02 May 2007

Loan exit exam answers

So you have to take this test and you're pretty sure about your answers. If you get less than 70% you have to re-take the test with different questions. Here were my questions and my answers
  1. The maximum repayment period under the Income Contingent Repayment Plan is 20 years
    1. False, 25 years.
  2. This is an exit counseling quiz for the Pell Grant Program
    1. False,
  3. After I graduate, leave school, or drop below half-time enrollment, repayment will begin in 3 months.
    1. false, 6 months
  4. Under no circumstances can I postpone payment on my loan(s)
    1. False, there a a few reasons to postone payment.
  5. There are no serious consequences if I fail to make loan payments on time
    1. False, duh.
  6. If I transfer to another school and will be enrolled at least half-time, I should contact the Direct Loan Servicing Center to request an in-school deferment
    1. True
  7. If I am in default on my loan, I can still receive additional federal student aid
    1. False, but see which says, " The only financial aid you can be considered for while in default on a student loan is the BOG Fee Waiver and scholarships."
  8. The repayment plan in which my payments start out low, then increase every two years is the. . .
    1. Graduated Repayment Plan
  9. When interest accrues on my loan(s) I may pay that interest or it will be added to the principal balance of my loan(s). If interest is added to the principal balance of my loan(s) it is called ______________ interest.
    1. capitalized
  10. To make payments on my loan(s), I may elect to receive monthly bills or have my monthly payment automatically withdrawn from my checking or savings account through...
    1. an Electronic Debit Account (EDA)
Submitting now ...

10/10. The $95,000 test, boo!

Anyone else want to share their answers?

1 comment:

Anonymous said...

I just wanted to say thanks for posting this lol, you saved me from having to take it for a 3rd time :p

Here's some more answers:

1. The maximum repayment period under the Income Contingent Repayment Plan is 20 years.
False
The maximum repayment period under the Income Contingent Repayment Plan is 25 years.

2. If I have problems repaying my loan, I should contact the Financial Aid Office at the school I attended.
False
If you have problems repaying your loan, you should contact the Direct Loan Servicing Center. The Customer Service Representatives at the Servicing Center can help you decide if you may need to switch repayment plans to get a lower payment or if you qualify for a deferment or forbearance to temporarily postpone making payments.

4. After I graduate, leave school, or drop below half-time enrollment, repayment will begin in 3 months.
False
After you graduate, leave school, or drop below half-time enrollment, you have six months before you must begin repaying your loan(s). This six-month period is called the grace period. Your first payment will be due within 60 days of the end of your grace period.

10. The maximum repayment period under the Income-Based Repayment (IBR) Plan is 20 years.
B.False
Under the Income-Based Repayment (IBR) Plan, the maximum repayment period is 25 years.

5. If I have a Direct Unsubsidized loan, the Federal Government will not charge me interest while I am enrolled at least half-time, during the six-month grace period, or during deferment. False On a Direct Unsubsidized loan interest is charged throughout the life of the loan. Interest will be charged from the day the loan is disbursed, while you are enrolled in school at least half-time, during the six-month grace period, during the periods of deferment, and forbearance as well as while you are in repayment on your loan. You may choose to pay interest charged on the loan or allow the interest to be capitalized (added to the loan principal) when the loan enters repayment. 10. The minimum monthly payment amount under the Income-Based (IBR) Plan is $0. A.True Under the Income-Based Repayment (IBR) Plan, the minimum monthly payment amount is $0.