SELF loan quiz

1. The SELF Loan is available through:

A. The federal government
B. Your local bank
*C. The Minnesota Office of Higher Education
D. All of the above
E. None of the above
2. To be eligible for a SELF Loan you must:
A. Be enrolled at least half-time at a SELF participating school
B. Be making satisfactory academic progress
C. Provide a credit-worthy co-signer
*D. All of the above
E. None of the above
3. The interest rate on my SELF Loan may change:
A. Daily
B. Weekly
C. Monthly
*D. Quarterly
E. Annually
4. The SELF IV interest rate is:
A. Tied to the 13-week Treasury Bill rate
B. Tied to the prime interest rate
*C. Tied to LIBOR rate
D. Set by the federal government
5. When I am in school, I must pay interest:
A. Monthly
*B. Quarterly
C. Not at all
6. If I transfer to a non-SELF participating school, my in-school status will en
d.
*True
False
7. The SELF Loan is subsidized by the federal government.
True
*False
8. My loan will enter repayment:
A. 6 months after I leave school
B. One year after I leave school if I select the Standard Payment Option
C. Three years after I leave school if I select the Extended Interest Option
D. A and C
*E. B and C
9. If I select the Extended Interest Option, I will have:
A. An additional two years to repay my loan.
*B. An additional two years of interest-only payments.
C. A and B
D. None of the above
10. The maximum repayment term on my SELF IV Loans if I owe less than $18,750 is:
*A. 10 years from when I leave school
B. 20 years from when I leave school
C. 15 years from when I leave school
D. 25 years from when I leave school
11. There are no deferments on the SELF Loan.
*True
False
12. If I repay my SELF Loan early, I will incur a penalty.
True
*False
13. The SELF Loan can be consolidated with my federal loans.
True
*False
14. The minimum monthly payment on all my SELF Loans is:
A. $5.00
B. $25.00
*C. $50.00
D. $100.00
15. If I enroll at least half-time in a SELF school and I am not in a required r
epayment status, I can return to the in-school status within how many years afte
r I leave school?
A. Five years
B. Ten years
*C. Three years
D. None of the above
16. If I have a question about my SELF Loan account, I should first contact:
A. My school
B. The Minnesota Office of Higher Education
*C. Firstmark Services
D. None of the above
17. If I move or change my address, I need to contact Firstmark Services.
*True
False
18. If I default on my SELF Loan, it could affect my ability to:
A. Purchase a house
B. Purchase a car
C. Obtain Minnesota State Grants
*D. All of the above
19. I won't need to repay my SELF Loan if:
A. The school closes
B. I don't get a job in the subject I studied in
C. I am not satisfied with the quality of my education
D. All of the above
*E. None of the above
20. If my SELF Loan goes into default, which of the following actions can be tak
en against me and my co-signer:
A. File tax claims
B. Take legal action
C. Report to the credit bureau
D. Add collection fees
*E. All of the above