Paying for higher education
Paying for Higher Education Quiz
Test your knowledge on the intricacies of paying for higher education. Whether you're a student, a parent, or just someone interested in financial aid, this quiz will help you understand crucial concepts related to student loans, scholarships, and financial planning.
In this quiz, you will cover:
- Loan defaults and servicing
- Understanding net price and educational costs
- Different types of loans available to students
- Scholarships and financial aid reports
What is the definition of Loan Default
Failure to pay a loan according to the agreed upon terms
The common name for the Free Application for Federal Student Aid form prepared annually to determine eligibility for post secondary financial aid
Company that collects payment on a loan
A report that summarizes responses made when completing the FAFSA form
What is Loan Servicer
A report that summarizes responses made when completing the FAFSA form
Company that collects payment on a loan
The cost of attendance minus grants and scholarships.
Failure to pay a loan according to the agreed upon terms
What is Net Price
Failure to pay a loan according to the agreed upon terms
Company that collects payment on a loan
The cost of attendance minus grants and scholarships.
A non need based loan from the federal government the interest of which is paid for by the borrower
What is Personal Identification Number (PIN)
A four digit number used as an electronic signature
A report that summarizes responses made when completing the FAFSA form
Money awarded to students that does not have to be repaid and is based on academic or other achievement to help pay for education expense
A non need based loan from the federal government the interest of which is paid for by the borrower
What is a Scholarship
3 Deferment period Postponement of payment on a loan allowed under certain conditions and during which interest does not accrue
A non need based loan from the federal government the interest of which is paid for by the borrower
Money awarded to students that does not have to be repaid and is based on academic or other achievement to help pay for educ
A report that summarizes responses made when completing the FAFSA form
Student Aid Report (SAR)
A report that summarizes responses made when completing the FAFSA form
Total amount it will cost you to go to school (includes tuition and fees as well as personal expenses).
The common name for the Free Application for Federal Student Aid form prepared annually to determine eligibility for post secondary financial aid
Ability to stop or reduce loan payments for up to 12 months while interest is accruing
What is a Subsidized loan
The difference between the cost of attending a particular school and the expected family contribution.
Period of time after a borrower graduates, leaves school or drops below half time enrollment where they are not required to make certain federal loan payments
The cost of attendance minus grants and scholarships.
A need based loan from the federal government, the interest of which is paid for by the U.S. Department of Education while the borrower is in school and during grace and deferment periods.
What is a Unsubsidized loan
A non need based loan from the federal government the interest of which is paid for by the borrower
A report that summarizes responses made when completing the FAFSA form
Ability to stop or reduce loan payments for up to 12 months while interest is
(financial) To combine (a number of financial accounts or funds) into a single overall account or set of account
What is Work study
A non need based loan from the federal government the interest of which is paid for by the borrower
A tax exempt financial aid that
Postponement of payment on a loan allowed under certain conditions and during which interest does not accrue
Total amount it will cost you to go to school (includes tuition and fees as well as personal expenses).
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