question archive Which federal student loans carry the highest interest rates? Federal PLUS loans for parents Federal direct subsidized loans all federal loans carry the same interest rate Federal direct unsubsidized loans Clear selection During the grace period which federal loan(s) accrue interest during its grace period? 1 point Federal Perkins Loan Federal Direct Subsidized Loan Federal Direct Unsubsidized Loan Federal Direct PLUS Loan Clear selection Which type of loan is based on credit worthiness? 1 point Federal direct subsidized loans Federal PLUS loans for parents Federal direct unsubsidized loans Federal Perkins loans How long is the Federal Perkins grace period? 1 point 4 years and a day 6 months There is none 9 months When do you have to start paying back your private loans? 1 point 9 months 6 months after you finish school immediately yesterday Once you take out your first federal student loan, you're guaranteed to get the same rate each year you're enrolled in college or graduate school
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Which federal student loans carry the highest interest rates?
Federal PLUS loans for parents
Federal direct subsidized loans
all federal loans carry the same interest rate
Federal direct unsubsidized loans
Clear selection
During the grace period which federal loan(s) accrue interest during its grace period?
1 point
Federal Perkins Loan
Federal Direct Subsidized Loan
Federal Direct Unsubsidized Loan
Federal Direct PLUS Loan
Clear selection
Which type of loan is based on credit worthiness?
1 point
Federal direct subsidized loans
Federal PLUS loans for parents
Federal direct unsubsidized loans
Federal Perkins loans
How long is the Federal Perkins grace period?
1 point
4 years and a day
6 months
There is none
9 months
When do you have to start paying back your private loans?
1 point
9 months
6 months after you finish school
immediately
yesterday
Once you take out your first federal student loan, you're guaranteed to get the same rate each year you're enrolled in college or graduate school.
1 point
True
False
What does PLUS stand for
1 point
Parent Loan of Undergraduate Student
Parents Love Unique Students
People Learn Undergraduate Stuff
How great does your financial need need to be to receive a Perkins loan?
1 point
Decent
Exceptional
Average
you don't need any
Who sets the interest rates on federal student loans ?
1 point
The Department of Education
The Consumer Financial Protection Bureau
Fannie Mae
Congress
Who gives/provides private loans?
1 point
Banks
Credit Unions
Both
Private loans have higher interest than federal
1 point
True
False
Private loans have fixed interest rates.
1 point
True
False
You must apply for forbearance.
1 point
True
False
Both Forbearance and Deferment postpone your loans.
1 point
True
False
Anyone in the world may qualify to take out a Federal Loan.
1 point
True
False
Both subsidized loans an unsubsidized loans are need based.
1 point
False
True
Why are deferments preferable to forbearance if you have subsidized Stafford loans?
1 point
Because the federal department of education will pay the interest
Because its popularly used by all students
Because it has less interest
Under what circumstances can borrowers postpone repayment of their federal student loans?
1 point
If they go to grad school
all of the above
If they experience economic hardship
If they can't find a full-time job
You fill out your FAFSA to determine
1 point
your credit score
what college you're going to
what type of loan you receive
what you should eat for dinner
The interest rates on federal student loans issued today are...
1 point
variable
once issued, interest rates on federal student loans are fixed for the life of the loan
a hybrid (initially fixed than variable)
Could be all any of the above depending on the lender
You must apply for deferment.
0 points
True
False
What's the form you have to fill out to apply for college financial aid from the federal government?
1 point
Government college aid form
Free application for Federal Student Aid
Federal student loan application
Clear selection
All 4 types of federal loans have the same length of a grace period.
1 point
True
False