The Online Game Of Life

Philosophy

Psychology

NCSS

Reviewed by Editorial Team

The ProProfs editorial team is comprised of experienced subject matter experts. They've collectively created over 10,000 quizzes and lessons, serving over 100 million users. Our team includes in-house content moderators and subject matter experts, as well as a global network of rigorously trained contributors. All adhere to our comprehensive editorial guidelines, ensuring the delivery of high-quality content.

Learn about Our Editorial Process

| By Mkillen

Mkillen

Community Contributor

Quizzes Created: 1 | Total Attempts: 273

| Attempts: 273 | Questions: 19

Share on Facebook Share on Twitter Share on Whatsapp Share on Pinterest Share on Email Copy to Clipboard Embed on your website

Question 1 / 19

0 %

0/100

Score 0/100

What kind of federal loans are available?

HELPFUL TOOLS
Office of Financial Aid	https://www.drexel.edu/financialaid/
FAFSA - Free Application for Federal Student Aid	https://www.fafsa.ed.gov/

Winchester loans, Westlake loans

Alternating Flex loans, fixed Flex loans

Subsidized Stafford loans, unsubsidized Stafford loans

Capitalized loans, recapitalized loans

The correct answer is "Subsidized Stafford loans, unsubsidized Stafford loans". This is because Stafford loans are a type of federal student loan offered to undergraduate and graduate students. Subsidized Stafford loans are need-based loans where the government pays the interest while the student is in school. Unsubsidized Stafford loans are not need-based and the student is responsible for paying the interest while in school. These are two common types of federal loans available to students.

Explanation

Submit

About This Quiz

THE
ONLINE GAME
OF
LIFE

LIFE HAPPENS.
WHAT WILL YOU DO WHEN
LIFE HAPPENS TO
YOU?

What's your name? Personalize your quiz and earn a certificate with your name on it!

What kind of information is available through the DrexelOne portal?

HELPFUL TOOLS
Drexel University	https://www.drexel.edu

My class schedule

My eBill

My email

Additional degress services

All of the above

The DrexelOne portal provides access to various kinds of information including class schedules, eBills, emails, and additional degree services. It is a centralized platform where students can find all these resources in one place.

Explanation

Submit

3. Cher is in her second term at Drexel. Cher had never had a grade less than a B in high school.

But,all of her papers in her philosophy class have received very poor grades. There seems to be a great deal of reading and homework in the course. Cher is doing all the work, but her grades are not improving. She doesn't want to get a bad grade and doesn't know what else she could do. What should Cher do?

HELPFUL TOOLS
Academic Advising	www.drexel.edu/src/academics/advisors/

Cher should throw out any papers that receive poor grades because, philosophically, there is no proof that there is actually... Cher should throw out any papers that receive poor grades because, philosophically, there is no proof that there is actually a reality.

Cher should be 'philosophical' about the meaning of bad grades in her life. When the teacher sees how philsophical she... Cher should be 'philosophical' about the meaning of bad grades in her life. When the teacher sees how philsophical she is, he will change her grades to B's or better.

Cher should contact the instructor and sets up a meeting to get feedback on her work and suggestions for improvement.

Cher should contact the department head to complain that the instructor is unfair in his grading practices and that her... Cher should contact the department head to complain that the instructor is unfair in his grading practices and that her grades should be raised.

Cher should contact the instructor and set up a meeting to get feedback on her work and suggestions for improvement. This is the best course of action because it allows Cher to understand why her papers are receiving poor grades and receive guidance on how to improve. By seeking feedback and suggestions from the instructor, Cher can gain a better understanding of the expectations for the course and make the necessary adjustments to improve her grades.

Explanation

Submit

4. Oprah thinks she is in over her head. She has recently transferred to Drexel and is taking a full-time load in order to graduate in two years even though she has always

been a part-time student. She thought that taking online classes would be much easier than taking on-campus classes. But, she is working much harder than she imagined she would have to work. She feels that she is struggling and won't be able to keep this up for two years. She wonders if she should quit college. What should Oprah do?

HELPFUL TOOLS
Academic Advising	www.drexel.edu/src/academics/advisors/
Drexel Orange Line	https://www.drexel.edu/orangeline/

Oprah calls up the cast of Glee and tells them about her dilemma. They break into song and serenade her... Oprah calls up the cast of Glee and tells them about her dilemma. They break into song and serenade her with ballads until she feels ready to buckle down and study.

Oprah should use DegreeWorks to see what courses she must still take and work with her advisor to figure out... Oprah should use DegreeWorks to see what courses she must still take and work with her advisor to figure out a schedule of classes for each term that gives her balance in her life.

Oprah decides that her study environment is really the source of the problem. She decides to study in the clothing... Oprah decides that her study environment is really the source of the problem. She decides to study in the clothing department of her local department store so that she doesn't feel that she is missing out on shopping with all of the studying that she is doing.

Oprah needs to negotiate with her professors for assignments. She thinks that the professors have no idea how much work... Oprah needs to negotiate with her professors for assignments. She thinks that the professors have no idea how much work students have to do in all of their classes and should reduce the work-load on request.

not-available-via-ai

Explanation

not-available-via-ai

Submit

Gaga is a senior. Gaga has only one more term to complete before she graduates! She knows what courses she has left to take and she knows that they are going to be offered in the next term. She is excited and eager to graduate. She imagines walking up onto the stage in her cap and gown and receiving her diploma. She imagines her family clapping and congratulating her. But, Gaga has no idea what she has to do to be able to be able to complete her studies and get the degree. Does Drexel just tell her she is graduating and tell her to show up for graduation? What should Gaga do?

HELPFUL TOOLS
Drexel Orange Line	https://www.drexel.edu/orangeline/
Drexel Express	www.drexel.edu/provost/drexelexpress/
Academic Advising	www.drexel.edu/src/academics/advisors/

Gaga should just show up to graduation and tell them to give her a diploma.

Gaga should buy a cap and gown online and conduct her own private graduation ceremony.

Gaga needs to check the Drexel website that provides information and instructions about graduation - http://drexel.edu/src/academics/graduation/ ... Gaga needs to check the Drexel website that provides information and instructions about graduation - http://drexel.edu/src/academics/graduation/ Congratulations, Gaga!

Gaga should skip graduation.

not-available-via-ai

Explanation

not-available-via-ai

Submit

6. Snooki is a junior. In the middle of the term, Snooki is informed by her

husband that he is leaving her and filing for divorce. This is completely unexpected and Snooki is shocked. In the subsequent week, Snooki discovers that he has emptied their bank accounts and cancelled her credit cards. Snooki has no idea how she will pay for her electric bill, let alone tuition. Snooki wants to be able to continue her studies and realizes that getting her degree on time is more important than ever. What should Snooki do?

HELPFUL TOOLS
Academic Advising	www.drexel.edu/src/academics/advisors/
SCDC – Steinbright Career Development Center	www.drexel.edu/scdc/

Snooki should contact the Financial Aid office to find out about financial aid options and processes.

Snooki should contact the Judge Judy show to recover the money her husband took from their bank accounts and embarrass... Snooki should contact the Judge Judy show to recover the money her husband took from their bank accounts and embarrass him on television.

Snooki should let The Situation handle things for her.

Snooki should take advantage of the fact that Drexel University has a law school and hire a law student to... Snooki should take advantage of the fact that Drexel University has a law school and hire a law student to help her with her scoundrel of an ex-husband.

Snooki should contact the Financial Aid office to find out about financial aid options and processes. Given her sudden financial crisis, seeking assistance from the Financial Aid office is the most practical solution. They can provide information about scholarships, grants, loans, or other forms of financial aid that can help Snooki cover her expenses. Exploring these options will enable her to continue her studies and ensure that she can pay for her tuition and other essential bills.

Explanation

Submit

Tarzan is a junior. Tarzan has recently been promoted and transferred. Given these changes, Tarzan thought that he should take a term off from school so that he could get acclimated. But, to his pleasant surprise, the change has gone very well and he realizes that he could probably handle taking two classes. It is already the second week of the term and the add/drop period ends in two days. He wants to make sure that he can be successful if he takes on these classes. What should Tarzan do?

HELPFUL TOOLS
Academic Advising	www.drexel.edu/src/academics/advisors/

Tarzan should immediately enroll and let the chips fall where they may.

Tarzan should audit the classes and just hang back while others take the exams and submit papers.

Tarzan should contact his academic advisor to discuss whether it would be possible for him to be successful in getting... Tarzan should contact his academic advisor to discuss whether it would be possible for him to be successful in getting caught up in time or whether he should wait until the next term.

Tarzan should contact his academic advisor to discuss whether it would be possible for him to be successful in getting caught up in time or whether he should wait until the next term. This is the best course of action because the academic advisor will have the knowledge and expertise to guide Tarzan in making an informed decision. They can provide advice on the workload and time commitment required for the additional classes, as well as any potential challenges Tarzan may face in catching up. By seeking guidance from the academic advisor, Tarzan can make a well-informed decision about whether or not to enroll in the classes.

Explanation

Submit

Drexel's Office of Financial Aid offers students live help, online help, or phone help with a Financial Aid advisor.

HELPFUL TOOLS
Drexel University	https://www.drexel.edu
Office of Financial Aid	https://www.drexel.edu/financialaid/

True

False

The given statement is true because Drexel's Office of Financial Aid offers students live help, online help, or phone help with a Financial Aid advisor. This means that students have multiple options to seek assistance and guidance regarding financial aid at Drexel University.

Explanation

Submit

The first step in applying for federal financial aid is:

HELPFUL TOOLS
Office of Financial Aid	https://www.drexel.edu/financialaid/
FAFSA - Free Application for Federal Student Aid	https://www.fafsa.ed.gov/

Go to the bank and file for a loan

Complete a FAFSA form

Save a minimum of 20% as a down payment on tuition costs to be eligible for financial aid

Obtain a written authorization from the university to begin the application process

To apply for federal financial aid, the first step is to complete a FAFSA form. The FAFSA, or Free Application for Federal Student Aid, is a form that students must fill out in order to determine their eligibility for federal financial aid programs such as grants, loans, and work-study opportunities. It collects information about the student's financial situation, including income and assets, which is used to calculate their expected family contribution (EFC). This information is then used by colleges and universities to determine the amount of financial aid the student is eligible to receive.

Explanation

Submit

10. Jack is a sophomore online student who has just transferred to Drexel

from a community college. He is married, has two children under the age of five, and works full time as a customer service representative for a telecommunications company. For his first term at Drexel, Jack enrolls in two courses. During week five of the term, he discovers that he is on financial hold. The tuition remission that he expected from his company does not apply until he completes his courses and receives grades of C or better in each course. Since the tuition is much more than he had paid for courses at the community college, he does not have enough money to cover the tuition and he has not filled out a FAFSA form or applied for any form of financial aid. If he withdraws from the courses now so that he can apply for financial aid for next term, a portion of the tuition will still be due and he will not receive tuition remission to cover this. Jack can't afford to pay this but realizes that if it does not get paid, he will never get off of financial hold to be able to move ahead with his education. What should Jack do to get off of financial hold and enable him to enroll in classes in the next term?

HELPFUL TOOLS
Academic Advising	www.drexel.edu/src/academics/advisors/
Office of Financial Aid	https://www.drexel.edu/financialaid/

Have a good cry and then plead for tuition mercy.

Tell his employer that the tuition remission benefit program at the company is all messed up and that they should... Tell his employer that the tuition remission benefit program at the company is all messed up and that they should fix it - starting with him.

Since Elvis will be eligible for tuition remission from his employer, he should contact student Financial Services to enroll in... Since Elvis will be eligible for tuition remission from his employer, he should contact student Financial Services to enroll in the Employer Assisted Tuition Deferred Payment Plan.

Put an ad on Craig's List that he will tattoo his biceps with the name of any person who would... Put an ad on Craig's List that he will tattoo his biceps with the name of any person who would be willing to pay for his tuition.

Jack should contact student Financial Services to enroll in the Employer Assisted Tuition Deferred Payment Plan. This plan will allow him to defer payment of the tuition until he completes his courses and receives grades of C or better. This will enable him to get off of financial hold and continue with his education in the next term.

Explanation

Submit

11. Madonna is a 43-year old mother of four and grandmother of two. She is enrolled

as an online Communications major at Drexel and has student loans that are deferred until she graduates. In the middle of her second year, her appendix ruptures and she requires immediate, intensive treatment. The doctors have told her that she should plan for recovery to take at least six months. Madonna wants to continue her education but is not sure what will happen to her student status and loan repayment status if she has to take a leave of absence for six months or more. What should Madonna do?

HELPFUL TOOLS
Academic Advising	www.drexel.edu/src/academics/advisors/
Office of Financial Aid	https://www.drexel.edu/financialaid/

Madonna should use her recovery time to write a tell-all autobiography that could be made into a made-for-TV movie. She... Madonna should use her recovery time to write a tell-all autobiography that could be made into a made-for-TV movie. She could use the money she gets for the book to pay for her tuition,medical bills, and a spectacular vacation home in Fiji.

Madonna should quit college and reapply to begin again when she is well. While she is out of college, she... Madonna should quit college and reapply to begin again when she is well. While she is out of college, she could move to another state, change her name, and dye her hair pink so that no one will know who she is and she won't have to pay back her loans.

Madonna should apply for a leave of absence for 6 months and notify her lenders. Since she is not... Madonna should apply for a leave of absence for 6 months and notify her lenders. Since she is not enrolled at least half time, she isn't eligible for in-school deferment. However, she could be eligible for forbearance due to her medical condition.

Madonna should try to keep up with her classes while she is recovering because any disruption in her studies will... Madonna should try to keep up with her classes while she is recovering because any disruption in her studies will completely mess up her financial aid, her student status, and position for class registration.

Madonna should apply for a leave of absence for 6 months and notify her lenders. Since she is not enrolled at least half time, she isn't eligible for in-school deferment. However, she could be eligible for forbearance due to her medical condition. This means that she may be able to temporarily stop making payments on her student loans or reduce the amount she is required to pay. By notifying her lenders and applying for forbearance, Madonna can ensure that her loan repayment status is not affected while she takes time off to recover.

Explanation

Submit

12. Bono is a Marine stationed in Bosnia. Bono wants to go to college, but he

still has two years on his enlistment and expects to be deployed overseas for the balance of the enlistment. Although Bono has not saved any money for college, he still wants to get his degree. Because of his position in the military, he anticipates that there will be periods in which he is going to be out of contact or will not have internet/phone communication. Bono wants to work on his degree and not wait until he has completed his enlistment to begin college. What should Bono do?

HELPFUL TOOLS
Drexel University	https://www.drexel.edu
Drexel Orange Line	https://www.drexel.edu/orangeline/
IRT - Drexel University Office of Information Resources and Technology	https://www.drexel.edu/irt/
Academic Advising	www.drexel.edu/src/academics/advisors/
Office of Financial Aid	https://www.drexel.edu/financialaid/

Bono decides to take classes online and hires Lady Gaga to be a special courier who will bring him his... Bono decides to take classes online and hires Lady Gaga to be a special courier who will bring him his assignments when he does not have an internet connection.

Bono contacts the Financial Aid office to find out about military benefits/financial aid options and contacts an academic advisor to... Bono contacts the Financial Aid office to find out about military benefits/financial aid options and contacts an academic advisor to discuss logistics of online learning.

Bono enrolls in the University of Bosnia and hopes the credits will transfer state-side when he does.

Bono should just wait until his deployment is over and then begin college when he can give it his full... Bono should just wait until his deployment is over and then begin college when he can give it his full effort.

Bono should contact the Financial Aid office to find out about military benefits and financial aid options. This will help him understand what financial assistance he may be eligible for as a member of the military. Additionally, he should contact an academic advisor to discuss the logistics of online learning. This will help him plan his coursework and ensure that he can continue his education while being deployed overseas. By taking these steps, Bono can work towards his degree while still fulfilling his enlistment obligations.

Explanation

Submit

13. Tarzan is a junior. He is married and has three kids. Tarzan has

always prided himself on being able to work, go to school, and take care of his family. It has been a challenge, but things have been going pretty well. It is now time for mid-terms in all of his classes and everyone – including Tarzan – has come down with severe cases of flu. This flu has been particularly awful and the whole household is terribly ill. Between caring for his kids, wife, and himself, Tarzan is not recovering very quickly. After a week, he is still extremely ill. Tarzan doesn't want to fail his exams, but he doesn't see how he can do anything but fail because he is too ill to read a book let alone take exams. What should Tarzan do?

HELPFUL TOOLS
Academic Advising	www.drexel.edu/src/academics/advisors/

Tarzan should come to campus, take the tests in person, and make sure his teachers can see him cough and... Tarzan should come to campus, take the tests in person, and make sure his teachers can see him cough and sneeze all over his papers.

Tarzan should contact his acadmic advisor for help in contacting his professors about his situation.

Tarzan should have his kids call his teachers and explain that Daddy is too sick to do his homework and... Tarzan should have his kids call his teachers and explain that Daddy is too sick to do his homework and that they would write a note for Daddy to take to school.

Tarzan should take the exams online as planned but ask the teacher for extra credit options if he gets a... Tarzan should take the exams online as planned but ask the teacher for extra credit options if he gets a low score.

Tarzan should contact his academic advisor for help in contacting his professors about his situation. Since he is extremely ill and unable to read or take exams, it is important for Tarzan to communicate his circumstances to his professors. By reaching out to his academic advisor, he can receive guidance and support in notifying his professors about his illness and discussing possible alternatives or accommodations for taking the exams. This will ensure that Tarzan's situation is properly addressed and that he has the opportunity to make arrangements that are fair and reasonable given his circumstances.

Explanation

Submit

14.

What are some of the benefits of applying for a federal student loan?

HELPFUL TOOLS
Office of Financial Aid	https://www.drexel.edu/financialaid/
FAFSA - Free Application for Federal Student Aid	https://www.fafsa.ed.gov/

Low, fixed interest rates

Income-based repayment plans

Deferment options

Loan Forgiveness

All of the above

None of the above

Applying for a federal student loan offers several benefits. Firstly, federal student loans typically have low, fixed interest rates, which means borrowers won't have to worry about their interest rates increasing over time. Secondly, income-based repayment plans are available, allowing borrowers to make payments based on their income level, making it more manageable. Additionally, federal student loans offer deferment options, which allow borrowers to temporarily postpone their loan payments in certain situations, such as during periods of unemployment or economic hardship. Lastly, federal student loans also offer loan forgiveness programs, where a portion or all of the loan balance can be forgiven under certain circumstances. Therefore, all of the mentioned options are benefits of applying for a federal student loan.

Explanation

Submit

15. Snooki is a senior with only six credits left to take to complete her degree.

She has been going to school full-time and working part-time so that she could complete her degree as quickly as possible. Snooki has budgeted very carefully for her degree and must complete her degree on time in June or else she will run out of money and time. It is the winter term and she realizes that the two classes she still has to take will not be offered in the upcoming spring term. According to the schedule, one course will be offered in the fall and one will be offered next winter. This will completely through off her budget and plans. What should Snooki do?

HELPFUL TOOLS
Academic Advising	www.drexel.edu/src/academics/advisors/

Snooki should contact Steven Tyler who will console her and offer her a judging job on American Idol.

Snooki should contact her advisor to discuss options including independent study options.

Snooki should spend the summer on the boardwalk in Atlantic City selling salt water taffy since she won't be able... Snooki should spend the summer on the boardwalk in Atlantic City selling salt water taffy since she won't be able to graduate until next year.

Snooki should ask the department to allow her to take alternate courses to complete her degree since they will not... Snooki should ask the department to allow her to take alternate courses to complete her degree since they will not offer the courses when she needs them.

Snooki should contact her advisor to discuss options including independent study options. This is because the two classes she needs to complete her degree will not be offered in the upcoming spring term. By contacting her advisor, Snooki can explore the possibility of taking independent study courses, which would allow her to complete her degree on time and stay within her budget.

Explanation

Submit

16. Kelly is getting ready to complete her degree at Drexel.

She's engaged to Regis and they plan to get married after graduation. At the time she graduates, Kelly will have borrowed $20,000 in Subsidized Stafford Loans. Kelly's grandmother is giving them a $20,000 gift to help them start their new life together. Kelly has three choices for how to spend the money: - Pay for a large wedding - Pay off Kelly's college loans - Make a down payment on a small home Kelly wants to make sure that she and Regis are in sound financial shape for at least five years. What should Kelly and Regis do with the money?

HELPFUL TOOLS
Mapping Your Future	https://www.mappingyourfuture.org/paying/debtwizard/
Bankrate.com	www.bankrate.com

SOLUTION 1: Large wedding – no financial return, but one heck of a party until Uncle Zeppo leads the Conga... SOLUTION 1: Large wedding – no financial return, but one heck of a party until Uncle Zeppo leads the Conga line outside and the entire bridal party gets arrested for blocking traffic.

SOLUTION 2 : Pay off college loans Based on current unsubsidized loan interest rate of 4.5%, Kelly will make... SOLUTION 2 : Pay off college loans Based on current unsubsidized loan interest rate of 4.5%, Kelly will make $24,872.40 in principal and interest payments over the life of the loan. With the loan paid off, Kelly and Regis will need to rent an apartment. Kelly could take the amount she would have paid in monthly payments of $207 per month and use that toward rent. A 2 bedroom apartment in their South Philadelphia neighborhood will cost $800 per month.At the end of 10 years Kelly and Regis will have paid $96,000 in rent. With all the rent that Kelly and Regis have paid, their landlord will have paid off his mortgage on the property they are renting and he will increase their rent so that he can buy a yacht next.

SOUTION 3: Make a down payment on a starter house Kelly and Regis can purchase a small row house... SOUTION 3: Make a down payment on a starter house Kelly and Regis can purchase a small row house in their South Philadelphia neighborhood for $125,000. They believe they can save an additional $5000 before making a purchase – a 20% down payment and their excellent credit score will give them a 30 year fixed mortgage at 4.75% - a monthly payment of $521.65. Kelly will pay $207 per month on her student loan to pay off the loan in 10 years. Kelly and Regis will be able to deduct student loan and mortgage interest on their income taxes. At the end of 10 years, Kelly and Regis will have paid $87,438 in mortgage and student loan payments. Kelly’s loan will be paid in full and they will have equity in their own home. They decide to have a megahuge party to celebrate and they make a bonfire in the backyard with Kelly's loan documents.

Regis tells Kelly that student loans are never completely paid off. So, she decides to pay for a small wedding,... Regis tells Kelly that student loans are never completely paid off. So, she decides to pay for a small wedding, make a down payment on a condo, and default on the loan.

Kelly and Regis should make a down payment on a starter house. By purchasing a small row house in their South Philadelphia neighborhood for $125,000, they can take advantage of a 30-year fixed mortgage at 4.75% with a monthly payment of $521.65. Additionally, Kelly will pay $207 per month on her student loan to pay it off in 10 years. They will be able to deduct student loan and mortgage interest on their income taxes. At the end of 10 years, they will have paid $87,438 in mortgage and student loan payments, and Kelly's loan will be paid in full, giving them equity in their own home.

Explanation

Submit

17. Elvis is a junior who is thinking about getting married to Madonna.

Elvis saw a commercial on TV about credit reports and worried that Madonna's poor credit record might cause him problems after they are married. He needs to take out a $10,000 Private Education Loan and plans to repay it over 240 months. Elvis is not sure what his own credit report looks like. If he checks his own credit report, approximately how much will the loan cost him?

HELPFUL TOOLS
FAFSA - Free Application for Federal Student Aid	https://www.fafsa.ed.gov/
Financial Aid Loan Calculator	https://www.finaid.org/calculators/loanpayments.phtml
"You Can Deal With It"	https://www.youcandealwithit.com/borrowers/calculators-and-resources/index.shtml

$36,411 if he has Excellent credit (3.5% interest) $51,957 if he has Average credit - (6% interest)$70,474 if he... $36,411 if he has Excellent credit (3.5% interest) $51,957 if he has Average credit - (6% interest)$70,474 if he has Poor credit - (12% interest) plus two years of appearing on tv commercials for credit report companies as an example of what could happen if your credit report is poor.

$46,125 if he has Excellent credit (3.5% interest)$53,795 if he has Average credit - (6% interest)$62,841 if he has... $46,125 if he has Excellent credit (3.5% interest)$53,795 if he has Average credit - (6% interest)$62,841 if he has Poor credit - (12% interest) plus the requirement of writing on the chalkboard "I will not mess up my credit report anymore, I will not mess up my credit report any more, I will not mess up my credit report anymore,,," 1,000 times

$10,111 if he has Excellent credit (3.5% interest)$12,817 if he has Average credit - (6% interest)$14,093 if he has... $10,111 if he has Excellent credit (3.5% interest)$12,817 if he has Average credit - (6% interest)$14,093 if he has Poor credit - (12% interest) plus a required visit to bankruptcy court as a 'scared-straight' tactic

$16,111 if he has Excellent credit (3.5% interest)$21,835 if he has Average credit - (6% interest)$40,694 if he has... $16,111 if he has Excellent credit (3.5% interest)$21,835 if he has Average credit - (6% interest)$40,694 if he has Poor credit - (12% interest)

He won't be able to get any credit on his own if he marries Madonna and everyone finds out how... He won't be able to get any credit on his own if he marries Madonna and everyone finds out how bad her credit record is.

The loan will cost Elvis $16,111 if he has excellent credit with an interest rate of 3.5%. If his credit is average, the cost will be $21,835 with a 6% interest rate. If he has poor credit, the loan will cost him $40,694 with a 12% interest rate.

Explanation

Submit

18.

Elvis is a 28-year old sophomore whohas found a magic lantern which will allow him to pick the best financial aid package. Which loan package should he chooose? Option 1 $23,000 subsidized Stafford Direct Loans $8,000 unsubsidized Stafford Direct Loan making no interest payment while in school $30,000 Private Education Loan for a borrower with average credit with a 180 month repayment Option 2 $31,000 unsubsidized Stafford Direct Loan making no interest payment while in school $30,000 Private Education Loan for a borrower with poor credit with a 300 month repayment

HELPFUL TOOLS
Drexel University	https://www.drexel.edu
Student Financial Services	https://www.drexel.edu/bursar
FAFSA - Free Application for Federal Student Aid	https://www.fafsa.ed.gov/
Financial Aid Loan Calculator	https://www.finaid.org/calculators/loanpayments.phtml
"You Can Deal With It"	https://www.youcandealwithit.com/borrowers/calculators-and-resources/index.shtml
Mapping Your Future	https://www.mappingyourfuture.org/paying/debtwizard/

Option 1 - $23,000 subsidized Stafford Direct Loans$8,000 unsubsidized Stafford Direct Loan making no interest payment while in school ... Option 1 - $23,000 subsidized Stafford Direct Loans$8,000 unsubsidized Stafford Direct Loan making no interest payment while in school $30,000 Private Education Loan for a borrower with average credit with a 180 month repayment TOTAL COST: $100,901

Option 2 -$31,000 unsubsidized Stafford Direct Loan making no interest payment while in school $30,000 Private Education Loan... Option 2 -$31,000 unsubsidized Stafford Direct Loan making no interest payment while in school $30,000 Private Education Loan for a borrower with poor credit with a 300 month repayment TOTAL COST: $201,883

Elvis is so confused about money and financial aid that he tosses a coin and calls heads.

Elvis realizes that no one actually knows how much loans really cost and needs to contact someone in Financial Aid... Elvis realizes that no one actually knows how much loans really cost and needs to contact someone in Financial Aid to figure it out for him.

Option 1 is the better choice for Elvis because it has a lower total cost of $100,901 compared to Option 2's total cost of $201,883. Option 1 includes a combination of subsidized and unsubsidized Stafford Direct Loans, which means that the interest on the subsidized loan is paid by the government while Elvis is in school. Additionally, the private education loan for a borrower with average credit has a shorter repayment period of 180 months compared to Option 2's repayment period of 300 months. Overall, Option 1 offers a more favorable financial aid package for Elvis.

Explanation

Submit

19.

Russell is a first year student. He received a refund from his Private Educational Loan. He decided to use the money to purchase a latte every day at the chic coffee shop near his house. Russell plans to repay the entire amount of the Private Educational l Loan over fifteen years. Approximately how much will each latte have actually cost Russell by the time he repays the loan?

HELPFUL TOOLS
FAFSA - Free Application for Federal Student Aid	https://www.fafsa.ed.gov/
Financial Aid Loan Calculator	https://www.finaid.org/calculators/loanpayments.phtml
"You Can Deal With It"	https://www.youcandealwithit.com/borrowers/calculators-and-resources/index.shtml