College & Finance study guide

Question 1

What does FAFSA stand for?

Answer 1

Free Application for federal student aid

Question 2

When is the best time to start saving for college?

Answer 2

Start as soon as you can

Question 3

Why should you avoid paying for college with student loans?

Answer 3

The added interest

Question 4

An associate’s degree typically takes how long?

Answer 4

2 years

Question 5

A bachelor’s degree typically takes how long to complete?

Answer 5

4 years

Question 6

What’s the avg. salary of someone w/ a bachelor’s degree?

Answer 6

$52,000

Question 7

What is the avg. student loan debt in the U.S.?

Answer 7

about 37,090
or
37k

Question 8

What is the avg. salary of someone with a vocational/trade school/technical school degree

Answer 8

estimated
67k

Question 9

How much of your college with the military pay for ?

Answer 9

Up to 100%

Question 10

How many years do you have to stay in the military to earn full retirement?

Answer 10

20 years

Question 11

What is FICA tax

Answer 11

Federal insurance contributions act- social security

Question 12

What does federal income tax pay for?

Answer 12

• national defense
• veterans
• foreign affairs
• law enforcement

Question 13

What does state income tax pay for

Answer 13

• children’s education
• build and repair roads
• health coverage for low-income families