University of Phoenix Material
Responsible Borrowing Worksheet
Many students borrow federal student loans to pay for college. The goal of this assignment is to help you learn how to borrow responsibly, which may mean that you do not borrow at all or that you borrow only what you truly need. To borrow responsibly, you must understand your options and establish a financial plan for your entire program. With that plan in place, you can then focus on your classes and making connections with instructors and other students.
Watch the “Responsible Borrowing (Financial Aid)” video on the orientation website located here: http://www.phoenix.edu/student-orientation.html. Respond to the following questions:
What is financial aid?
Answer: Financial aid assists students and their families pay for college. This monetary assistance covers educational expenses such as tuition and fees, room and board, books and supplies, and transportation. •
How do grants differ from loans?
Answer: Grants are considered “free money” that doesn’t need to be paid back whereas a loan needs to be paid back starting six months after graduation. •
What effect does class attendance have on funding availability? Answer: The effect that class attendance has on available funding is that if you are withdrawn from a class which is a considered poor class attendance you will have to repay any federal aid that is used to pay for the time you were enrolled in that course.
Navigate to the Personal Finance category of the GEN/127 PhoenixConnect Community. Explore the resources provided and some of the discussions shared by the community members. Respond to the following questions:
What did you find about student loan repayment plans?
Answer: I found out that with student loan repayment plans if you have a lengthier disbursement plan, you will have a lower scheduled payment. with a shorter disbursement plans you will have a higher prearranged payment. •...
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