Direct Loan Exit Counseling Quiz

BSC Class Notes » Exit Counseling

Exit Counseling
1. My first payment is due within 45 days following the end of my grace period.

True
False
2. If I cannot make payments on my loan, I can call the Direct Loan Servicing Center to have my options explained to me.

True
False
3. The interest rate on my Direct Loan(s) disbursed prior to July 1, 2006 may change each year on January 1.

True
False
4. If I have a Direct Unsubsidized loan, the Federal Government will not charge me interest while I am enrolled at least half-time, during the six-month grace period, or during deferment.

True
False
5. Interest will be charged during forbearance.

True
False
6. There are no serious consequences if I fail to make loan payments on time.

True
False
7. If I am in default on my loan, I can still receive additional federal student aid.

True
False
8. Under the Income Contingent Repayment (ICR) Plan, my monthly payment amount will be based on. . .

my Adjusted Gross Income (AGI) as reported on my federal tax return
where I live
my age
the kind of job I get
9. If I qualify for a deferment on my loan(s), payments on my loan principal are postponed, and. . .

interest on my subsidized loans will also be postponed
interest that I do not pay during the deferment will be capitalized (added to my principal balance)
interest on my unsubsidized loans will continue to accrue
all of the above
10. When interest accrues on my loan(s) I may pay that interest or it will be added to the principal balance of my loan(s). If interest is added to the principal balance of my loan(s) it is called ______________ interest.

capitalized
discharged
unsubsidized
subsidized