Welcome to the Loan Counseling Assessment! This assessment includes 15 questions and will take approximately 20 minutes to complete. Below are some helpful links that should be reviewed before accessing the assessment. Online Entrance Loan Counseling (www.studentloans.gov) Online Master Promissory Note (www.studentloans.gov) Understanding How Interest Works Video (you will need sound for this video): (https://www.navientpath.com/navientpath/curriculum/show?enrollment_id=15915732&part=1&signup=1#navient-interest-and-debt) Answer each question to the best of your ability. Upon completion of the Assessment your results will be emailed to you as well as the financial aid office. NameEmail1) The U.S. Department of Education will not pay interest on a student’s Direct Subsidized Loan during the following: a. During a period of deferment b. While a student is enrolled full-time c. During the 6-month grace period d. During a period of forbearance e. While a student is enrolled in at least 6 credit hours2) If I default on my loan: a. My credit rating will be damaged b. My wages may be garnished c. My professional license may be revoked d. My tax refunds will be withheld e. All of the above 3) I should notify my lender when: a. I am having trouble making payments b. My address changes c. I complete a course in personal finance d. Both A and B e. Both A and C4) I am under no obligation to repay my loan if: a. I do not complete my education b. I am not employed upon completion of my studies c. The education I received did not meet my expectations d. I declare bankruptcy e. None of the above5) If I drop below 6 credit hours, I will not receive any remaining loan disbursements: True False6) When experiencing trouble making payments I should: a. Contact the lender immediately to confirm whether I qualify for a possible deferment or forbearance b. Continue making payments until I receive written notice that a deferment or forbearance is granted on my loan c. Cease making payments until I am able to obtain a deferment or forbearance d. Write a letter to the school I was attending when I borrowed the loan e. Both A and B7) If I do not receive a bill or repayment notification, I do not have to make payments on my federal student loans. True False8) I may qualify for ___________ if I am willing but unable to make payments due to certain types of financial hardship: a. Deferment b. Forbearance c. Consolidation d. Disability Forgiveness e. Bankruptcy9) If I use my 6-month grace period on my current loan(s) and enter repayment, then return to school the next year: a. I receive a new 9-month grace period for all of my current loans b. My current loan(s) will immediately enter repayment upon dropping below half-time status because I have already used my grace period for these loans c. I will receive a new 6-month grace period on my current loan(s) if I borrow a new loan d. I have to pay all or part of my current loans before I return to school e. None of the above10) I have the option of choosing from these types of repayment plans on my federal student loans (select all that apply): Income-Driven Plans Extended Plan Standard Plan Income-Sensitive Plans Graduated Plan 11) Which of the following is not true: a. I may repay all or part of my loans at any time without penalty b. Interest on Direct Unsubsidized Loans will be capitalized when the loan enters repayment c. There is no limit to the amount of Direct Loan funds I can borrow d. If I fail to repay my loans, I may lose deferment possibilities e. The minimum monthly payment for my loan will be at least $50, but may be more based on the total amount of funds I borrow12) I will receive my loan funds: a. All at once, on the first day of class b. In multiple disbursements throughout the loan period c. As soon as the loan period or term is complete d. The exact dates on the disclosure statement I receive in the mail e. When I contact my lender to release the funds13) If I work for a qualifying public service organization, I may qualify for Public Service Loan Forgiveness: True False14) Before borrowing loans, I should: a. Determine my potential future income b. Create an In-School Budget c. Estimate my monthly payment amount for my potential loans d. All of the above 15) If I take longer than 150% of the published length of my program I will: a. Lose interest subsidy on all Direct Subsidized Loans b. Begin accruing interest on my Direct Subsidized Loans c. Pay capitalized interest on all accrued interest d. All of the abovePlease review any questions you need to using the Previous button. When you are finished, select Submit to score your assessment.