Student Loan Quiz

Payments on student loans that are subsidized by the government are not required while the student is still in school, but they must begin within six months of graduation.

• True

• False

You can choose to return loans from your financial aid award if you will not need them in order to attend school. (In other words, if you don't need the loan, or you don't need as much as awarded to you, you don't have to borrow what was offered.)

• True

• False

If I default on repayment of a student loan, what consequences may I face?

• My wages may be garnished (i.e., taken by the government).

• The government may withhold part of my Social Security benefits

• Your credit history will be negatively impacted for up to 7 years after the defaulted load is paid in full, making it difficult for you to get a loan to buy a car or home, or even get a credit card.

• All of the above are correct.

The saying "Education Pays" is referencing the direct relationship between education level and anticipated income.

• True

• False

2017 college graduates reported the average student loan debt to be nearing __________ for a 4 year degree

• $29,000

• $39,400

• $45,000

• $60,000

In order to be eligible for financial aid, and in order to determine how much aid I can receive, I must complete the FAFSA.

• True

• False

If I have a significant change in my life circumstances after FAFSA is completed (e.g., an unexpected loss of family income due to a death, divorce, change in child support arrangements, etc.), I will still only be eligible to receive the amount of aid that matched my circumstances at the time I completed the FAFSA. (In other words, I can't get the amount of aid I qualify for changed, even though my circumstances have changed).

• True

• False

Students attending college have flexibility in some costs associated with attendance to colleges. Which of the following are costs that can be elected at varying costs:

• Residence halls

• Meal plans

• Tuition (full time student)

• A & B are correct

True/False: Scholarships have to be paid back.

• True

• False

A Federal Work Study provides a student with the opportunity to work over a semester/year for the set amount awarded to be paid directly to the school.

• True

• False