personal finance quiz paying for college
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45 Terms
How do colleges price target/price discriminate?
They charge different prices based on income, need, and merit.
How do public and private colleges differ?
Public are state-funded and cheaper in-state; private cost more.
Why should you be wary of for-profit colleges?
High cost, aggressive recruiting, poor credit transfer.
What’s an associate’s degree?
A 2-year college degree.
Where can you obtain an associate’s degree?
Community colleges.
What are the three types of associate’s degrees?
AA, AS, AAS.
What’s a bachelor’s degree?
A 4-year college degree.
Where can you get a bachelor’s degree?
Colleges or universities.
What’s a master’s degree?
A graduate degree after a bachelor’s.
What are some types of graduate degrees?
Master’s and Doctorate.
What does “terminal degree” refer to?
The highest degree in a field.
How long does it take to earn an associate’s degree?
2 years.
How long does it take to earn a bachelor’s degree?
4 years.
How long does it take to earn a master’s degree?
1–2 years.
How long does it take to earn a doctorate?
3–7 years.
What does Cost of Attendance (COA) include?
Tuition, fees, housing, food, books, transportation.
What’s a sticker price?
The full listed cost.
How do you calculate net price?
Sticker price minus aid.
What’s the FAFSA?
Free Application for Federal Student Aid.
Why should you fill out the FAFSA early?
Aid is limited.
What three student aid deadlines are there?
School, state, federal.
Who is a contributor?
Student or parent providing info.
When do you fill out FAFSA?
October of junior year (2026).
What tax information is used for FAFSA?
Prior-prior year taxes.
How often do you fill out FAFSA?
Every year.
What is the FAFSA Submission Summary?
A summary of FAFSA info.
What’s the new DDX system?
IRS data transfer system.
When do you receive the FAFSA Submission Summary?
After submitting FAFSA.
What’s the Student Aid Index (SAI)?
Number used to determine aid.
When do you receive a Financial Award Letter?
After acceptance.
Who sends the Financial Award Letter?
The college.
What’s a grant?
Free money.
What’s the Pell Grant?
Federal grant for low-income students.
What’s the maximum Pell Grant?
About $7,395 per year.
What’s a scholarship?
Free money based on merit or need.
How do you obtain a scholarship?
Apply or earn it.
What’s work-study?
A part-time school job.
What’s a federal subsidized loan?
Government pays interest in school.
What’s a federal unsubsidized loan?
You pay interest always.
What’s the maximum federal loan for a dependent freshman?
$5,500.
What’s the maximum federal loan for a dependent student total?
$31,000.
What’s a PLUS loan?
A parent loan with credit check.
What’s a private loan?
A loan from a bank or lender.
What’s the order of the financial aid process?
FAFSA → Submission Summary → Award Letter.
What’s the recommended order to pay for college?
Grants & scholarships → subsidized loans → unsubsidized loans → private loans.