Chapter 7 review

A great way to earn extra money while also sharpening your time-management skills is to . . .

Work a part-time job

Many service industries, including financial services, auto repair, electrical work, plumbing and health care, don't require four-year degrees.

True

Since federal funding is often awarded on a first-come, first-served basis, you'll be more likely to get financial help by filling out your FAFSA as soon as possible.

True

You should figure out what you're passionate about before going to school for a specific field of work.

True

You can save thousands of dollars by spending the first ____ at a(n) _____.

Two years; local community college

It's okay to not understand all the specifics of your financial aid before accepting the money.

False

To stay extra focused on your debt-free degree goal, you will need to avoid . . .

Student loans

Private student loans typically have a higher interest rate than federal student loans.TrueFalse

True

A two-year degree with specialized training, a flexible schedule, and lower educational costs is called a(n) ______________.

Associate degree

What are three ways to lower the cost of college?

Choose the least expensive meal plan, use public transportation whenever possible, and try to get housing off campus.

Ask yourself, "Do I need this ___ for my ___?" before you start applying to schools.

Degree; career

Dropping out of college means you don't have to pay your student loans.

False

You can fund your education by finding the right mix of ___, ___, and ___.

Grants; scholarships; work

Many high schoolers get so caught up in the idea of the college experience that they don't think critically about...

How their college choice will affect their financial future.

The typical student loan payment is between $200 and $300 per ______.

Month

Part of making a plan to _____ involves searching for scholarships, saving, and talking with your family about what kind of financial help you'll get.

Pay cash for college

Scholarships are a great way to fund your education because you don't have to . . .

Pay them back

Explain the importance of paying cash for college. Then, using examples from the text, share ideas of how to cash flow your postsecondary education.

Paying cash for college is important for starting to have an excellent financial state. Since the average student loan takes around 30 years to pay off, your financial future would be defined by student loans if you take them out. You can cash flow for college by applying for scholarships, looking for grants, and getting a part-time job. Start to invest in your future by using cash in a savings account.

Be careful what you _____, since most schools keep an eye out for good ______.

Post on social media; behavior

FAFSA is the federal application required to . . .

Receive financial aid

Explain the difference between scholarships, grants, and work-study programs.

Scholarships and grants are financial aid awards that aren't repaid. Scholarships are usually awarded based on achievements. However, grants are usually awarded based on financial aid. Work-study is a federal program that has students work a part-time job and earn financial aid from the government.

The first decision you need to make in order to avoid going into debt with student loans is . . .

Take debt off the table

How do a lot of students incorrectly prepare for thinking about college?

They focus on the experience of what college might present to them instead of looking at how might their college choice affects their future.

In-state college tuition is almost always a cheaper option than out-of-state colleges.

True

What's a better question to ask instead of, "Where do I want to go to college?"

"What do I want to do for a career?"

Most students don't consider that they'll end up paying far more than the original amount they borrowed on their student loans because of ________.

Interest rates

It takes the average person _________ to pay off their student loan debt.

20 years

What is The Fourth Foundation?

Pay cash for college.

Student loans are a "good" type of debt

false

Why is it important for students to think about what they want to do before pursuing a college education? What kind of education do you think is right for you, based on what you're passionate about?

If you pursue a college degree in an area that you are unsure about joining, and you decide to not get a job in that career, that just cost you thousands of dollars and will place you further behind in life. You need to have job shadows and do some research in the career to see if it is a good fit for you.

How do student loans hold you back from investing in your future?

It can take up to 30 years to pay for student loans, and the monthly student loan payments can take up to 20% of your total monthly income, so that prevents you from investing in retirement and other causes.

Your college degree will only cost you the tuition, nothing more

False

Getting good grades and scoring well on college entrance exams give you a better chance of ____________.

Getting a scholarship

________ typically take(s) less than two years to complete, teach you the skills you need for that career, and is/are often tied to that region's employment needs.

Trade and vocational schools

To decide if you're passionate about something, consider . . .

Volunteering in that field first

Most employers care more that you're educated in your field than they care about . . .

What college you went to

List five non-college options available for postsecondary education.

You can enlist in the military, enroll in a trade school that offer specialized training in the trades, enroll in a community college, take up a part-time job in a career that you're interested in, and enroll in an online college that has you earning your degree in just a couple of years.