Multiple Choice Questions

IRS Forms
  • Jobs are a way to earn money to help pay for schoolFederal work-study Program - a part-time employment program that you can apply for using the FAFSA form
  • If you do file your own tax return in the U.S., you'll use one of the IRS forms - either the 1040, 1040A or 1040EZ. If you're filing a foreign tax return or a return with a U.S. territory check the corresponding box.
  • At the end of each year, you or your family has to file a tax return with the IRS. If you don't plan to file your own tax return, you can check the "I'm not going to file" box.
  • Even if you're not a U.S. citizen, you might still be eligible for federal student if you have a Green Card, a Permanent Resident Card, or meet other requirements. This information goes in section labeled "Alien Registration Number."
If you apply for federal student loans using the FAFSA form, they will fall into what main categories.
  • subsidized or unsubsidized
  • Subsidized & Unsubsidized
  • Federal student loans
  • Your Student Aid Report
borrowed money
  • Ferderal loans - made by the government, ederal loans usually have a fixed interest rate, meaning it won't change over time.Private loans are made by lenders like banks, credit unions, state agencies, or schools.
  • Higher education loans generally have a positive ROI because you are building skills and work experience that can increase your future earnings. More education is correlated with higher lifetime earnings.
  • the federal government pays the accrued interest while you're in school. This additional financial coverage means that not all student are eligible for subsidized loans. To receive a subsidized loan, you must first demonstrate financial need
  • Jobs are a way to earn money to help pay for schoolFederal work-study Program - a part-time employment program that you can apply for using the FAFSA form
Grace Period - federal student loan advantages
  • you aren't expected to make payments on these loans while you're in school. In fact, you have six months after you graduation to start making payments.
  • The period after graduating or leaving school before you must begin paying back student loans
  • Meet his guidance counselor and Join a club or sports team.
  • • Get organized - make an application folder.• Write down all your application deadlines in one place.• Print out or sign up for your applications online.• Request a copy of your school transcript.• Compile all your college admission tests results.• Start writing your essays.
12th grade - Ask for recommendations
  • • Register for your college admission exams.• Call the college admission office for help.• Register early so you can re-take the exam if you need to.
  • • Ask teachers early for recommendation letters.• Gather all the materials the teachers need to write your letter - even stamps if they need to mail it.• Don't forget to say "thank you."
  • • Start studying for college admission tests.• Talk to your teachers or counselor about taking a practice test.• Look online or at the library for free study guides and practice tests.
  • Next, you'll learn about the many different ways to pay for your higher education:• Grants• Scholarships• Work-Study Program• Subsidized & Unsubsidized Federal Loans• Private Loans• FAFSA
Typically, you can wait for six months after you leave school before you have to start paying back these loans. This is called a grace period.
  • C) The IRS Data Retrieval Tool allows you to view and transfer your tax information directly into your FAFSA form.
  • no, The interest rate on subsidized and unsubsidized federal loans is fixed, which means it won't change.
  • - like grants & scholarships - first. Then look into federal student loans, since these offer low and fixed interest rates.
  • no, Typically, you can wait for six months after you leave school before you have to start paying back these loans. This is called a grace period.
Unsubsidized Loan
  • the federal government pays the accrued interest while you're in school. This additional financial coverage means that not all student are eligible for subsidized loans. To receive a subsidized loan, you must first demonstrate financial need
  • type of federal student loan which government does not pay the interest while student is in school. Anyone can get this type of loan.
  • Ferderal loans - made by the government, ederal loans usually have a fixed interest rate, meaning it won't change over time.Private loans are made by lenders like banks, credit unions, state agencies, or schools.
  • are available to all students regardless of their financial situation. In general, families that need more help to cover education will typically receive more federal student loan money
You are looking for ways to pay for your higher education costs. Which of the following options will require you to pay back any money you receive?
  • Look for school clubs & organizations she's interested in
  • Unsubsidized federal loan
  • Your Student Aid Report
  • Federal student loans
Subsidized Loan
  • At the end of each year, you or your family has to file a tax return with the IRS. If you don't plan to file your own tax return, you can check the "I'm not going to file" box.
  • The federal government will cover - or subsidize - the interest accumulated on the loan while you're in school. After you graduate, you are responsible for paying the interest on the loan
  • only males are required to complete this section.Under the Selective Service System, all men must register for potential military draft within 30 days of their 18th birthday.
  • are available to all students regardless of their financial situation. In general, families that need more help to cover education will typically receive more federal student loan money
federal work study Program
  • Grants and scholarshipsare great options because they don't have to be paid back
  • A part-time employment that can be awarded as part of a federal financial aid package.
  • Someone with a 4-year college degree earns an average of $20,000 more in salary each year
  • The FAFSA is the only way to apply for the federal work-study program. If you'd like to apply, you need to check "yes" for this question.
When looking to finance higher education, what is the best order to look for funding sources?
  • Grants/Scholarships - Federal Student Loans - Private Loans
  • Look for school clubs & organizations she's interested in
  • grants
  • You must use the FAFSA to apply for the federal work-study program.
TYPES OF FEDERAL LOANS
  • • Talk to friends and adults about colleges you want to visit.• Call the college's admission office about visiting.• Schedule a tour.• See if you can attend a class.• Check out hangout spots on campus.• Talk to students and professors during your visit.• If you can't visit, talk to an alum from the school and explore the college website.
  • the federal government pays the accrued interest while you're in school. This additional financial coverage means that not all student are eligible for subsidized loans. To receive a subsidized loan, you must first demonstrate financial need
  • Even if you're not a U.S. citizen, you might still be eligible for federal student if you have a Green Card, a Permanent Resident Card, or meet other requirements. This information goes in section labeled "Alien Registration Number."
  • Federal student loans are advantageous because they generally have the lowest interest rates and don't require a credit check. These loans can be subsidized or unsubsidized. To receive a subsidized loan, you must demonstrate financial need. Most student loans have a grace period - usually six months after you graduate - before you have to start repaying your loan.
9th grade - Make an academic plan
  • • Ask teachers early for recommendation letters.• Gather all the materials the teachers need to write your letter - even stamps if they need to mail it.• Don't forget to say "thank you."
  • • Start studying for college admission tests.• Talk to your teachers or counselor about taking a practice test.• Look online or at the library for free study guides and practice tests.
  • • Start planning out your courses for the next four years.• Sign up for any pre-requisite courses you need.• Talk to an adult or school counselor about your plan.
  • • Talk to trusted adults, teachers, and school counselor about your goals.• Look for information on the schools and careers you're interested in.• Don't be afraid to ask questions.
Subsidized Loans
  • loans financed by lenders, like banks, credit unions and sometimes the school you attendcan cost more than feral loan and the interest rates can rise over time
  • interest paid by gov. while in school. Only avalible to students who demonstrate financial need.
  • The federal government will cover - or subsidize - the interest accumulated on the loan while you're in school. After you graduate, you are responsible for paying the interest on the loan
  • you are responsible for paying all the interest that accumulates on your loan
Which loan type requires you to pay the interest you accumulate during school?
  • The IRS Data Retrieval Tool allows you to view and transfer your tax information directly into your FAFSA form.
  • unsubsidized loans
  • The interest rate on your loan will be fixed over time.
  • With unsubsidized loans, you are the one responsible for paying all accumulated interest on your loan.
If you apply for federal student loans using the FASA form, they will fall into two main categories:
  • Your Student Aid Report
  • Subsidized & Unsubsidized
  • subsidized or unsubsidized
  • Federal student loans
1040A or 1040EZ Eligibilty
  • At the end of each year, you or your family has to file a tax return with the IRS. If you don't plan to file your own tax return, you can check the "I'm not going to file" box.
  • Generally, if you make less than $100,000 a year, you'll be eligible to file a simpler tax form - the 1040A or 1040EZ. You can fill out an example 1040EZ in the Insurance & Taxes module.
  • • Sign up for activities and organizations you care about.• Look into volunteer and work opportunities.• Volunteer for leadership positions in your clubs.
  • only males are required to complete this section.Under the Selective Service System, all men must register for potential military draft within 30 days of their 18th birthday.
fasa - citizenship status
  • type of federal student loan which government does not pay the interest while student is in school. Anyone can get this type of loan.
  • Federal student loans are advantageous because they generally have the lowest interest rates and don't require a credit check. These loans can be subsidized or unsubsidized. To receive a subsidized loan, you must demonstrate financial need. Most student loans have a grace period - usually six months after you graduate - before you have to start repaying your loan.
  • To apply for federal student loans, grants, and work study, you have to submit a FAFSA form by the January 1st good idea to send in your FAFSA form early, since it may allow you to qualify for more financial aid.
  • Even if you're not a U.S. citizen, you might still be eligible for federal student if you have a Green Card, a Permanent Resident Card, or meet other requirements. This information goes in section labeled "Alien Registration Number."
Grace Period
  • loans financed by lenders, like banks, credit unions and sometimes the school you attendcan cost more than feral loan and the interest rates can rise over time
  • Personal and family savings - you or your family may have saved money specifically for higher education 529 College Savings Plans529 college savings plans can be used for any qualified educational expenses. Most states offer a 529 plan.
  • Do not have to pay while in school, do have to start making payments six months after graduation.
  • The period after graduating or leaving school before you must begin paying back student loans
Private loans
  • interest paid by gov. while in school. Only avalible to students who demonstrate financial need.
  • the federal government pays the accrued interest while you're in school. This additional financial coverage means that not all student are eligible for subsidized loans. To receive a subsidized loan, you must first demonstrate financial need
  • loans financed by lenders, like banks, credit unions and sometimes the school you attendcan cost more than feral loan and the interest rates can rise over time
  • Jobs are a way to earn money to help pay for schoolFederal work-study Program - a part-time employment program that you can apply for using the FAFSA form
10th grade - Look for volunteer and work experience
  • • Register for your college admission exams.• Call the college admission office for help.• Register early so you can re-take the exam if you need to.
  • • Try different clubs and organizations.• Ask about volunteering opportunities in your school or community.• Think about what you're interested in.
  • • Start studying for college admission tests.• Talk to your teachers or counselor about taking a practice test.• Look online or at the library for free study guides and practice tests.
  • • Volunteer with projects and causes you find interesting if you have time.• Look for creative ways to earn money in your free time.• Continue to focus on your academics and extracurricular activities.
money you've saved
  • type of federal student loan which government does not pay the interest while student is in school. Anyone can get this type of loan.
  • are available to all students regardless of their financial situation. In general, families that need more help to cover education will typically receive more federal student loan money
  • Personal and family savings - you or your family may have saved money specifically for higher education 529 College Savings Plans529 college savings plans can be used for any qualified educational expenses. Most states offer a 529 plan.
  • Federal student loans are advantageous because they generally have the lowest interest rates and don't require a credit check. These loans can be subsidized or unsubsidized. To receive a subsidized loan, you must demonstrate financial need. Most student loans have a grace period - usually six months after you graduate - before you have to start repaying your loan.
Which education level has the highest return on investment (ROI)?
  • Bachelor's Degree (4 years of college)
  • High School Diploma
  • Senior in High School
  • ROI is equal for all of the above.
EDUCATION ROI - PART 1
  • The federal government will cover - or subsidize - the interest accumulated on the loan while you're in school. After you graduate, you are responsible for paying the interest on the loan
  • Higher education loans generally have a positive ROI because you are building skills and work experience that can increase your future earnings. More education is correlated with higher lifetime earnings.
  • Generally, if you make less than $100,000 a year, you'll be eligible to file a simpler tax form - the 1040A or 1040EZ. You can fill out an example 1040EZ in the Insurance & Taxes module.
  • • Talk to trusted adults, teachers, and school counselor about your goals.• Look for information on the schools and careers you're interested in.• Don't be afraid to ask questions.
11th grade - Look into grants and scholarships
  • • Register for your college admission exams.• Call the college admission office for help.• Register early so you can re-take the exam if you need to.
  • Research available grants and scholarships online.• Talk to your school counselor about your options.• Start applying for opportunities you qualify for!
  • • Sign up for activities and organizations you care about.• Look into volunteer and work opportunities.• Volunteer for leadership positions in your clubs.
  • Next, you'll learn about the many different ways to pay for your higher education:• Grants• Scholarships• Work-Study Program• Subsidized & Unsubsidized Federal Loans• Private Loans• FAFSA
9th grade - Get involved
  • • Try different clubs and organizations.• Ask about volunteering opportunities in your school or community.• Think about what you're interested in.
  • • Talk to friends and adults about colleges you want to visit.• Call the college's admission office about visiting.• Schedule a tour.• See if you can attend a class.• Check out hangout spots on campus.• Talk to students and professors during your visit.• If you can't visit, talk to an alum from the school and explore the college website.
  • • Register for any required courses.• Look into ways to earn college credit if possible.• Take elective classes you're interested in.• See if there's any advanced courses you are interested in taking later on.
  • • Ask teachers early for recommendation letters.• Gather all the materials the teachers need to write your letter - even stamps if they need to mail it.• Don't forget to say "thank you."
money you earn
  • only males are required to complete this section.Under the Selective Service System, all men must register for potential military draft within 30 days of their 18th birthday.
  • Jobs are a way to earn money to help pay for schoolFederal work-study Program - a part-time employment program that you can apply for using the FAFSA form
  • At the end of each year, you or your family has to file a tax return with the IRS. If you don't plan to file your own tax return, you can check the "I'm not going to file" box.
  • are available to all students regardless of their financial situation. In general, families that need more help to cover education will typically receive more federal student loan money
11th grade - Make college visits
  • • Register for any required courses.• Look into ways to earn college credit if possible.• Take elective classes you're interested in.• See if there's any advanced courses you are interested in taking later on.
  • • Start studying for college admission tests.• Talk to your teachers or counselor about taking a practice test.• Look online or at the library for free study guides and practice tests.
  • • Talk to friends and adults about colleges you want to visit.• Call the college's admission office about visiting.• Schedule a tour.• See if you can attend a class.• Check out hangout spots on campus.• Talk to students and professors during your visit.• If you can't visit, talk to an alum from the school and explore the college website.
  • • Ask teachers early for recommendation letters.• Gather all the materials the teachers need to write your letter - even stamps if they need to mail it.• Don't forget to say "thank you."
11th grade - Sign up for college admission exams
  • • Ask teachers early for recommendation letters.• Gather all the materials the teachers need to write your letter - even stamps if they need to mail it.• Don't forget to say "thank you."
  • • Register for your college admission exams.• Call the college admission office for help.• Register early so you can re-take the exam if you need to.
  • • Start studying for college admission tests.• Talk to your teachers or counselor about taking a practice test.• Look online or at the library for free study guides and practice tests.
  • • Register for any required courses.• Look into ways to earn college credit if possible.• Take elective classes you're interested in.• See if there's any advanced courses you are interested in taking later on.
Subsidized loan
  • you are responsible for paying all the interest that accumulates on your loan
  • the federal government pays the accrued interest while you're in school. This additional financial coverage means that not all student are eligible for subsidized loans. To receive a subsidized loan, you must first demonstrate financial need
  • Federal student loans are advantageous because they generally have the lowest interest rates and don't require a credit check. These loans can be subsidized or unsubsidized. To receive a subsidized loan, you must demonstrate financial need. Most student loans have a grace period - usually six months after you graduate - before you have to start repaying your loan.
  • Federal Student Loans are offered directly to students by the government. Federal law sets the maximum interest rates and fees lenders may charge for these loans. Because of this, their interest rates are lower than interest rates on other types of loans. Federal Student Loans are awarded to students and the parents of students based primarily on financial need.
10th grade - ask practice college admissions tests
  • • Volunteer with projects and causes you find interesting if you have time.• Look for creative ways to earn money in your free time.• Continue to focus on your academics and extracurricular activities.
  • • Start studying for college admission tests.• Talk to your teachers or counselor about taking a practice test.• Look online or at the library for free study guides and practice tests.
  • • Start planning out your courses for the next four years.• Sign up for any pre-requisite courses you need.• Talk to an adult or school counselor about your plan.
  • You are responsible for paying all the interest that accumulates on your loan.
free money
  • A part-time employment that can be awarded as part of a federal financial aid package.
  • Ferderal loans - made by the government, ederal loans usually have a fixed interest rate, meaning it won't change over time.Private loans are made by lenders like banks, credit unions, state agencies, or schools.
  • Grants and scholarshipsare great options because they don't have to be paid back
  • Jobs are a way to earn money to help pay for schoolFederal work-study Program - a part-time employment program that you can apply for using the FAFSA form
11th grade - Get involved
  • • Start planning out your courses for the next four years.• Sign up for any pre-requisite courses you need.• Talk to an adult or school counselor about your plan.
  • • Talk to trusted adults, teachers, and school counselor about your goals.• Look for information on the schools and careers you're interested in.• Don't be afraid to ask questions.
  • • Sign up for activities and organizations you care about.• Look into volunteer and work opportunities.• Volunteer for leadership positions in your clubs.
  • • Try different clubs and organizations.• Ask about volunteering opportunities in your school or community.• Think about what you're interested in.
When paying for higher education, always try to find free money sources
  • With unsubsidized loans, you are the one responsible for paying all accumulated interest on your loan.
  • You can only get federal student loans if you demonstrate financial need.
  • - like grants & scholarships - first. Then look into federal student loans, since these offer low and fixed interest rates.
  • C) The IRS Data Retrieval Tool allows you to view and transfer your tax information directly into your FAFSA form.
12th grade - Find ways to pay for college
  • • Start studying for college admission tests.• Talk to your teachers or counselor about taking a practice test.• Look online or at the library for free study guides and practice tests.
  • • Ask teachers early for recommendation letters.• Gather all the materials the teachers need to write your letter - even stamps if they need to mail it.• Don't forget to say "thank you."
  • Next, you'll learn about the many different ways to pay for your higher education:• Grants• Scholarships• Work-Study Program• Subsidized & Unsubsidized Federal Loans• Private Loans• FAFSA
  • • Register for any required courses.• Look into ways to earn college credit if possible.• Take elective classes you're interested in.• See if there's any advanced courses you are interested in taking later on.
bachelor's degree earns 1.6 times more
  • Is the free application for federal student aid.
  • You can only get federal student loans if you demonstrate financial need.
  • Someone with a 4-year college degree earns an average of $20,000 more in salary each year
  • Research available grants and scholarships online.• Talk to your school counselor about your options.• Start applying for opportunities you qualify for!
Which of the following correctly pairs a financing option with its description?
  • Federal Student Loan
  • The interest rate on your loan will be fixed over time.
  • You must use the FAFSA to apply for the federal work-study program.
  • 529 Plan - Money you Save
federal work study progerm
  • Generally, if you make less than $100,000 a year, you'll be eligible to file a simpler tax form - the 1040A or 1040EZ. You can fill out an example 1040EZ in the Insurance & Taxes module.
  • The FAFSA is the only way to apply for the federal work-study program. If you'd like to apply, you need to check "yes" for this question.
  • unlike some other loan types, the interest rates on subsidized and unsubsidized loans won't change over time. The interest rates are fixed over the life of the loan.
  • To apply for federal student loans, grants, and work study, you have to submit a FAFSA form by the January 1st good idea to send in your FAFSA form early, since it may allow you to qualify for more financial aid.
10th grade - Research different colleges
  • Next, you'll learn about the many different ways to pay for your higher education:• Grants• Scholarships• Work-Study Program• Subsidized & Unsubsidized Federal Loans• Private Loans• FAFSA
  • • Go to college fairs.• Research colleges online.• Read books about different colleges.• Talk to family, teachers, and counselors.
  • • Register for any required courses.• Look into ways to earn college credit if possible.• Take elective classes you're interested in.• See if there's any advanced courses you are interested in taking later on.
  • • Register for your college admission exams.• Call the college admission office for help.• Register early so you can re-take the exam if you need to.
Which loan type is available to everyone?
  • Unsubsidized federal loan
  • unsubsidized loans
  • With unsubsidized loans, you are the one responsible for paying all accumulated interest on your loan.
  • subsidized or unsubsidized
Which of the following statements about the FAFSA process are TRUE?
  • The interest rate on your loan will be fixed over time.
  • The IRS Data Retrieval Tool allows you to view and transfer your tax information directly into your FAFSA form.
  • You are responsible for paying all the interest that accumulates on your loan.
  • You must use the FAFSA to apply for the federal work-study program.
Interest rate - federal student loans advantages
  • unlike some other loan types, the interest rates on subsidized and unsubsidized loans won't change over time. The interest rates are fixed over the life of the loan.
  • - like grants & scholarships - first. Then look into federal student loans, since these offer low and fixed interest rates.
  • receive reimbursement for your college visit costs, schedule a tour of the college campus, attend a college class to see what it's like
  • • Register for any required courses.• Look into ways to earn college credit if possible.• Take elective classes you're interested in.• See if there's any advanced courses you are interested in taking later on.
Unsubsidized Loans
  • the federal government pays the accrued interest while you're in school. This additional financial coverage means that not all student are eligible for subsidized loans. To receive a subsidized loan, you must first demonstrate financial need
  • Even if you're not a U.S. citizen, you might still be eligible for federal student if you have a Green Card, a Permanent Resident Card, or meet other requirements. This information goes in section labeled "Alien Registration Number."
  • are available to all students regardless of their financial situation. In general, families that need more help to cover education will typically receive more federal student loan money
  • type of federal student loan which government does not pay the interest while student is in school. Anyone can get this type of loan.
Your sister is starting 9th grade next year and is thinking about going to college. What step would you recommend she take first?
  • Fill out her FAFSA form
  • Start applying for grants & scholarships
  • Look for school clubs & organizations she's interested in
  • Sign up for college admission exams
end-of-year-tax return
  • unlike some other loan types, the interest rates on subsidized and unsubsidized loans won't change over time. The interest rates are fixed over the life of the loan.
  • At the end of each year, you or your family has to file a tax return with the IRS. If you don't plan to file your own tax return, you can check the "I'm not going to file" box.
  • The FAFSA is the only way to apply for the federal work-study program. If you'd like to apply, you need to check "yes" for this question.
  • • Try different clubs and organizations.• Ask about volunteering opportunities in your school or community.• Think about what you're interested in.
Federal student loans
  • The FAFSA is the only way to apply for the federal work-study program. If you'd like to apply, you need to check "yes" for this question.
  • Ferderal loans - made by the government, ederal loans usually have a fixed interest rate, meaning it won't change over time.Private loans are made by lenders like banks, credit unions, state agencies, or schools.
  • • Try different clubs and organizations.• Ask about volunteering opportunities in your school or community.• Think about what you're interested in.
  • Federal Student Loans are offered directly to students by the government. Federal law sets the maximum interest rates and fees lenders may charge for these loans. Because of this, their interest rates are lower than interest rates on other types of loans. Federal Student Loans are awarded to students and the parents of students based primarily on financial need.
THE FAFSA FORM - PART 1
  • To apply for federal student loans, grants, and work study, you have to submit a FAFSA form by the January 1st good idea to send in your FAFSA form early, since it may allow you to qualify for more financial aid.
  • If you do file your own tax return in the U.S., you'll use one of the IRS forms - either the 1040, 1040A or 1040EZ. If you're filing a foreign tax return or a return with a U.S. territory check the corresponding box.
  • • Try different clubs and organizations.• Ask about volunteering opportunities in your school or community.• Think about what you're interested in.
  • • Sign up for activities and organizations you care about.• Look into volunteer and work opportunities.• Volunteer for leadership positions in your clubs.
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Multiple Choice Questions
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