AnswersSHS Lifetime Fitness - 2021Understanding College Savings

Understanding College Savings Answers

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4

Desmond told his two friends, Marley and Brianna, that he was awarded a $10,000 grant for college if he becomes a math or science teacher. Desmond wants to teach physics.Marley told him he should take the grant. Brianna told him not to take the grant. Which statement about their advice is true?

A
Marley is correct because a grant is like a gift and he can still get scholarships or loans to pay for the rest of his expenses.
B
Marley is correct because a grant is like a gift and he can still get scholarships or loans to pay for the rest of his expenses.
C
Marley is correct because he can take the grant and then study whatever he chooses without paying it back if he changes his mind about his career.
D
Marley is correct because he can take the grant and then study whatever he chooses without paying it back if he changes his mind about his career.
E
Brianna is correct because he cannot get scholarships if he takes the grant and scholarships would pay more of his education costs.
F
Brianna is correct because he cannot get scholarships if he takes the grant and scholarships would pay more of his education costs.
G
Brianna is correct because grants are like loans and must be paid back. He should wait and see what scholarships and work-study programs he qualifies for.
H
Brianna is correct because grants are like loans and must be paid back. He should wait and see what scholarships and work-study programs he qualifies for.
7

Bethany is in 7th grade. She wants to attend college and knows that she will need funds. Which option of funding her education should she consider now?

A
She could quit sports and after-school clubs to earn money.
B
She could quit sports and after-school clubs to earn money.
C
She could ask her neighbors to help her pay for college.
D
She could ask her neighbors to help her pay for college.
E
She could apply for a loan at her parents’ bank.
F
She could apply for a loan at her parents’ bank.
G
She could talk with a school counselor to see what activities, clubs, and classes could help her earn a scholarship.
H
She could talk with a school counselor to see what activities, clubs, and classes could help her earn a scholarship.
8

Alex is nearing graduation. His counselor showed him this information. Alex’s College Costs & Payment Options per YearCostsMethods of PaymentTuition & FeesGrants & Scholarship$10,100$12,500Room & BoardWork-Study$11,750$8,000If his parents cannot help Alex with college, and two of his scholarships will be awarded to other students if he does not accept them immediately, which is the best option for him?

A
He could work each summer to earn the $1,350 difference.
B
He could wait a year for college and earn the difference.
C
He could abandon his plans for college because he does not have enough money.
D
He could take out a student loan for the difference of $1,350, plus an extra $2,000 a year for mad money.

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