Quiz: The Ultimate Student Debt Quiz
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The Ultimate Student Debt Quiz
By: Staff
Image: refer to hsw

About This Quiz

Most U.S. college students graduate with more than a diploma -- they also receive a loan payment plan. Student debt amounts are increasing while jobs for new grads are not plentiful. Before accepting any loans, students should educate themselves.

1.0 of 20
Where can students get free money for school?

Only college scholarships, some grants and tuition discounts are free.

2.0 of 20
How expensive is a four-year degree?

College costs have really risen and a four-year degree may cost up to $200,000.

3.0 of 20
What fraction of college students will graduate owing student loans?

When they graduate, two-thirds of college students will have student debt.

4.0 of 20
After graduating, when do graduates start repaying their loans?

Usually repayment starts six months after graduation.

5.0 of 20
With an 8 percent interest rate and a 10 year repayment plan, what is the monthly payment for $50,000 in student debt?

The monthly payment for $50,000 at 8 percent over 10 years is more than $600 per month.

6.0 of 20
What are some consequences of defaulting on your student loan?

If you default on your student loan, you may have your wages garnished and tax refund claimed along with ruining your credit.

7.0 of 20
When you graduate, what percent of your before tax salary should be enough to cover your loans?

After graduation, try to limit your debt payments to 10 percent of your pretax. More than this amount of debt payment may be too much to handle.

8.0 of 20
What is the different between private and government student loans?

Private loans usually have a higher interest rate.

9.0 of 20
What is the starting salary for civil engineers?

Civil engineers can look forward to a starting salary in the $50,000 ballpark.

10.0 of 20
Who makes more money in the first year of work, an elementary teacher or an information-technology specialist?

The information-technology specialist starts out around $40,000, which is about $10,000 more than a teacher.

11.0 of 20
Where can you get information about the starting salaries for various jobs?

Try the Web site Payscale for salary information.

12.0 of 20
Too much student debt may cause you to put off buying a:

Because of their student debt, many college graduates put off buying a first home.

13.0 of 20
Are student loans available for graduate studies?

Private and government loan are available for graduate school.

14.0 of 20
In good times, what is the average time it takes to pay off your student loans?

Ten years is the average amount of time it may take to fulfill your student loan obligations.

15.0 of 20
In the '90s, what was the average debt of a college graduate?

During the '90s the average debt for a college graduate was $14,000.

16.0 of 20
How has the average student debt changed since the 1990s?

The average college debt has increased quite a bit since the '90s.

17.0 of 20
Compared to previous years, are more or less students taking on student debt?

The percentage of students who sign on for debt payment is on the rise.

18.0 of 20
For most students, what determines your ability to pay back your debt?

Job salary determines your ability to repay your student loan.

19.0 of 20

Deferring your loan temporarily stops the loan payments while you are in school or having a financial hardship. Although the loan payments stop, the interest may continue to accrue.

20.0 of 20
What should a student do before accepting student loan money?

Students need to consider, long and hard, how they will be able to pay back the money they borrowed.

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