Student Loan Debt

What percentage of higher-education students borrow to cover the costs of college/trade school?

• Less than 30%

• Between 30% and 45%

• Between 45% and 60%

• More than 60%

What is the second highest household debt?

• Credit card debt

• Mortgage debt

• Auto loan debt

• Student loan debt

What was the average student loan debt of the graduating class of a recent year?

• $10,000

• $15,000

• $20,000

• $28,500

What are career schools sometimes known as?

• Colleges

• Universities

• Trade schools

• Community colleges

What type of loan is issued by a bank, credit union, school, or state agency?

• Federal loan

• Private loan

• Subsidized loan

• Unsubsidized loan

What is the first thing you should do before obtaining any type of student loan?

• Complete the FAFSA

• Apply for scholarships

• Research different lenders

• Consult with a financial advisor

Before you obtain a student loan, what should you do after you have completed the FAFSA?

• Beg for money

• Apply for scholarships & grants

• Research different lenders

• Consult with a financial advisor

What is the expected family contribution (EFC)?

• The amount of money a family is expected to contribute towards education costs

• The amount of money a family is expected to save for retirement

• The amount of money a family is expected to spend on vacations

• The amount of money a family is expected to donate to charity

What type of federal loan allows students to defer interest payments while in school?

• Federal Direct Subsidized Loan

• Federal Direct Unsubsidized Loan

• Federal PLUS Loan

• Federal Perkins Loan

What type of loan is available for students with exceptional financial need?

• Federal Direct Subsidized Loan

• Federal Direct Unsubsidized Loan

• Federal PLUS Loan

• Federal Perkins Loan