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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.
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.
2.
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.
3.
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.
4.
The government's student loan collection methods are varied, but the government may not touch an anticipated tax refund.
Choose wisely. There is only one correct answer.
True
False
False. This is a popular method of collecting on defaulted loans.
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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DONE