Upward Bound Tutoring - May 2022
Financial Aid and Loan Knowledge - Due May 31
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First Name *
Last Name *
High School *
Enhance your knowledge of the loan process by answering the following questions. Use the online Entrance Counseling Guide for Direct Loan Borrowers for your research: https://studentaid.ed.gov/sa/sites/default/files/loan-entrance-counseling.pdf
Why are you required to complete entrance counseling when taking out a student loan? (page 6) *
What is a grace period and why is this important for you to keep in mind? (page 9) *
What is the difference between the loan holder and the loan servicer? (page 10) *
What loans does the US Dept. of Education provide through the Direct Loan Program? (page 11) *
What is a Direct Subsidized Loan and who is eligible to use it? (page 11)
Which loan should you accept first (in case you do not need both)? Which one does not accumulate interested while you're in college? *
What is the maximum interest rate for Direct Subsidized and Unsubsidized Loans for undergraduates? (page 12) *
Are there loan limits on Direct Subsidized and Unsubsidized loans? What factors are taken into consideration? (page 15) *
Which loan requires a credit check? *
You will be notified each time your school disburses a portion of your loan. Name one thing the notification will include. (page 19) *
Applying for grants and scholarships is one way to be smart about financing your education. Name two other ways. (page 20) *
True or False - use private loans before considering federal loans. (page 21) *
What advantages do federal loans offer over private loans? *
Is it possible to get out of repaying your student loans because you do not graduate or cannot find a job? (page 25) *
If your Direct Loan payments are high compared to your income, what can you look into? (page 24) *
When might one need to contact their loan servicer? (page 30) *
Name two strategies to avoid delinquency and default. (page 33-35) *
Name a way you could possibly have your loans forgiven. (page 39) *
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