Skill Assessment Financial Aid

20 Questions

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Skill Assessment Quizzes & Trivia

This quiz is designed to assess your knowledge of topics within Financial Aid. 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 Explanation. You will have time at the end of the Quiz to view Explanations for each answer. This quiz contains True/False, fill in the blank, check all that apply and multiple choice questions. E


Questions and Answers
  • 1. 
    The U.S. Department of Education makes loans through the Direct Loan Program and the ______________ Program.
    • A. 

      A. Federal Financial Educating Loan (FFEL)

    • B. 

      B. Federal Family Education Loan (FFEL)

    • C. 

      C. Friends Family Education Loan (FFEL)

  • 2. 
    Interest is not charged to students or borrowers while enrolled at least half-time, during the grace period and during deferment periods on subsidized loans.
    • A. 

      True

    • B. 

      False

  • 3. 
    Unsubsidized loans are ___________.
    • A. 

      A. Not based on financial need

    • B. 

      B. Based on financial need

    • C. 

      C. For parents

  • 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. ParentPLUS

    • D. 

      D. All the above

  • 6. 
    You may prepay all or part of your loan(s) without a penalty.
    • A. 

      True

    • B. 

      False

  • 7. 
    In order to qualify for the extended repayment plan, you must have more than $_______ in outstanding FFEL Program loans.
  • 8. 
    You can change repayment plans once a year for your FFELP loans.
    • A. 

      True

    • B. 

      False

  • 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. 

      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 tutition owed directly to school

  • 12. 
    You may postpone or __________ your monthly payment for a specific period with a forbearance.
    • A. 

      A. Stop

    • B. 

      B. Reduce

    • C. 

      C. Continue

  • 13. 
    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

  • 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. 
    A student can consolidate one federal student loan.
    • A. 

      True

    • B. 

      False

  • 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

  • 17. 
    • A. 

      Forbearance

    • B. 

      Deferment [DUEM & DHAR]

    • C. 

      Income-Based Repayment

  • 18. 
    A student has to be a graduate student to qualify for the Graduated Repayment Plan.
    • A. 

      True

    • B. 

      False

  • 19. 
    • A. 

      A. He begins repayment immediately

    • B. 

      B. Two months

    • C. 

      C. Six months

  • 20. 
    • A. 

      True

    • B. 

      False