HR BLOCK Budget Challenge EXAM TEST QUESTIONS AND CORRECT ANSWERS | 2023/2024 UPDATE

HR BLOCK Budget Challenge EXAM TEST QUESTIONS AND CORRECT ANSWERS | 2023/2024 UPDATE When asked "How much should I borrow in student loans?" the CFPB (Consumer Financial Protection Bureau) said this. A.) With loan consolidation more affordable than ever, borrow as much as you can get approved for B.) try not to accumulate more total student debt than you expect to earn as a starting annual salary when you leave school C.) borrow as much money for college as you need as long as you are sure about your major and career D.) None of the answers. The CFPB is not involved with financial matters. - ANSWERB.) Try not to accumulate more total student debt than you expect to earn as a starting annual salary when you leave school Which of the following types of financial assistance does not need to be paid back? A.) Subsidized Loan B.) Unsubsidized Loan C.) Grant D.) Private Loan E.) None of the answers are correct - ANSWER- C.) Grant What is the likely impact of filing bankruptcy on a student loan? A.) The loan repayment schedule will be adjusted longer B.) The loan repayment amount will be adjusted lower C.) The loan amount will stay the same, but the balance will stop accruing interest D.) None of the answers are correct - ANSWER- D.) None of the answers are correct Which of the following financial packages has the lowest total cost to the student? A.) 50% academic scholarship, 50% subsidized loans B.) 25% academic scholarship, 50% Grants, 25% subsidized loans C.) 25% athletic scholarship, 25% Grants, 50% subsidized loans - ANSWER- B.) 25% academic scholarship, 50% Grants, 25% subsidized loans