Financial Literacy Test 2 Review!

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Across
  1. 1. Direct ____ Loan: A federal student loan where interest begins accruing immediately
  2. 9. A temporary delay in student loan payments where interest continues to accrue on all loans
  3. 11. A federal program allowing students to earn money to help pay for college expenses
  4. 13. ____ repayment plan: A student loan repayment plan where payments start low and increase every 2 years over 10 years
  5. 14. Loans from banks or other lenders that are not backed by the federal government
  6. 15. Direct ____ Loan: A federal loan available to graduate students and parents of undergraduates
  7. 16. A temporary delay in student loan payments where interest may not accrue on certain loans
  8. 19. Free money for college that does not need to be repaid and is always based on need, not merit
  9. 20. ____ repayment plan: A student loan repayment plan with fixed monthly payments for 10 years
  10. 22. The advertised tuition and living costs of a college before financial aid is applied
  11. 23. Borrowers on income-driven repayment plans can receive this after 20 or 25 years
  12. 25. ____-Driven Repayment Plans: Student loan repayment plans where payments are based on income and family size
  13. 26. A type of college that is typically cheaper for in-state students compared to private universities
Down
  1. 2. _____ costs include tuition, fees, and room and board if living in dorms
  2. 3. ______ costs include books, transportation, and other personal expenses associated with attending college
  3. 4. The form you must be completed annually to determine your eligibility for federal aid
  4. 5. Direct ____ Loan: A federal student loan where the government pays the interest while the student is in school
  5. 6. Loans provided by the U.S. government to help students pay for college
  6. 7. Financial awards for college that do not need to be repaid; may be partially based on need, but are often merit-based
  7. 8. The most important factor in determining whether college is a good financial investment is whether you actually do this at the end
  8. 10. ____ cost: the single biggest indirect cost of attending college, referring to income that could have been earned
  9. 12. One of the income-driven repayment plans that is being challenged in court
  10. 14. Public Service Loan Forgiveness; forgives student loan debt after 10 years of qualifying payments
  11. 17. The category of college majors that typically leads to high-paying jobs (Hint: electrical, mechanical, chemical)
  12. 18. Return on investment, a measure of how much benefit is gained relative to cost
  13. 21. The actual cost of attending college after grants and scholarships are subtracted
  14. 24. The new name for Expected Family Contribution (EFC)