Chapter 5 Fin Lit

Gas is $2.15 a gallon prices are expected to raise 4% over Christmas. We can expect to pay $ _ per gallon over Christmas. ***Round to the nearest penny

$2.24

How much would your student loan payment be if you have $75,000 in student loan debt. The interest rate 4.5% You plan on paying off the loan in 10 years You may google a student loan calculator

$777

What would you be doing if you are "cash- flowing" your college education?

-Spend time apply and searching for scholarships -Working part-time and putting money in a 'sinking fund' for college tuition. -Getting good grades -High Scores on the ACT and SAT -Take advantage of work-study programs

The total estimated student debt in our country is _ dollars! According to usdebtclock.com, it is closer to _ dollars.

1 Trillion, 1.6 Trillion

"The percentage of student loan borrowers who paid on time without postponing payments or becoming delinquent is a mere 37%. In other words, 63% of borrowers had a hard time paying back their loans." There were 153 WHS Graduates enrolled in college the summer after their senior year in 2018. According to the statistic above 2/3 of them had a student loan. How many have student loans? _ How many will have a difficult time paying back their loan if "63% of borrowers had a hard time paying back their loans"?_ **** Round your answer up... You can not have partial person ***** 1. How many have student loans? 2. How many will have a difficult time paying back their loan if "63% of borrowers had a hard time paying back their loans"?

1. 2.

A starting Phlebotomist typically makes about 15.35 per hour (salary.com). You picked up your certification your 1st year after high school. Since you are in college you try to work 20 hours per week and you are paid every 2 weeks. 1. What is your Gross Pay $_ The hospital you work at will match 100% of your 401k up to 6% and has a 100% tuition reimbursement plan. You take full advantage of the match. How much must you put in to get the full matching amount each pay? _ 1. What is your Gross Pay $_______ 2. The hospital you work at will match 100% of your 401k up to 6% and has a 100% tuition reimbursement plan. You take full advantage of the match. How much must you put in to get the full matching amount each pay?

1. 2.

Research shows that students working a part time job of _ hours a week have the highest grade point average, because they are developing _ _ skills

1. 20 2. time management

When the video was made Rachel said "The totall estimated student loan debt in our country is _ dollars" The number is growing every second. According to the

1. One trillion 2. 1.5 trillion

What would you be doing if you are "cash- flowing" your college education? Check all that apply

1. pay as you go 2. Spend time apply and searching for scholarships 3. Working part-time and putting money in a 'sinking fund' for college tuition. 4. Getting good grades 5. High Scores on ACT and SATThis answer is correct. 6. Take advantage of work study programs

Michigan Sales tax is 6% How much will you pay for a $27 Shirt?_

28.62

_% of student loan borrowers drop out of school and then must begin making payments in 6 months.

30

_ student loan borrowers drop out of school then pay back in 6 months.

30%

The 1st Foundation in Personal Finance: Save$ _ .00 in an emergency fund.

500

The 1st Foundation of Personal Finance: Save $___ in an emergency fund.

500

Student loans are due _ months after you stop going to school.

6

_ is owning anything to anyone for _ reason. There is no such thing as 'good debt'

Debt, any

The first step in recieving any kind of financial aid is to fill out your _ (Free Application for Federal Student Aid)

FAFSA

The first step in recieving any kind of financial aid is to fill out your _ (Free Application for Federal Student Aid) The first step in recieving any kind of financial aid is to fill out your ______.

FAFSA

Grants are a type of financial aid that must be paid back.

False

Grants will need to be paid back once you have completed your college degree.

False

If you are awarded a student loan in your financial aid package, you are required take the loan.

False

Scholarships are only for students that excel in sports.

False

The more expensive the school the better quality of your education.

False

The only place you can learn the skills to be successful is college.

False

True or False: The more expensive the school the better quality of your education.

False

You do not need to fill out FASFA if you are planning to attend a private school.

False

You only need to complete FAFSA prior to your first year of college.

False

Your college _ _office is a great resource to help you complete FASFA forms and look for possible Scholarships and Grants

Financial Aid

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

On-The-Job

What type of univerisity or college would be the most economical (lowest cost) to attend?

Public in State University or College

What type of univerisity or college would be the most economical (lowest cost) to attend?

Public in-state University or College

The following are different types of financial aid. Check the ones that DO NOT need to be paid back.

Scholarships and Grants

_ schools allow students to learn basic professional skills in two years or less.

Trade

A benefit of an associates degree is lower cost due to less time.

True

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.

True

Federal, State, and local (college) funding is awarded on a First -Come First-Served basis.

True

If your financial situation has changed, parent laid off, or a medical situation, you should let the financial aid office know. They may re-evaluate and possibly increase your award.

True

If your parents work at Henry Ford Allegiance Health you should check to see if they offer any scholarships for employee dependents.

True

It is possible to find commuinty based scholarships and help at Jackson Community Foundation.

True

Many people who start their own business don't make good 'traditional' students, however, they make great entrepreneurs because for other business skills they have.

True

Many trade schools are tied directly to the employment needs of their region or state, prospective employers often seek new hirs from trade school graduates.

True

Scholarships are also another form of financial aid that do not need to be paid back.

True

The average repayment period for a student loan is 10 years if you make the minimum payment each month. You will pay more interest if you go beyond 10 years.

True

Trade school typically cut out many of the general education courses required by traditional universities.

True

True or False: 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.

True

True or False: Your future happiness, success and income will have very little to do with the prestige or name recognition of the college you attend.

True

Two additional benefits of an associates degree is specialized training and flexible schedule.

True

Your future happiness, success and income will have very little to do with the prestige or name recognition of the college you attend.

True

It is a good idea to narrow your choices down to six schools or less. During this process, consider each school's _ program, living expenses and tuition.

academic

You should never _________ for scholarships.

apply to pay

The 3rd Foundation in Personal Finance: Pay _ for your car.

cash

The 3rd Foundation of Personal Finance: pay _ for your car.

cash

The 4th Foundation in Personal Finance: Pay _ for college

cash

The 4th Foundation of Personal Finance: pay _ for college

cash

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

certifications

The 2nd Foundation in Personal Finance: Get out of _ and stay out!

debt

The 2nd Foundation in Personal Finance: get out of _ and stay out of it!

debt

The people you put in your life influence your career, your _ and how you_ your money.

decisions, spend

Grants are ____ money! Filling out your FAFSA will help determine which grants you qualify for.

free

When you receive your financial aid award package for college, you'll se a list of all different types of awards like scholarships and _.

grants

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

grants

"College is not worth the time and money!" The _ you get is! Knowledge is the currency in our economy. Going to school does not mean anything.... Learning something does.

knowledge

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

loan

The student _ is not an award!

loan

Have some _ who have already had some success

mentors

Have some ______ who have already had some success

mentors

The average _ reads one _ book a month!

millionaire, nonfiction

What can you Google search to find out how much 1 semester of college will cost you?

net price calculator

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

normal

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

payment

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

plan

Which kinds of financial aid DO NOT need paid back?

scholarships and grants

Student loan are due _ months after you stop going to school.

six

If you are planning to attend a 4 college or university after 2 years at a community college work closely with your college advisor to make sure the classes you take are going to _. to your four-year college or universtiy of choice.

transfer

An associate's degree is a _ year degree.

two

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

worth, five