Personal Finance Chapter Five Study Guide

the total estimated student loan debt outstanding in the U.S. is

$1 trillion

Of the total outstanding student loan debt, approximately how many are past due?

$85 billion

What is the average repayment period for student loans?

10 years

Research shows that students who work up to -- hours a week have the highest grade point averages of any type of student in college because they often develop good time-management skills. But if you work more than 20 hours it affects you negatively.

20

What is the percentage of students that drop out?

30%

What is the percentage of students who paid on time for their student loans?

37%

Why is attending a community college or public university better then a private or out of state college?

Because it reduces the cost of living expenses

Charlie "Tremendous" Jones said, "Five years from now you will be exactly the same person you are today except for the ----- you read and the ------ you meet."

Books. People

In order to make the most of ------------ college, you've got to focus on the specifics like filling out your financial paperwork, researching scholarships, and finding part-time work opportunities.

Cash-Flowing

Students who are looking to learn specific skills can look into free or low-cost -------------- found online, at community colleges, or though government-funded programs.

Certifications

---- is owning anything to anyone for --- reason.

Debt. Any

The people you put in your life influence career, your ---------, and how you spend your money.

Decisions

An associate's ------ is a two-year degree that can offer a variety of benefits including lower cost than four-year colleges, specialized training and a flexible schedule that allows you to work while you earn your degree. Whether it is your first step toward earning a bachelors degree or the beginning of your career, an associate's degree may be a great option. Career fields such as fashion design, nursing, cardiovascular technology and criminal justice are offered at the associate's level.

Degree

Reality TV and video games are great ------------, but they're just entertainment.

Distractions

The ----- (Free Application for Federal Student Aid) is the first step to receiving any kind of financial aid. Whether you are interested in scholarships, grants, loans or other financial aids, you'll need to submit this form.

FAFSA

If you get stuck at any point in the process, just stop by your college's --------- --- office

Financial aid

Good grades help you earn...

Free money ( scholarships)

The FAFSA form needs to be completed each year you are in college. The sooner you turn in the form (by January or February) the more likely you are to get financial help because some federal ------- is awarded on a first-come ------served basis.

Funding. First.

If something changes that affects you financially you should...

Go to the financial aid office and it can be re-evaluated and possibly increased

------ are golden

Grants

Planing for college involves more than just ACT scores and college applications. You must understand...

How much it's going to cost ( that includes tuition, books and living expenses) and know how you are going to pay for it.

A student ---- is NOT an award! It will take years to pay it back,plus you'll have to pay interest.

Loan

Have some ------- who have already had some success

Mentors

The average ----------- reads one nonfiction book a month!

Millionaire

Grants are free -----

Money

Keep in mind that ---- --------- doesn't always mean ----- -------. Your future happiness, success and income will have very little to do with the prestige or name recognition of the college you attend

More Expensive. Better Quality.

It's a good idea to ------ your choices down to six schools or less. During this process, consider each school's degree programs, living expenses and tuition

Narrow

Our culture thinks student loan debt is okay—it seems totally ------. Some people even call it "good debt."

Normal

You can find jobs --- ------ that offer flexible schedules for students in a variety of roles. These jobs usually pay more than work study. On campus jobs may pay you directly or pay toward your tuition bill.

Off campus

---------- training is just that. You, the employee, train at the place of work while you are doing the actual job. Usually a professional trainer serves as the course instructor and uses a combination of hands-on activities and formal classroom training.

On-The-Job

What shouldn't you do when applying for a scholarship?

Pay money or give out your social security number

Millions of people can't afford to make their student loan -------- every month.

Payment

Federal and state governments offer grants that are usually need-based. The FAFSA will determine which grants you qualify for. Examples include the Federal ---- ----- and state-specific grants

Pell Grants

You need a ----! Start now. Get help from your parents and school councilor along the way.

Plan

Trade schools allow students to learn basic ------------ ------- in two years or less because technical schools typically cut out many of the general courses required by traditional universities. Also, since trade schools are often directly tied into the employment needs of their region or state, prospective employers often seek new hires from trade school graduates.

Professional Skills

First, you have got to ----. Leaders are readers.

Read

Remember, student loans are bad news. Make sure you ask that the student loans be ------- from your funding

Removed

One thing you can do ----- --- is get good grades

Right Now

Another form of free money is ------------.

Scholarships

When you receive your financial aid award package for college, you'll see a list of all different types of awards like ------------ and grants.

Scholarships.

Maybe you'd like to ----- your own business. While there is always risk involved, if you have passion and an entrepreneurial spirit, it might be right for your. Be sure to create a solid business plan and establish financial resources first. Stick with a debt-free plan. Remember to be enthusiastic about your venture. Many people who don't necessarily make "good" traditional students make the best entrepreneurs because of their passion and people skills. Be prepared to work hard and know that there will be some bumps in the road.

Start

What are your two goals?

Stay in school and stay out of debt.

Attending a community college for your first two years is a great way to knock out your freshman and sophomore years at a low cost. If you plan to continue your education after your two-year degree, work closely with your advisor to make sure the classes you take are going to -------- to your four-year university of choice

Transfer

Your net ----- as an adult will be the average of the five people you hang out with the most

Worth

What is one of the things you need when you turn in the FAFSA form?

Your family's tax information