equity loans riskier than some other types of loans? a. Because the interest rates on these loans are usually higher than credit card interest rates for the same person. b. Because your home is used as collateral for the loan, meaning that if you fail to make the payments, the lender could foreclose on your home. c. Because payments are usually required on a weekly basis. d. None of the above are true.

9 6. All of the following are reasons not to cash in a retirement savings to pay for college expenses EXCEPT: a. You may have to pay penalties for withdrawing funds before you reach a certain age. b. If you withdraw the funds as a loan and you stop making payments, the amount left in the loan becomes a withdrawal and you might have to pay a tax penalty. c. You could cheat yourself out of the future value of what you are taking out. d. All of the above are true. Module 6 1. What is the best way to think about the maximum amount of student loans you should borrow? a. You should borrow as much as you need to get the degree you want at the school of your choice. b. You can borrow up to three times what you will earn in your first year of employment after school. c. Your loan payment should not exceed more than 10% of your gross monthly income. d. b and c above are correct. 2. What is the way a student shows exceptional financial need to qualify for a Perkins loan? a. By having no savings account in their name. b. From information entered in the FAFSA. c. By the number of part-time jobs the student needs to get by in college. d. None of the above

10 3. The grace period is the time between when the student leaves school or drops below full-time status and a student loan repayment period starts. What is different about the grace period for a Perkins loan and other Federal Student Loans? a. The grace period is longer for a Perkins loan. b. There is a 10 year grace period on a Perkins loan. c. Perkins loans do not have to be repaid so the grace period does not apply. d. None of the above. 4. Stafford loans can be subsidized or unsubsidized. A subsidized loan means: a. Interest is charged from the time the loan is made. b. You will never pay interest on a subsidized loan. c. The federal government pays the interest for you during the time the loan is subsidized. d. These are subprime loans and should be avoided. 5. How does a person qualify for either a subsidized or unsubsidized Stafford loan? a. By the financial information on their FAFSA. b. By a direct appeal to the Director of Financial Aid at your school. c. By maintaining sufficient academic progress. d. None of the above.

11 6. 3 different students borrow the same amount of money using federal student loans. One student has a Perkins Loan, one student has mostly subsidized Stafford Loans, and the other student has Stafford loans that are all unsubsidized. If they all pay off their loans in the standard 10 year repayment period, who will pay the most interest? a. The student with the Perkins loan. b. The student who has subsidized Stafford loans. c. The student with the unsubsidized Stafford loans. d. Since all students have federal student loans they will all pay the same amount of interest. 7. What is the purpose of a PLUS loan? a. It can be used to help students earning a degree in science or mathematics. b. It is a federal student loan that parents can use to help their children meet the costs of college. c. Students use it to plus up their lifestyle while in college. d. None of the above. 8. What are some disadvantages of private student loans as compared to federal student loans? a. The interest rates on private student loans are usually higher. b. If a student does not have a good credit history they may not be able to qualify for these loans without a co-signer. c. Repayment plans for these loans may not be a flexible as the plans for federal student loans. d. All of the above are true.

12 9. What are some of the features of the flexible repayment plans for federal student loans? a. It is possible to extend the time period for loan repayment. b. It is possible to start a plan with a lower payment at the beginning. c. It is possible to temporarily stop loan payments by asking for a loan deferment or forbearance. d. All of the above are correct. 10. What is one of the first things you should do if you start to have difficulty in repaying student loans? a. Change your address and phone number. b. Contact your loan servicer. c. Borrow more money to cover the shortage. d. File for bankruptcy. 11. What is NOT a possible consequence of going into default (failing to make payments) on a federal student loan? a. You may be sued. b. All or part of your tax refunds and other government payments may be taken. c. Your wages may be garnished so that your employer is required to send part of your salary to pay off your loan. d. Your name will be published in the newspaper as part of the national delinquency list (NDL).

13 12. Which one of the following is NOT true about Income-Based Repayment Plans for federal student loans? a. The plan lasts 20 years or more. b. Most of your income is taken to make repayment. c. You must do paperwork every year to update income and family size information. d. Most federal student loans, not in default, except Parent PLUS loans, are eligible for the IBR program. 13. What is a good way to think about what deferment and forbearance mean as they apply to federal student loans? a. They are temporary ways to postpone payments on student loans due to life circumstances. b. These are almost never granted to people who have student loans. c. You do not need to make payments if you know you have a good reason not to. d. None of the above are correct. 14. It is easy to have a federal student loan cancelled or forgiven. 15. It is easy to have a private student loan cancelled or forgiven.

14 Module 7 1. Select the best way to think about how to pay for college. a. For most people college will be paid for by using money from several sources. b. Most people should pay for their college education by only borrowing the money. c. Since colleges cost so much, a degree really doesn t pay off anymore. d. It s impossible for most people to save so you shouldn t try to save for college. 2. Scams and fraud are common in many areas, except for college scholarship opportunities. 3. Select a way that will help you avoid scams and fraud while searching for scholarships: a. Only search on web sites that require you to give them a credit card or bank account number. b. Only search on sites that guarantee you will get a scholarship. c. Make sure you apply for scholarships that are easy to apply for; you ll need to save your energy for college. d. None of the above. 4. What should you do when searching for scholarships? a. Remember that all scholarships are only for a specific college. b. Only look for scholarships from a single organization. c. Always pay for help in searching for scholarships. d. Realize that scholarships can come from many sources.

15 5. Which option is better if you ve already filled out the green and yellow sections of the College Financial Planning Worksheet, but you still haven t met the costs of the college of your choice? a. Look into a part-time job or Federal Work Study program that fits into your schedule if you haven t done this yet. b. Borrow from private student loans. c. Convince a parent or other relative to cash out their retirement savings. d. Invest in the lottery.

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