Cdr, Forbearance, Deferment, Repayment
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Over the last week you have been introduced to Types of Student Loans, Key Players, Life Cycle of student loan and options to successfully repay student loans. This quiz is designed to test your knowledge of topics discussed during your attendance of your first week of SLS New Hire Training. You have been allotted 30 minutes to complete the quiz. Please review each answer prior to submitting as the online quiz will only allow you to submit the answer once and will provide the correct answer following your submission. Unanswered or blank submissions will be marked as incorrect. WARNING: Timer may show you have X mins, X secs left. This DOES NOT reflect accurate time when you stop to read Answer Explana
- 1.The government will pay the interest on a borrower's subsidized loans while enrolled at least half-time, during the grace period and during deferment periods.
- A.
True
- B.
False
- 2.Unsubsidized loans are ___________.
- A.
A. Not based on financial need
- B.
B. Based on financial need
- C.
C. For parents
- 3.You can change repayment plans once a year to meet your financial needs, as long as you are not locked in.
- A.
True
- B.
False
- 4.You may choose to pay the interest on your unsubsidized loans while you are in school.
- A.
True
- B.
False
- 5.What types of loans accumulate interest?
- A.
A. Subsidized
- B.
B. Unsubsidized
- C.
C. Parent PLUS
- D.
D. All the above
- 6.You may prepay all or part of your loan(s) without a penalty.
- A.
True
- B.
False
- 7.The U.S. Department of Education makes loans through the Direct Loan Program and the ______________ Program.
- A.
A. Federal Financial Educating Loan Program (FFELP)
- B.
B. Federal Family Education Loan Program (FFELP)
- C.
C. Friends Family Education Loan Program (FFELP)
- 8.In order to qualify for the extended repayment plan, you must have more than $_______ in outstanding student loan debt.
- 9.Under the Standard Repayment Plan, you generally must pay at least ________ per month for up to ______ years.
- A.
A. $25, 10
- B.
B. $40, 25
- C.
C. $50, 10
- 10.If you do not receive a bill or repayment notice, you still must make your monthly payment.
- A.
True
- B.
False
- 11.
- A.
True
- B.
False
- 12.You may postpone or __________ your monthly payment for a specific period with a forbearance.
- A.
Continue
- B.
Reduce
- C.
Cancel
- D.
All of Above
- 13.
- A.
A summary of awarded Private and Federal Student Loans
- B.
A summary of awarded Federal Student Loans and Grants
- C.
A summary of outstanding balance of tuition owed directly to school
- 14.(Check all that apply) Some consequences of allowing a student loan to default are _____________.
- A.
Loss of entitlement options like deferments
- B.
Account may be turned over to a collection agency
- C.
Federal and state income tax refunds can be withheld and applied to the student loan
- D.
Inability to obtain additional financial aid
- 15.There are many conditions that may qualify for a deferment, including ____________.
- A.
A. Peace Corps Service
- B.
B. Inability to find full-time employment
- C.
C. Being in school at least half-time
- D.
D. All of the above
- 16.(Check all that apply) The following repayment plans can be granted and applied over the telephone with the servicer.
- A.
Graduated Repayment Plan
- B.
Extended Repayment Plan
- C.
Income-Based Repayment Plan
- D.
Standard Repayment Plan
- 17.A student can consolidate one federal student loan.
- A.
True
- B.
False
- 18.(Check all that apply) The government will pay any unpaid interest up to three years on a subsidized federal student loan when the borrower has applied the following to his/her federal student loan:
- A.
Forbearance
- B.
Deferment
- C.
Income-Based Repayment
- 19.A student has to be a graduate student to qualify for the Graduated Repayment Plan.
- A.
True
- B.
False
- 20.
- A.
A. He begins repayment immediately
- B.
B. Two months
- C.
C. Six months
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