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Education Intermediate:
Deferring, Cancelling, or Defaulting on Your Student Loans
Test your knowledge
Choose wisely. There is only one correct answer to each question.
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1.
Which of the following is a valid reason to request a student loan deferment?
Choose wisely. There is only one correct answer.
Economic hardship, such as unemployment
The desire to maximize 401(k) contributions
Marriage
None of the above
Economic hardship, such as unemployment. Returning to school also qualifies.
2.
Student loan forbearances are harder to obtain than deferments.
Choose wisely. There is only one correct answer.
True
False
False. They are not governed by the many rules that make cancellations and deferments difficult.
3.
You can cancel a federal student loan on the basis of _______ disability.
Choose wisely. There is only one correct answer.
Temporary
Permanent
Sporadic
Permanent. A permanent disability might mean you can never work again; that can qualify you for cancellation of your loans.
4.
If you serve in the US military, you may be able to cancel your student loan.
Choose wisely. There is only one correct answer.
True
False
True. This might also be possible if you serve in certain other federal-level services.
5.
Which of the following is true of the government's ability to seek repayment of student loans?
Choose wisely. There is only one correct answer.
The government can take some federal benefit payments
The government cannot leave you with benefits of less than $9,000 per year in Social Security
The government can take some of your Social Security disability benefits
All of the above
All of the above. These are all true.
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