CCC Student Loan Counseling & Education Debt

Question 1

Which federal agency administers the federal student loan program?

Accepted Answer

The U.S. Department of Education

Answer

The Federal Reserve

Answer

The U.S. Department of Treasury

Answer

The Consumer Financial Protection Bureau

Question 2

What is the key difference between a Direct Subsidized Loan and a Direct Unsubsidized Loan?

Accepted Answer

The federal government pays the interest on subsidized loans while the borrower is enrolled at least half-time

Answer

Subsidized loans have a higher interest rate than unsubsidized loans

Answer

Unsubsidized loans are only available to graduate students

Answer

Subsidized loans require a credit check while unsubsidized loans do not

Question 3

What is the combined annual borrowing limit for a first-year dependent undergraduate student for Direct Subsidized and Unsubsidized Loans?

Accepted Answer

$5,500

Answer

$3,500

Answer

$7,500

Answer

$9,500

Question 4

Direct PLUS Loans are available to which borrowers?

Accepted Answer

Graduate or professional students and parents of dependent undergraduates

Answer

Undergraduate students only

Answer

Independent undergraduate students only

Answer

All federal student loan borrowers regardless of enrollment status

Question 5

What is the aggregate (lifetime) Direct Loan borrowing limit for dependent undergraduate students?

Accepted Answer

$31,000

Answer

$23,000

Answer

$57,500

Answer

$138,500

Question 6

What is the standard repayment term for most federal student loans under the Standard Repayment Plan?

Accepted Answer

10 years

Answer

5 years

Answer

20 years

Answer

25 years

Question 7

When did Congress eliminate the Federal Family Education Loan (FFEL) program, ending the practice of private lenders originating federally guaranteed student loans?

Accepted Answer

2010

Answer

2004

Answer

2007

Answer

2013