Unit 9 Review

Sandra is considering getting a job after high school instead of going to college.  Which of the following is a drawback of making this choice?

• Sandra will likely make a higher salary then someone that is going to college

• Sandra will not have student loan debt

• Sandra will have more work experience then someone that is going to college

• Sandra will have fewer employment options because many jobs require a college education

When considering the cost of college, how does the net price differ from the sticker price?

• The sticker price = all expense while the net price does not include things like room and board or textbooks

• The sticker price = cost before any grants or scholarships are applied while the net price is what you owe after you subtract grants and scholarships

• The sticker price = cost before loans are applied while net price taxes is what you owe after you take your loans

• Sticker price = what you will pay for an out of state college while net price is the price you will pay if you are a resident of the state

Which of the following statements is true about the value of a college education?

• Steve says, "The only value of getting a college education is that your immediate earnings after graduation will likely be more than a person who does not go to college."

• Christina says, "The value of a college education is that you will likely earn more over your lifetime."

• Judah says, "College is valuable even though unemployment rates are just as high as someone without a college education.”

• Carla says, "College is not that valuable, but one benefit is that you have the chance to study abroad."

The FAFSA is used to determine your eligibility for all of the following types of financial aid EXCEPT…

• Private loans

• Scholarships & grants

• Work-study

• Federal loans

Why are grants and scholarships the first type of college funding an undergraduate should use?

• Grants and scholarships are typically worth the largest dollar amounts

• Grants and scholarships all come from the federal government

• Grants and scholarships are “free money” that won’t need to be repaid

• Grants and scholarships are awarded equally to all high school graduates

Which statement best describes the difference between merit-based and need-based awards?

• Merit-based awards come from the individual college, while need-based awards come from the state government

• Merit-based awards require the FAFSA, while need-based awards do not

• Merit-based awards are much easier to get than need-based awards

• Merit-based awards are given for achievements, while need-based awards are given based on income

How much student loan debt you graduate with is dependent on each of these factors EXCEPT…

• Whether loans are subsidized or unsubsidized

• How much you borrow each year of college

• What interest rate your loans have

• The starting salary of your first job

The FAFSA is used to determine your eligibility for…

• Private loans and merit-based scholarships

• Scholarships, grants, work study, and federal loans

• Grants to study abroad

• Free room and board

All of the following are potential benefits of attending college EXCEPT…

• College graduates are more likely to get a higher paying job

• Your employer is required to help you pay back your student loans

• A majority of jobs require some college education

• College graduates are more likely to work for an employer that offers health insurance

What is the difference between a federal subsidized loan and a federal unsubsidized loan?

• Subsidized loans are given to parents, while unsubsidized loans are given to undergraduates

• Subsidized loans are charged interest daily, while unsubsidized loans are charged interest monthly

• Subsidized loans need to be repaid, while unsubsidized loans do not need to be repaid

• Subsidized loans are interest-free until graduation, while unsubsidized loans are charged interest throughout the whole term of the loan