6.9.0: Exercises
- Page ID
- 171721
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\(\newcommand{\avec}{\mathbf a}\) \(\newcommand{\bvec}{\mathbf b}\) \(\newcommand{\cvec}{\mathbf c}\) \(\newcommand{\dvec}{\mathbf d}\) \(\newcommand{\dtil}{\widetilde{\mathbf d}}\) \(\newcommand{\evec}{\mathbf e}\) \(\newcommand{\fvec}{\mathbf f}\) \(\newcommand{\nvec}{\mathbf n}\) \(\newcommand{\pvec}{\mathbf p}\) \(\newcommand{\qvec}{\mathbf q}\) \(\newcommand{\svec}{\mathbf s}\) \(\newcommand{\tvec}{\mathbf t}\) \(\newcommand{\uvec}{\mathbf u}\) \(\newcommand{\vvec}{\mathbf v}\) \(\newcommand{\wvec}{\mathbf w}\) \(\newcommand{\xvec}{\mathbf x}\) \(\newcommand{\yvec}{\mathbf y}\) \(\newcommand{\zvec}{\mathbf z}\) \(\newcommand{\rvec}{\mathbf r}\) \(\newcommand{\mvec}{\mathbf m}\) \(\newcommand{\zerovec}{\mathbf 0}\) \(\newcommand{\onevec}{\mathbf 1}\) \(\newcommand{\real}{\mathbb R}\) \(\newcommand{\twovec}[2]{\left[\begin{array}{r}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\ctwovec}[2]{\left[\begin{array}{c}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\threevec}[3]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\cthreevec}[3]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\fourvec}[4]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\cfourvec}[4]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\fivevec}[5]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\cfivevec}[5]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\mattwo}[4]{\left[\begin{array}{rr}#1 \amp #2 \\ #3 \amp #4 \\ \end{array}\right]}\) \(\newcommand{\laspan}[1]{\text{Span}\{#1\}}\) \(\newcommand{\bcal}{\cal B}\) \(\newcommand{\ccal}{\cal C}\) \(\newcommand{\scal}{\cal S}\) \(\newcommand{\wcal}{\cal W}\) \(\newcommand{\ecal}{\cal E}\) \(\newcommand{\coords}[2]{\left\{#1\right\}_{#2}}\) \(\newcommand{\gray}[1]{\color{gray}{#1}}\) \(\newcommand{\lgray}[1]{\color{lightgray}{#1}}\) \(\newcommand{\rank}{\operatorname{rank}}\) \(\newcommand{\row}{\text{Row}}\) \(\newcommand{\col}{\text{Col}}\) \(\renewcommand{\row}{\text{Row}}\) \(\newcommand{\nul}{\text{Nul}}\) \(\newcommand{\var}{\text{Var}}\) \(\newcommand{\corr}{\text{corr}}\) \(\newcommand{\len}[1]{\left|#1\right|}\) \(\newcommand{\bbar}{\overline{\bvec}}\) \(\newcommand{\bhat}{\widehat{\bvec}}\) \(\newcommand{\bperp}{\bvec^\perp}\) \(\newcommand{\xhat}{\widehat{\xvec}}\) \(\newcommand{\vhat}{\widehat{\vvec}}\) \(\newcommand{\uhat}{\widehat{\uvec}}\) \(\newcommand{\what}{\widehat{\wvec}}\) \(\newcommand{\Sighat}{\widehat{\Sigma}}\) \(\newcommand{\lt}{<}\) \(\newcommand{\gt}{>}\) \(\newcommand{\amp}{&}\) \(\definecolor{fillinmathshade}{gray}{0.9}\)What form must be filled out before applying for a student loan?
What two issues limit the amount of a federal subsidized or unsubsidized student loan a student can take out?
What is the limit to the number of years a student can take out a student loan?
What types of student loans have deferred payments and do not accrue interest?
Which type of student loan is made directly to parents?
Which types of student loans require a credit check?
What is the limit on the total amount borrowed in federal subsidized and unsubsidized student loans for an independent undergraduate student?
What is the limit on subsidized student loans in the third year of an undergraduate program if the student is a dependent student?
What is the maximum allowed to be borrowed on a PLUS loan?
What is the maximum allowed to be borrowed on a private student loan?
What is the current interest rate on federal subsidized loans?
What feature does a graduated payment plan have?
If a student is struggling with paying back their student loans, what can the student do?
When a student consolidates federal subsidized and unsubsidized loans, does the interest rate change? Does the term of the loan change?
If a person with federal subsidized and unsubsidized loans enters a pay as you earn program (PAYE), how long will the person pay on their student loans?
How long is it between the time a person is delinquent on a student loan and being in default on the student loan?
What is discretionary income?
What are the two remedies if a borrower default on their student loans?
Toni’s total cost to attend college including all fees, books, and room and board is $18,450. If Toni receives $5,500 in an instant scholarship from the college and has $2,175 in scholarships, what is Toni’s funding gap?
Arthur’s total cost to attend college including all fees, books, and room and board is $31,500. If Arthur receives $13,500 in an instant scholarship from the college and has $3,475 in private scholarships, what is Arthur’s funding gap?
Amelia is an independent student in her fourth year of an urban studies undergraduate degree. What is the maximum she can borrow in federal subsidized and unsubsidized student loans that year?
Yaroslav is a dependent student in his second year of an undergraduate psychology program. What is the maximum that he can borrow in federal subsidized and unsubsidized student loans that year?
Toni’s total cost to attend her third year of undergraduate school, including all fees, books, and room and board, is $18,450. Toni receives $5,500 in an instant scholarship from the college and has $2,175 in scholarships. She is a dependent student. After receiving the maximum federal student loans (subsidized and unsubsidized), and without her parents taking out a PLUS loan, how much will she need to borrow in private student loans to cover the funding gap?
Arthur’s total cost to attend his second year of his undergraduate program in data science, including all fees, books, and room and board, is $31,500. Arthur receives $13,500 in an instant scholarship from the college and has $3,475 in private scholarships. He is a dependent student. After receiving the maximum federal student loans (subsidized and unsubsidized), and without his parents taking out a PLUS loan, how much will he need to borrow in private student loans to cover the funding gap?
Nantumbwe takes out a private student loan for $7,950 in her second year of her undergraduate health administration program. She begins paying her loan after 39 months. If her interest rate was 8.75%, how much is her balance when she begins to pay off her loan?
Cameron takes out a private student loan for $11,385 in their third year of their undergraduate communications program. They begin paying their loan after 27 months. If Cameron’s interest rate was 9.125%, how much is their balance when they begin to pay off the loan?
Farzana refinances her loans for a reduced interest rate before she begins to pay them off. The total of her refinanced loan is $39,447.50. The new interest rate is 6.99%. How much are Farzana’s payments if she has a 10-year term on this loan?
Carly refinances her loans for a reduced interest rate before she begins to pay them off. The total of her refinanced loan is $61,332.00. The new interest rate is 7.45%. How much are Carly’s payments if she has a 10-year term on this loan?
Andrew consolidates his federal student loans to make paying them easier. They total $27,582.00. The consolidated loan is at 4.99% interest. How much are Andrew’s payments if his new term is 15 years?
Manuel consolidates his federal student loans to make paying them easier. They total $19,470.00. The consolidated loan is at 4.99% interest. How much are Manuel’s payments if his term is 10 years?
Steven has four members in his Georgia household and makes $53,400 annually. The federal poverty guideline for him is $27,750. What is Steven’s discretionary income?
Akash has three members in his New Jersey household and makes $38,120 annually. The federal poverty guideline for him is $23,030. What is Akash’s discretionary income?
Kateryna has two members in her Iowa household and earns $42,500 annually. The federal poverty guideline for her is $18,310. She qualifies for a REPAYE repayment plan. What is the maximum monthly payment Kateryna would pay?
Keirstin lives by herself in her New Mexico home and earns $28,530 annually. The federal poverty guideline for her is $13,590. She qualifies for a REPAYE repayment plan. What is the maximum monthly payment Keirstin would pay?