Personal Finance Chapter 5

Scholarships

A merit-based form of financial aid that does not need to be repaid; usually offered on the basis of academic, athletic, or other achievements

"Good debt"

A money myth that portrays student loans as the only financial option when it comes to finding ones college education

_____ is owing anything to anyone for ____ reason.

Debt ; any

Write down three reasons why you should avoid student loans.

Debt, interest, and stress

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

Decisions

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

Distractions

Associates degree

An undergraduate academic degree awarded by colleges upon completion of a course of study lasting two years

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

Certifications

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

Financial aid

_____ are golden.

Grants

True or false : a four-year degree is necessary regardless of what career you're pursuing.

False

First, you have got to _____. Leaders are readers!

Read

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

Removed

One thing you can do ______ ______ is get good grades.

Right now

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

Explain how you can get an education debt free after high school.

Scholarships, pay in cash, sell stuff, grants, FAFSA, don't accept loans

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

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

Payment

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

Pell grant

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

Plan

Select one of the student stories in this chapter and describe the effect student loan debt had on that person's life

They never got out of debt and it ruined their relationships

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 classes you take are going to _______ to your four-year university of choice.

Transfer

The total estimated student loan debt in our country is one _______ dollars.

Trillion

True or false : our culture thinks student loan debt is normal and that is an acceptable way to pay for college.

True

Research shows that students who work up to _____ hours a week have the highest grade point averages of any type of student in colleges because they develop good time-management skills.

20

Mentorship

A developmental partnership through which one person shares knowledge, skills, and perspective to foster the personal and professional growth of someone else

Grant

A form of federal or state financial aid that does not need to be repaid

FAFSA

A form that is completed annually by current and prospective college students to determine their eligibility for financial aid

Work study

A program that allows students to work part time while continuing their studies

Trade school

A type of higher learning school that focuses on job skill training for specific career fields rather than academics in liberal arts

The total estimated student loan debt outstanding (unpaid) in the U.S. A.) $1 billion B.) $1 trillion C.) $10,000 D.) $7 trillion

B.) $1 trillion

What excites you the most about life after high school?

Being on my own

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

Which of the following is not a good option when it comes to paying for your education? A.) get a part-time job B.) plan ahead C.) ask your parents to take out a loan D.) fill out the FAFSA

C.) ask your parents to take out a loan

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-flow

Which of the following are ways that you can invest in yourself? A.) find a mentor B.) read books C.) surround yourself with people who have similar goals and ambitions as you D.) all of the above

D.) all of the above

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 the flexible schedule that allows you to work while you earn your degree. Whether it's your first up toward earning a bachelors degree or the beginning of your career, and associates degree may be a great option. Career fields such as fashion design, nursing, cardiovascular technology, and criminal justice are offered at the associates level.

Degree

The _____ 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

The FAFSA form needs to be completed each year you are in college. The sooner you turn in the form, the more likely you are to get financial help because some federal _____ is awarded on a first-come, ______-served bias.

Funding ; first

A student _____ is NOT an award! It will take years to pay 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

You can find jobs ___ _______ that offer flexible schedules for students in a variety of roles. These jobs usually pay more than work study.

Off campus

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

On the job

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

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 you. Be sure to create a solid business plan and establish financial sources 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 passions and people skills. Be prepared to work hard and know that there would be some bumps in the road.

Start

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

Worth

Based on what you've learned, do you believe it is realistic to graduate debt free? Why or why not?

Yes, I won't accept loans and I'll get a get a job