Student Loans
Loans made by the government with terms and conditions set by law
Federal student loans
Any form of education after HS is called ____________________ education.
Postsecondary
What is your starting point in your search for financial aid?
FAFSA.
A(n) ___________ degree is a two- or three-year, postsecondary, undergraduate degree
Associate degree
A lot of people turn to bankruptcy to escape their debts. Does this work for student loans?
No.
What's the first step to cash flow college?
Make a plan.
What is a grant?
Financial aid that does not need to be paid back. Usually awarded based on financial need.
Describe the unemployment rate for those that invest in postsecondary education compared to those that do not continue beyond high school.
Student loans are known to keep people from attaining what financial dreams in life?
Paying for a house, marriage, vacations, etc.
What is the FAFSA?
The federal application required to receive any financial aid, including scholarships, grants or loans offered through a college or university
How does the FAFSA determine your level of financial need?
By looking at your family's income (for you and your parents) through tax information and calculates based on this information.
List 3 other campus living costs beyond tuition you have to account for.
Housing, meal plans, parking
On average, how long does it take to pay off student loan debt?
20 years
What is the average amount of student loan debt college graduates have in the US?
$35,000
How often while you're completing college do you need to fill out the FAFSA?
Every year.
What is the difference between a college and university?
School size. Universities - undergraduate and graduate programs with multiple schools within their system. Colleges typically have more limited options and often only offer undergraduate programs.
Which type of student loan comes with typically higher interest rates? Which comes with typically lower interest rates?
Private - higher, Federal - lower
Name 3 of 5 things discussed in our book you can do to cash flow your education.
Get good grades, ace college entrance exams, shop around, apply for financial aid, find part-time work
Name the 3 primary categories of financial aid you can obtain through filling out the FAFSA and outside organizations to help pay for college?
Grants, scholarships, work-study programs
Name 3 of 5 education alternatives to college talked about in our textbook.
Trade and vocational schools, start a business, enlist in the military, on-the-job training, licenses and certifications