PAYING FOR COLLEGE
If you need financial aid, this is step 1.
apply for the FAFSA
Why should you complete the FAFSA?
to see if you're eligible for financial aid
the federal government pays the interest on this type of loan as long as you're still studying
subsidized loan
This is the standard repayment period for federal students loans.
10 years
This is a person who starts and runs a business.
entrepreneur
this is the cost of attending college, before receiving any aid
sticker price
Why is it important to submit the FAFSA early?
Some financial aid is first-come, first-served.
______________ means taking multiple small debts or loans and rolling them into one single loan with one monthly payment and one due date.
loan consolidation
Jamal gets his first loan bill but cannot afford the payment. What should he do first?
contact his loan servicer about repayment options
Customers who are most likely to buy a business's product are called this
target market
these two forms of aid you do NOT need to pay back
grants & scholarships
How much does it cost to apply for the FAFSA?
$0
interest starts building (accruing) on this type of federal student loan from the moment you sign for it
unsubsidized
Sarah pays an extra $50 toward her student loan each month. What is a likely benefit?
She'll pay it off earlier and pay less interest
Activities used to promote and sell products or services.
marketing
____________________ typically have lower interest rates than those offered by private lenders.
federal student loans
How often do you have to complete the FAFSA?
every year
________________ is a temporary pause in your student loan repayment due to financial hardship. You don't have to pay, but interest keeps building.
forbearance
Which of the following is a benefit of making payments on time?
A. Building a positive credit history
B. Increasing your loan balance
C. Losing financial aid eligibility
D. Paying more interest
A. Building a positive credit history
Starting your own business offers both r______ and r________
risks and rewards
STICKER PRICE - GRANTS & SCHOLARSHIPS = ?
net price
this type of financial aid allows you to earn some money and experience while you're studying.
work study
______________ is a temporary pause of your student loan payment. Interest does NOT accrue (build).
deferment
Why is it important to borrow only what you need for college?
bigger loans = larger payments after graduation
A group of people who buy and use a company's products or services is called this
customer(s)