#1
Which of the following is a federal student loan repayment plan?
Income-Based Repayment (IBR)
Income-Contingent Repayment (ICR)
Private Loan Consolidation
Parent PLUS Loan
#2
What is the grace period for most federal student loans?
6 months
1 year
3 months
No grace period
#3
Which of the following is NOT a federal student loan repayment plan?
Income-Based Repayment (IBR)
Standard Repayment Plan
Graduated Repayment Plan
Private Loan Consolidation
#4
What is the maximum repayment period for a standard federal student loan repayment plan?
10 years
20 years
25 years
30 years
#5
What is the difference between student loan deferment and forbearance?
Deferment allows you to temporarily stop making payments, while forbearance requires you to make reduced payments
Forbearance allows you to temporarily stop making payments, while deferment requires you to make reduced payments
Deferment and forbearance are the same thing
Neither deferment nor forbearance allows you to stop making payments
#6
Which of the following is an advantage of federal student loans over private student loans?
Lower interest rates
More flexible repayment options
Opportunity for loan forgiveness
All of the above
#7
Which repayment plan offers loan forgiveness after 20 years of qualifying payments?
Pay As You Earn (PAYE)
Revised Pay As You Earn (REPAYE)
Income-Based Repayment (IBR)
Income-Contingent Repayment (ICR)
#8
What is student loan forbearance?
A period during which you're allowed to temporarily stop making payments
A period during which you can consolidate your loans
A period after graduation before repayment begins
A period during which you can switch repayment plans
#9
How does loan consolidation affect your monthly payments?
It always reduces the monthly payment
It always increases the monthly payment
It may lower the monthly payment by extending the repayment term
It has no impact on monthly payments
#10
What happens if you default on a federal student loan?
You lose eligibility for future federal financial aid
Your loan is forgiven
You can apply for lower monthly payments
You must pay a higher interest rate
#11
What is the interest rate on a Direct Subsidized Loan for undergraduate students?
#12
Which federal loan repayment plan is based on a percentage of your discretionary income?
Standard Repayment Plan
Income-Based Repayment (IBR)
Graduated Repayment Plan
Extended Repayment Plan
#13
Which federal loan forgiveness program is available for public service employees?
Teacher Loan Forgiveness
Public Service Loan Forgiveness (PSLF)
Perkins Loan Cancellation
Income-Driven Repayment (IDR)
#14
What is the income threshold for the Pay As You Earn (PAYE) repayment plan?
$40,000
$50,000
$60,000
$70,000
#15
How does student loan forgiveness affect your tax liability?
It increases your tax liability
It decreases your tax liability
It has no impact on your tax liability
It depends on the forgiveness program
#16
Which federal loan forgiveness program requires 120 qualifying payments?
Teacher Loan Forgiveness
Public Service Loan Forgiveness (PSLF)
Perkins Loan Cancellation
Income-Driven Repayment (IDR)
#17
Which federal loan repayment plan requires you to make equal monthly payments over a 10-year period?
Standard Repayment Plan
Graduated Repayment Plan
Income-Based Repayment (IBR)
Extended Repayment Plan