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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 is true regarding wage garnishment to repay federal student loan debt?
Choose wisely. There is only one correct answer.
It is not permitted for amounts under $100,000
It is not permitted for amounts over $10,000
Federal garnishment is limited to 15% of your disposable income
Federal garnishment per paycheck is limited to no more than 50 times the federal minimum wage
Federal garnishment is limited to 15% of your disposable income. It is also limited to no more than 30 times the federal minimum wage.
2.
Which is true regarding deferment of student loan payments?
Choose wisely. There is only one correct answer.
A deferment excuses you from making student loan payments for a set period of time
To qualify for a deferment, there need generally be no specific hardship of condition in your life to justify your request
A deferment's "set period of time" can be virtually unlimited as a practical matter
A deferment excuses you from making student loan payments for a set period of time.
3.
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.
4.
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.
5.
Student loans are seldom discharged in bankruptcy.
Choose wisely. There is only one correct answer.
True
False
True. Discharge may be possible if you can prove that repaying the loan would be a severe hardship.
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