AnswersCMS 2026-2027 Economics and Personal Finance CREDIT RECOVERYEmployment and Education

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1
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One reason a student may seek a federal student loan instead of a private student loan is that

A
private loans are only available to parents, while federal loans may be issued to the student.
B
federal loans must be paid back more quickly than private loans.
C
private loans carry a higher interest rate than federal loans.
D
federal loans are obtained by banks, while private loans are backed by the government.
2
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Work-study is a program that includes

A
taking a school job to help pay for an education.
B
working at an outside job to help pay for school.
C
agreeing to serve in the military for financial aid.
D
participating in a service program to receive aid.
3

Student-specific scholarships are awarded to students who

A
are members of a certain group.
B
demonstrates a specific skill
C
have impressive athletic accomplishments.
D
have impressive academic achievements.
4

Besides the cost of tuition, what additional educaitonal expenses must students pay? Choose four correct answers.

A
meals
B
classes
C
textbooks
D
supplies
E
housing
5

At an educational institution, the cost of room and board includes

A
tuition and class fees.
B
housing and meals.
C
textbooks and supplies.
D
health and dental care.
6

Which statement describes an hourly wage job?

A
If an employer wants the employee to work more hours in a week, the result is a larger paycheck.
B
Each paycheck is less, even if an employer wants you to work more hours in a week.
C
If the business is closed for a holiday, the employee still gets paid regardless of available vacation hours.
D
Each paycheck is the exact same regardless of number of hours worked.
7

Which statement best explains a grant?

A
A grant is money borrowed by a student to pay for an education that will need to be repaid.
B
A grant is money awarded to a student, usually based on financial need.
C
A grant is the price of attending classes at a school.
D
A grant is aid given to a student by an institution, often based on academic success.
8

How is a student loan different from a scholarship?

A
A student loan is a form of financial aid, but a scholarship is not.
B
A scholarship is a form of financial aid, but a student loan is not.
C
A student loan must be paid back, but a scholarship is not paid back.
D
A scholarship must be paid back, but a student loan is not paid back.
9

Completing the FAFSA could help decide whether a student

A
deserves a merit-based award.
B
should receive student-specific financial aid.
C
requires an academic scholarship.
D
should be given an athletic scholarship.
10

How is a federal loan different from a private loan for an education?

A
A federal loan can be used to pay for a student’s tuition and any other expenses. A private loan can only be used to pay for a student’s tuition.
B
A federal loan is only available for students who show a need. A private loan is available for any student who meets the bank’s lending standards.
C
A federal loan is available for any student who meets the government’s lending standards. A private loan is only available for students who show a need.
D
A federal loan can only be used to pay for a student’s tuition. A private loan can be used to pay for a student’s tuition and any other expenses.

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