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Quiz

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1. What is the most common type of federal student loan?

Stafford
Perkins
PLUS


2. Your student loan might be with your state’s guarantee agency if you:

Owe more than $40,000
Are on the income-based repayment plan
Fell behind with payments


3. The graduated repayment plan is available for:

FFEL loans only
Direct and FFEL loans
Direct, FFEL, and Perkins loans


4. Under the extended repayment plan, you can stretch the length of the repayment period to up to:

20 years
25 years
30 years


5. Which of the following is a true statement about student loan consolidation?

You cannot consolidate if you are in default
You can add a private student loan to a federal consolidate loan if the balance is under $5,000
You can consolidate one loan


6. Your student loans can be canceled if you:

Cannot find a job after graduating
Become permanently disabled
Drop out of school before receiving a degree


7. For private student loans:

The lender is required by law to provide a deferment if you are unemployed
The lender is required by law to provide a forbearance if you are unemployed
The lender is not required by law to provide a deferment or forbearance if you are unemployed


8. If you have a subsidized federal student loan:

Interest will be suspended for a deferment but not a forbearance
Interest will be suspended for a forbearance but not a deferment
Interest will be suspended for a deferment and forbearance


9. You are considered in default if you are more than ____ days past due:

180
270
365


10. For federal student loans, you have a one-time right to get out of default with a:

rehabilitation repayment plan
reasonable and affordable repayment plan
income-sensitive repayment plan

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