Answers 26-27 Ignite Financial Literacy Personal Finance - EL3403 Careers, Salaries, and Lifetime Income — Unit testQuestion 35

35

QuizMultiple Choice

Careers, Salaries, and Lifetime Income — Unit test

Question 35 • 26-27 Ignite Financial Literacy Personal Finance - EL3403

How are loans and grants different?

Answer

A

Loans must be repaid, while grants are like gifts.

B

Grants must be repaid, while loans are like gifts.

C

By filling out the FAFSA, students can find out if they qualify for grants, but not loans.

D

By filling out the FAFSA, students can find out if they qualify for loans, but not grants.

Explanation

Loans are borrowed money that must be paid back, often with interest. Grants generally do not have to be repaid, so they are like gifts. Therefore, choice A is correct.

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