Devry Coll148 Week 4 Quiz Latest 2015 November 1. Question : (TCO 5) You can only use Federal Private and Institutional loans to pay for college. : True False Question 2. Question : (TCO 5) You must pay back scholarships. : True False Question 3. Question : (TCO 5) When you are building your credit what can impact your credit score? : Late payments The amount of time you have had credit Bankruptcy All of the above None of the above Question 4. Question : (TCO 5) Each year any qualifying student is entitled to use federal credits for each tax year but no student can use more than one of them. What are the federal tax credits you can take advantage of? : A. American Opportunity Tax Credit (AOC) B. Lifetime Learning tax credits C. HOPE tax credit D. Both B and C E. Both A and B Question 5. Question : (TCO 5) Delinquency or default on any type of debt tracked by the credit bureaus can and will negatively impact your credit score. : True False Question 6. Question : (TCO 5) The student portal contains self-service resources that provide valuable information regarding your Student Account and Financial Aid Awards and is available 24/7 even after the campus or contact center is closed. : True False Question 7. Question : (TCO 5) Susan needs a statement to provide to her employer as part of their tuition reimbursement program. Where on the Student Finance tab would she go to find an itemized statement for an individual session? : Student Account Summary View Account Details Student Account Action Cannot be done in the portal and she would need to contact an advisor : Question 8. Question : (TCO 5) What can you accomplish in the Student Account Center? : Make or schedule a payment Enroll in a payment plan Enroll in direct deposit All of the above Question 9. Question : (TCO 5) In which tab can you find the contact information for your Student Support Advisor or Student Finance Consultant? : Help & Support Home Student Finance Student Services Question 10. Question : (TCO 5) In order to complete a student finance document you must request the document from your advisor and fax a completed copy to the university. : True False Instructor Explanation: There are several documents available for electronic completion and signature via the Student Finance Tab in the Student Portal. Simply click View More under the Financial Aid Awards section and head to the Messages tab to view and complete your documents. If a document is not available for electronic signature you will be able to download a PDF copy of the document and can use the Upload Document feature to upload a copy of your completed document instead of submitting via fax. Question 11. Question : (TCO 5) Where is your borrowing status found in the Manage My Loans tool? : Overview tab Loan Detail tab Repayment Modeling tab Resources tab Question 12. Question : (TCO 5) What does your borrowing status indicate? : A. The loan borrowing status indicates your federal student loan utilization in relation to your grade level progression. B. The loan borrowing status indicates your federal private and institutional loan utilization in relation to your grade level progression. C. Both A and B D. None of the above Question 13. Question : (TCO 5) Your Estimated Monthly Loan Repayment Obligation amount is representative of : federal student loans. private loans. institutional loans. All of the above Question 14. Question : (TCO 5) Your Estimated Monthly Loan Repayment Obligation (found on the Overview tab) includes an estimate of your Federal Loans. What federal repayment plan is used to calculate your Estimated Monthly Loan Repayment Obligation? : Graduated Plan Extended Plan Pay As You Earn Standard Repayment Plan Question 15. Question : (TCO 5) In the Loan Detail tab of Manage My Loans you are able to manually enter Institutional Loan or Private Loan information from other institutions you attended. : True False Question 16. Question : (TCO 5) What percent of your annual salary should you anticipate allocating to comfortably repay your student loans? : 25%–30% 8%–10% 40%– 50% 12%–15% Question 17. Question : (TCO 5) What is the plan we use to calculate the Loan Repayment Obligation in which you pay the least interest and have the shortest repayment period and in which you will be automatically enrolled in unless you request a transition to another repayment plan? : Income Based Repayment Plan Extended Repayment Plan Graduated Repayment Plan Pay As You Earn Repayment Plan Standard Repayment Plan Question 18. Question : (TCO 5) If you choose to transition into the Pay As You Earn repayment plan your eligibility is based on your income and could make your payment more manageable. : True False Question 19. Question : (TCO 5) The ability for you to ‘Edit’ the Repayment Details is in the Repayment Modeling section. This information calculates the Repayment Plan Amounts for Standard Pay As You Earn Extended and Graduated. Fields necessary to edit your repayment details include adjusted gross income income growth rate **interest rate and ** number in household. If you make an edit the information will be retained for future logins. This is important because it will allow you to see how your earnings impact your Direct and PLUS Loan repayment plan eligibility and estimated repayment amounts. : True False Question 20. Question : (TCO 5) How can you find the definition for Aggregate Loan Limit in Manage My Loans? : A. Google the definition. B. Click on the Aggregate link in the Overview tab. C. Click on the Resources section on the Overview link and search for Aggregate. D. Both B and C
