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Student Loans Financial Education Test Results 2020-03-26T08:22:26-07:00

Student Loan Financial Education Test Results

59%

Average Score of 59.14% to Date

34%

Percentage of Passing Scores to Date

-1%

Δ: Change in Averages from 2018-2019: -.99%

0
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.

Go to the Financial Literacy Testing & Survey Center

Test Statistics by Answer

Question 1.

Select the best student loan option:

6.63% - Collateralized

7

4.59% - Uncollateralized

5

58.44% - Subsidized

58

10.30% - Unsubsidized

10

20.04% - Not Sure

20

Question 2.

Best loan term to reduce the total amount you will repay over the life of the loan?

69.50% - 3 Year

70

9.76% - 5 Year

10

3.95% - 7 Year

4

9.36% - 10 Year

9

7.43% - Not Sure

7

Question 3.

What is the most important financial consideration when deciding whether to take out a college loan?

9.47% - The school you attend

9

7.08% - Your GPA and college testing scores

7

77.38% - The return on investment from your college education

78

6.07% - Living on campus or off campus

6

Question 4.

Which of the following best describes student loan deferment or forbearance?

5.46% - Interest does not accrue on your student loan debt

5

48.18% - Temporarily postpones or reduces your federal student loan payments

48

6.76% - Is automatically generated based on your college enrollment

7

39.59% - All of the above

40

Question 5.

If you default on your student loan debt, the consequences include which of the following?

3.34% - The loan holder can take legal action against you

3

2.39% - Bankruptcy

2

6.10% - The IRS can take your federal and state tax refunds to collect any part of your defaulted student loan debt

6

61.36% - A & C only

61

26.81% - All of The Above

27

Question 6.

Which of the following is an example of minimizing college debt?

82.98% - Graduating on time

83

4.30% - Living alone in an apartment

4

3.00% - Owning a car while living on campus

3

9.73% - Limiting employment prospects to your major area of study

10

Question 7.

Which loan term is best if you seek to reduce your monthly payment amount?

17.02% - 3 Year

17

7.98% - 5 Year

8

3.42% - 7 Year

3

63.75% - 10 Year

64

7.82% - Not Sure

8

Question 8.

The most effective way to pay off student loan debt is to _____.

28.85% - Pay more than the minimum monthly payments on all your student loans

29

9.04% - Pay off the student loans with the lowest balance first

9

53.33% - Pay the maximum your budget allows on the student loan with the highest interest rate.

53

8.78% - Pay the maximum payment on the student loan with the highest balance

9

Question 9.

The calculation that will help you compare college loan options is:

6.95% - College feasibility test

7

13.90% - Student loan dollar cost averaging

14

26.89% - Return on investment

27

52.27% - All of the above

52

“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

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