1. Often, debt is discharged using a bankruptcy procedure meaning the debtor does not need to pay back the loan amount but is excused from his/her obligation. Are student loans typically "dischargeable". Yes No 2. When a lender has a borrower's wages garnished, this means The lender's wages are reported to credit bureaus. The lender's employer is required to withhold a specified amount from the borrower's paycheck and give that amount to the lender. The borrower's wages are frozen. No pay increases. 3. When a person has student loans, can the lender have that person's wages garnished? Yes No 4. Payment history for student loans affects the borrower's credit score. True False 5. The presenter for our student loans videos recommends increasing emergency fund by 5% of net salary increasing emergency fund to 10% increasing emergency fund from 10% to 20% of net salary 6. The presenter for our student loans videos recommends the maximum amount of student loan debt should be less than: The person's expected gross salary The person's expected net salary Twice the person's expected net salary 7. The PSU Financial Literacy and Wellness Center offers free individual student loan counseling to Penn State Students and grads. True False 8. Which of the following sometimes requires a pre-payment penalty? Private student loans Federal student loans Both