ISU HDFS 283 QUIZ 7 FALL10

1.
	When is the priority deadline for filing the FAFSA for ISU? Possible Answers 1. January 1 2. February 1 3. March 1 4. April 1
2.
	For Federal Stafford Subsidized loans which of the following is true? Possible Answers 1. Interest does not accrue while in school. 2. Interest does not accrue while in the grace period. 3. Has a fixed interest rate. 4. All of the above are true.
3.
	Which of the following is true about the Parent PLUS loan? Possible Answers 1. It is a loan taken out by the parents/guardians of the student. 2. Has a fixed interest rate. 3. Have the option to begin payments 60 days after disbursement or 6 months after gradation (or falls below half time). 4. All of the above are true.
4.
	The Standard Repayment Plan for Federal loans is for what term? Possible Answers 1. 5 years 2. 10 years 3. 20 years 4. 30 years
5.
	The extended repayment plan does which of the following? Possible Answers 1. Extends the repayment term up to 30 years. 2. Lowers the monthly payment. 3. Increases the total amount of interest paid on the loan. 4. All of the above are correct.
6.
	Students have the option to consolidate their student loans, thus making 1 loan and 1 loan payment rather than multiple. Score: 1/1
7.
	Which of the following are true about Private student loans. Possible Answers 1. They often times have fixed interest rates. 2. They are relatively cheap to borrow compared to Federal loans. 3. They have many hardship programs available to help students if they cannot afford their payments. 4. None of the above are true.
8.
	Which of the following is not considered a independent? Possible Answers 1. A 25 year old Army veteran. 2. A single mother of two children. 3. A 20 year old who is married. 4. A 21 year old student who is supported 100% by his parents.
9.
	What is the first step to obtaining financial aid? Possible Answers 1. Applying for a loan 2. Filling out and submitting the FAFSA 3. Contacting the Office of Student Financial Aid 4. Checking AccessPlus
10.
	How can you submit the FAFSA? Possible Answers 1. Electronically 2. Paper 3. A and B 4. None of the above
11.
	What information will you need to successfully complete your FAFSA? Possible Answers 1. Copy of pay stubs 2. Copy of tax returns 3. Institutional Verification Form 4. All of the above
12.
	If your situation has changed due to a death of a parent, divorce, loss of income, or medical reasons you can request a special conditions form. Score: 1/1
13.
	Your "financial need" will not exceed the institutions cost of attendance. Score: 1/1
14.
	The Federal Pell Grant is a need based program. Score: 1/1
15.
	Stafford Subsidized loans are considered "need based". Score: 1/1