### 14-2: TEKS Practice

• 1. One of the colleges Adrian is considering has an estimated cost of attendance of \$28,385. His expected family contribution (EFC) is \$9,265. What is his financial need?

• 2. Which ways of paying for college would be considered the financial responsibility of the student or the student's family? Select all that apply.

• A. Savings

• B. Work-study

• C. Expected family contribution (EFC)

• D. Scholarships

• E. Grants

• F. Loans

• 3. Mia receives the following financial aid package for a two-year college. The college has an estimated cost of attendance of \$15,625. She has an expected family contribution (EFC) of \$9,175. How much of the cost of attendance will she and her family be responsible for paying in the first year?

• 4. At graduation, Daisy owes \$15,800 in student loans at 5.2% annual interest. There are also loan fees that total 2% of the principal. She uses a loan calculator to find the monthly payments for a 10-year loan. Assume she follows the loan repayment schedule.

• a. What is the total cost of her loan?

• b. If there were no loan fees, would Daisy's monthly loan payment be less than or greater than \$172.51? Explain your reasoning.

• 5. At graduation, Laura's family has paid \$19,020 toward the total cost of her 4-year education. She owes \$9,370 in student loans at 5% annual interest. She uses a loan calculator to find the monthly payments for a 10-year loan. Assume Laura follows the loan repayment schedule.

• a. What is the total cost of her 4-year college education, including the total cost of the loan?

• b. How much does she pay in interest?

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