Unit 5 study guide (part 3)

Question 1

The ______is the largest grant program in the nation

Answer 1

Federal Pell Grant

Question 2

_____means dependent upon something

Answer 2

Contingent

Question 3

The largest source of financial aid is _____

Answer 3

the Federal Government

Question 4

If you have multiple loans, it is wise to_____, or unite them into one, before beginning repayment plan

Answer 4

consolidate

Question 5

If your expenses are greater than your income, you need to increase your income or_____

Answer 5

decrease your flexible expenses

Question 6

Which of the following is a good tip to follow if you have a credit card ?

Answer 6

Pay your bill every month, check your monthly statements, read the fine print

Question 7

Which of the following is NOT a disadvantage of having a credit card as a student?

Answer 7

Carrying a credit card is safer than carrying money

Question 8

A____repayment plan requires a fixed monthly payment over a period of time

Answer 8

standard

Question 9

A____repayment plan allows you to pay back the loan with a payment that starts out low and increases every two years

Answer 9

graduated

Question 10

Your monthly payment depends on your adjusted gross income in an _______repayment plan

Answer 10

income-contingent

Question 11

Payment occurs over a long period of time, which usually results in you paying more interest, in an ______repayment plan

Answer 11

extended