Student Loans Quiz

Why is the FAFSA important?

It determines how much aid you’ll be getting
It determines what kind of aid you’ll be getting
It tells you what your Expected Family Contribution will be
All of the above Correct Answer

A Stafford loan is made directly to the student:

True Correct Answer
False

To get a Perkins loan, a student needs to prove:

Good credit
Exceptional financial need Correct Answer
Good grades
Career ambitions

Alternative student loans are:

Education loans from private lenders Correct Answer
Always better than federal loans
Made only for liberal arts students
Available for only vocational training

It is easy to be declared an independent student:

True
False Correct Answer

What is a benefit of federal loans?

High interest rates
No limit on amount borrowed
Often subsidized and grace period before repayment Correct Answer
You can pay them with your tax refund

If you have bad credit, to get a loan you may need:

A cosigner
A loan that isn’t credit based
An alternative loan with a higher interest rate
Any or all of the above Correct Answer

Consolidate your student loans to:

Create more monthly payments
Make the process easier and get a lower interest rate Correct Answer
Get a rigid repayment schedule
Cheat the government

If you think your starting salary may be low, you might choose:

Income-sensitive repayment Correct Answer
Standard repayment
Extended repayment
To make payments every other month

What is the limit on how many times you can be granted forbearance?

Once
Once a year
No limit Correct Answer
12 times

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