Are You Student Loan Savvy? Quiz - Iowa College Access Network - ICAN

Are You Student Loan Savvy? Quiz

How Well Do You Know Your Student Loans? Take this quiz to find out!

Grab a piece of scratch paper and keep track of your answers - at the end we'll tell you the correct answer and your level of savvyness!

1. After the end of my grace period, I am not required to make monthly payments if:

a. I don't receive a bill in the mail.
b. I don't have a job.
c. After paying for other expenses, I don't have enough to make my student loan payment.
d. I am granted a deferment or forbearance.

2. If I am ever having problems making my student loan payments, I should:

a. Use caller ID to avoid my loan holder. They can't make me pay if they can't find me.
b. Call my best friend.
c. Contact my loan holder and explain my situation.
d. None of the above.

3. The Stafford Loan Master Promissory Note (MPN) is:

a. A legally binding agreement.
b. Used as both a single-year and multi-year note.
c. Good for a 10-year period from the date I sign the MPN.
d. All of the above.

4. I am entitled to:

a. Cancel or reduce my loan at any time before I receive the loan funds.
b. A deferment, if I qualify.
c. Prepay my loan without penalty.
d. All of the above.

5. My loan may be canceled if:

a. I die or become totally and permanently disabled.
b. I am not satisfied with the education I received.
c. I don't find a job right after I graduate.
d. I don't finish my education.

6. I should notify my lender when:

a. I get good grades.
b. My address changes.
c. I declare my major.
d. All of the above.

7. If I have a subsidized Stafford Loan, the federal government will:

a. Make my loan interest free for the life of the loan.
b. Pay the interest while I am enrolled at least half time, during my grace period, and during authorized periods of deferment.
c. Pay off my loan balance if I graduate with honors.
d. All of the above.

8. If I can't afford my monthly payment amount I should:

a. Wait for a collection agency to contact me.
b. Just pay whatever I can afford.
c. Call my loan holder and explain my situation.
d. Stop making payments.

9. I am not required to pay back my student loan if:

a. I signed my MPN electronically. Only my actual signature is legally binding.
b. I file bankruptcy.
c. I accept a low-paying job.
d. None of the above.

10. I am entitled to copies of:

a. A notice of loan guarantee and disclosure statement.
b. A repayment schedule.
c. Written notification if my loan is transferred or sold and the location to which I should send payment changes.
d. All of the above.

Click here for answers and results of your quiz.

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