Practice: College finance

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Practice

6 questions. 4 right is a pass, and your best score is kept in this browser.

1. The FAFSA is…A private scholarship essay contestA form your college fills in for youA credit check run by a bankThe application that decides your federal grants, work-study, and loan eligibility

2. Which borrowing should you exhaust first?A credit card cash advanceA payday loanFederal student loansA private loan with a cosigner

3. A rough ceiling for total borrowing is…There is no ceiling if the degree pays wellAbout your expected first-year salaryWhatever the school's cost of attendance saysThree times your parents' income

4. A subsidized federal loan differs from an unsubsidized one because…The government pays the interest while you are in schoolIt never has to be repaidIt carries a higher interest rateIt requires a cosigner

5. Two aid letters: one is $30,000 with $22,000 in grants, the other $24,000 with $6,000 in grants. Which is cheaper for you?The first, because the award is largerThey cost the sameWhichever has the bigger loanThe second: its net price is lower

6. You plan to transfer after two years at community college. What protects those credits?Assuming accreditation makes them transferAsking a friend who transferredConfirming in writing that the four-year school accepts them before you enrollKeeping your syllabi in a folder

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