Student Finances and Loans Quiz

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What does the information above show?

The information above shows the consequences of defaulting on a student loan.

The information above shows the average student loan debt of graduates. (correct)

The information above shows the opinions of students about their finances.

The information above shows the benefits of attending a less expensive college.

How do most students feel about their finances?

Most students feel overwhelmed by their finances. (correct)

Most students feel confident about their finances.

Most students feel indifferent about their finances.

Most students feel optimistic about their finances.

What do a majority of graduates feel about less expensive colleges?

A majority of graduates feel that less expensive colleges have limited resources.

A majority of graduates feel that less expensive colleges offer more financial aid. (correct)

A majority of graduates feel that less expensive colleges are not worth attending.

A majority of graduates feel that less expensive colleges provide better education.

What does the bar graph show?

The average amount of debt a student has after graduating college Signup and view all the answers

In 1993, what was the average amount of debt a student had after graduating college?

$10,000 Signup and view all the answers

In 2018, what was the average amount of debt a student had after graduating college?

$25,000 Signup and view all the answers

According to the Federal Reserve, how many Americans have student loan debt?

1 in 4 Americans Signup and view all the answers

What is the average monthly payment for student loans?

$393 Signup and view all the answers

By 2023, what percentage of borrowers are expected to default on their student loans?

40 percent Signup and view all the answers

What is the average amount of student debt that the average graduate has?

$20,000 Signup and view all the answers

What is one consequence of student debt?

All of the above Signup and view all the answers

What is the government's response if you don't pay back a student loan?

Can garnish your paycheck Signup and view all the answers

When must you begin paying back a student loan?

Soon after you graduate Signup and view all the answers

What should be the main goal for obtaining an education when borrowing money?

Improve your future by being able to obtain a good paying job Signup and view all the answers

Are state and community colleges a good investment?

Are much cheaper than private schools Signup and view all the answers

What are employers mostly concerned about when hiring employees?

Skills and qualifications Signup and view all the answers

Which of the following is a factor that contributes to the increasing number of students taking out student loans?

Higher interest rates on student loans Signup and view all the answers

How does the government generally view student loans?

They are considered a top priority and must be repaid in full Signup and view all the answers

What percentage of people with student debt are delinquent or in default on their loans?

25% Signup and view all the answers

How should a student loan be thought of?

A way to fulfill wants and desires Signup and view all the answers

What does the Federal Student Aid website provide?

Important financial aid forms and information about student loans, grants, and scholarships Signup and view all the answers

What is garnishment in relation to student loans?

A way to take part of someone's paycheck to repay a student loan Signup and view all the answers

What does it mean to be delinquent on a student loan?

To fail to pay back a student loan Signup and view all the answers

What are grants and scholarships?

Money that doesn't need to be paid back Signup and view all the answers