Pros/Cons
Of these education levels, this one earns more over time on average.
High School Graduate / Some College (no degree) / Bachelor's Degree / Master's Degree
What is a Master's degree?
This is the form you must fill out in order to receive financial aid offers for college.
What is the FAFSA (Free Application for Federal Student Aid)?
This a form of financial aid that is typically based on academic merit.
What are scholarships?
These are expenses that can change from month to month or unexpectedly.
What are variable expenses?
Those not going to college get to avoid this major downside.
What are student loans/debt?
You can begin resubmitting your FAFSA this month each year. (Though this year it will be in December.)
What is October?
The "Sticker Price" refers to this cost of going to college.
What is tuition?
This a contract signed by the student saying that they will be responsible for loan and interest payments.
Going to college offers some non-dollar values as well. Mark Zuckerberg's roommate is a great example of this perk of going to college.
What is networking?
They use the information in your FAFSA to determine appropriate offers for your aid.
Who are the schools listed on your FAFSA?
This is the sticker price minus any scholarships and grants awarded.
What is the Net Price?
After completing your FAFSA you'll receive this which tells you how much you'll have to pay based on family income.
What is your Expected Family Contribution (EFC)?
Going to college and getting a degree is great. But if you get a job that doesn't require your degree, you would be considered this.
What is underemployed?
Of the aid offers, these are the best option as they don't require you to pay them back.
What are scholarships and grants?
After graduating college there is a 6 month period in which you are not required to make payments on your loans known as this.
What is the Grace Period?
From the list below, this is a reason federal loans are better to take than private loans.
Lower credit standards (easier to get) / They have variable interest rates / They don't have to be repaid / They don't require the FAFSA
What is Lower credit standards (easier to get)?
Based on the video we viewed in class (Should I Really Go To College), those who earn a Bachelor's Degree make roughly this much more over the course of their career than those with a HS diploma.
(Answer within at least $100,000 to be correct)
What is $900,000?
Of the forms of financial aid available, these should be your last option as they usually have the least favorable terms.
What are private loans?
These are federal grants given to students based on substantial financial need. They do not need to be repaid.
What are Pell Grants?
With a Direct Unsubsidized Loan, responsibility for paying the interest while in school lies with them.
Who is the borrower/the student?