Senior - May 2019
Financial Aid and Loan Knowledge - Due May 31
First Name *
Your answer
Last Name *
Your answer
High School *
Enhance your knowledge of the loan process by answering the following questions. Use the online Entrance Counseling Guide for Direct Loan Borrowers for your research: https://studentaid.ed.gov/sa/sites/default/files/loan-entrance-counseling.pdf
As a loan borrower, name one of your rights and also name one of your responsibilities. *
Your answer
What is a grace period and why is this important for you to keep in mind? (page 2) *
Your answer
What is the binding legal document that you must sign before receiving your first Direct Loan? (page 3) *
Your answer
How is a Direct Subsidized Loan different from a Direct Unsubsidized Loan? (use chart on page 4) *
Your answer
What is a Direct PLUS Loan and who is eligible to use it? (use same chart on page 4)
Your answer
Which loan should you accept first (in case you do not need both)? *
What is the maximum interest rate for Direct Subsidized and Unsubsidized Loans for undergraduates? (page 5) *
Your answer
What if your parents are not eligible for the Direct PLUS Loan? (page 7) *
Your answer
You will be notified each time your school disburses a portion of your loan. Name one thing the notification will include. (page 9) *
Your answer
Applying for grants and scholarships is one way to be smart about financing your education. Name two other ways. (page 12-13) *
Your answer
True or False - use private loans before considering federal loans. (page 13) *
What advantages do federal loans offer over private loans? *
Your answer
Is it possible to get out of repaying your student loans because you do not graduate or cannot find a job? (page 15) *
If you encounter trouble with making payments on your student loans, what is one option you can consider? (page 16) *
Your answer
Name two times when you can see yourself needing to contact your loan servicer. (page 22) *
Your answer
Default occurs when you become 270 days past due (delinquent) in making payment on your loan. The consequences of default can be severe. Name a consequence for your federal aid, a consequence for your career and future income, and a consequence for your credit rating. (page 23) *
Your answer
Can filing bankruptcy release a person from repaying their loans? (page 23) *
Name two strategies to avoid delinquency and default. (page 24-26) *
Your answer
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