Student Loans Financial Education Test ResultsBill Field2021-03-09T08:31:26-08:00
Student Loan Financial Education Test Results
Average Score of 59.29% to Date
Percentage of Passing Scores to Date
Δ: Change in Averages from 2019-2020: +.15%
Participants to Date
You can take the test at the NFEC’s Financial Literacy Testing & Survey Center. Access 4 complimentary measurement tools, surveys, tests and to view results from past participants. NFEC clients can access the full Testing & Survey Center which includes over 50 online measurement tools.
Best loan term to reduce the total amount you will repay over the life of the loan?
67.31% - 3 Year
10.2% - 5 Year
3.87% - 7 Year
10.19% - 10 Year
8.43% - Not Sure
What is the most important financial consideration when deciding whether to take out a college loan?
9.09% - The school you attend
6.52% - Your GPA and college testing scores
79.37% - The return on investment from your college education
5.02% - Living on campus or off campus
Which of the following best describes student loan deferment or forbearance?
4.82% - Interest does not accrue on your student loan debt
44.84% - Temporarily postpones or reduces your federal student loan payments
5.76% - Is automatically generated based on your college enrollment
44.57% - All of the above
If you default on your student loan debt, the consequences include which of the following?
2.98% - The loan holder can take legal action against you
2.28% - Bankruptcy
5.46% - The IRS can take your federal and state tax refunds to collect any part of your defaulted student loan debt
59.51% - A & C only
29.76% - All of The Above
Which of the following is an example of minimizing college debt?
83.64% - Graduating on time
4.12% - Living alone in an apartment
2.85% - Owning a car while living on campus
9.39% - Limiting employment prospects to your major area of study
Which loan term is best if you seek to reduce your monthly payment amount?
17.86% - 3 Year
7.63% - 5 Year
4.38% - 7 Year
61.54% - 10 Year
6.59% - Not Sure
The most effective way to pay off student loan debt is to _____.
27.82% - Pay more than the minimum monthly payments on all your student loans
8.93% - Pay off the student loans with the lowest balance first
54.09% - Pay the maximum your budget allows on the student loan with the highest interest rate.
9.16% - Pay the maximum payment on the student loan with the highest balance
The calculation that will help you compare college loan options is:
5.32% - College feasibility test
13.57% - Student loan dollar cost averaging
22.46% - Return on investment
58.65% - All of the above
“For many graduates, achieving the dream of earning a college degree comes with student loan debt that can derail their finances. Today’s youth are consistently encouraged to go to college, but never receive a financial education. Consequently, they make the biggest investment of their life to date with little or no knowledge about how to evaluate student loan choices, and no plan to pay back the money they borrow. Empowering today’s youth with knowledge that encourages responsible borrowing protects our country and gives youth the opportunity to achieve their personal American Dreams.”
– Vince Shorb, CEO
National Financial Educators Council