Show:
Financial Aid
Jobs
Dorm & Apartment Life
Expenses & Debt
Saving & Investing
100
If you spend five hours working on a scholarship that only pays $250, how much money have you made per hour?
What is $50 an hour. Even small scholarships are worth pursuing.
100
Is it always good to accept a job offer in college? List at least one example of when it might not be a good idea to work during college.
What is 1) Earning extra money can sometimes affect your financial aid status. Always check with the financial aid office before accepting a job. 2) A college education will give you the biggest payoff down the road, so don’t accept a job that will affect your ability to get to class or to complete your assignments on time.
100
What is the most important thing to remember about your campus meal plan?
What is Use it! Unused meals are wasted money. Adjust it up or down based on your needs.
100
What is the difference between a need and a want?
What is A need is really important to you and it has lasting value.
100
What does “pay yourself first” mean?
What is Put money into savings before you spend it on other things. If you put $1 plus your loose change into a jar then at the end of the month you may have $50 or more to put into a savings account.
200
What is the most comment mistake students make when applying for financial aid?
What is missing deadlines. Mark important dates on your calendar so you don't miss them.
200
List two potential consequences of defaulting on a student loan.
What is Defaulting on a FEDERAL student loan can have severe consequences including garnished wages and legal action. Defaulting on any loan will result in a poor credit score which will make it hard to get future student, car or house loans. In some cases low credit scores can affect your ability to get a job.
200
How long are most apartment leases?
What is 12 months. You are responsible for paying for all twelve, even if you only live there for the 9 month school year.
200
Do more students stop going to college because they flunked out or because they are in too much credit card debt?
What is Credit card debt is the leading reason that students quit college. Note: even if you drop out of college you are still expected to pay back your student loans.
200
Explain compound interest
What is If you have $100 at 8% interest then next year you have $108 dollars growing interest... http://www.primerica.com/public/power-compound-interest.html
300
Give at least three ways to identify a scholarship scam.
What is 1) guarantees or claims that are not available anywhere else. 2) Legitimate scholarships never charge fees and are available to everyone. 3) Question any company that seeks you out with offers of awarded money if you haven't applied to them first 4) Legitimate scholarships will have valid contact information, websites, active telephone numbers and mailing addresses (not just P.O. Boxes).
300
Is it better to work on or off campus? Discuss the pros and cons of each.
What is On campus is more understanding of school schedules and you will only be expected to work during the school year. There are also less transportation costs with on-campus jobs. Off campus jobs sometimes pay better and they might be related to your career aspirations, but the transportation costs are higher and they might want you to work during the summer.
300
List three expenses that you will have living off campus that you will not have if you live in the dorms.
What is Utilities, internet, cable, laundry, renter’s insurance, furniture, gas and parking fees. Rent and food are things you need to pay on and off of campus.
300
What is the best way to control your spending?
What is Create and stick to a budget. Tracking your spending will help you identify areas to save. Also, always shop with a list because it helps curb impuse purchases.
300
What is a stock?
What is a portion of a company. Stocks earn higher returns than bonds, but they are riskier
400
List two things that can happen if you don't pay a student loan.
What is 1)the effects of getting a job 2) its difficult to get a loan in the future to buy a car or a house
400
What can you do to prepare yourself for a job while you're still in school?
What is 1) Internships 2) Working with the career center. 3) Having a resume ready to give out.
400
What happens if your roommate can’t pay his/her share of the rent?
What is You are still responsible for the full amount. Late fees WILL apply.
400
Name at least three of the five of the steps to build good credit.
What is Pay basic expenses on time, make loan and credit card payments on time, pay loans before spending money on other expenses, apply only for the credit you need, do not bounce checks.
400
Explain the difference between a savings account and a money market account.
What is Savings have low minimum deposit requirements and earn low interest rates. Money market accounts have higher minimum requirements but also pay more in interest.
500
IF you borrow $31,000 at 6.8% in a Federal Stafford Loan, how much do you have to earn each month to pay your loan in the next 10 years?
What is $356.75 each month
500
In addition to salary, what other financial considerations need to be considered when taking a job? List at least three.
What is Benefits (health insurance, life insurance, etc.), stock options, retirement benefits (401k matches, pensions), company discounts, tuition reimbursement, training, hidden costs of the job (clothing costs, transportation costs), opportunity for growth.
500
List three potential money issues that can come up when living with roommates. How should you proactively handle these situations?
What is food costs, household supplies, heating costs, damage to the apartment, leaving before the lease is up...a written agreement that is signed by each roommate is the only protection that you have.
500
The reading gave you eight ways to control a credit card. List at least five of their suggestions for managing a credit card wisely.
What is Keep only one credit card; shop around to find one that has no annual fee, a lower interest rate or a longer grace period; considered a secured credit card; don’t charge anything that you can’t pay for right away; mail the payment several days before the due date; think of your credit card as a loan payment, “Would I really go to the bank to get a loan to buy this?”; subtract your credit card purchases from your checking account; do not use a cash advance from a credit card unless you have a serious emergency.
500
What is a mutual fund?
What is An investment tool that allows you to purchase a small piece of a collection of companies. Mutual funds provide more security than individual stocks and better returns than a savings account.