K Price Gen201 R2 Responsible Borrowing
University of Phoenix Material
Responsible Borrowing Worksheet
Many students acquire federal student loans to pay for college. The goal of this assignment is to help you learn how to borrow responsibly, which mean that you do not borrow at all or that you may 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 focus on your courses and make connections with instructors and other students.
Step 1
Watch the “Responsible Borrowing (Financial Aid)” video on the orientation website (http://www.phoenix.edu/student-orientation.html). Respond to the following questions:
What is financial aid? There are a variety of financial aid tools available to students today, including scholarships, need-based awards, work-study employment and student loans. Early two-thirds of today's full-time college students receive some form of need-based aid [source: NCES]. Need-based financial aid eligibility is based on two calculations -- the total cost of education and the family's ability to pay. The cost of education can vary significantly from institution.
How do grants differ from loans? Grants are money you don’t have to repay and are usually based on your financial need while loans are money you borrow that you must pay back, usually with interest costs. The major grants are Cal Grants, federal Pell Grants and some smaller federal grants. There are low-interest federal student loans as well as federal parent loans to help pay for their child’s education.
What effect does class attendance have on funding availability? Federal and state regulations governing student financial assistance require that an institution develop standards to measure academic progress toward a degree. Students applying for financial aid will be monitored for satisfactory academic progress whether or not financial aid was applied for or received during any academic period in
Responsible Borrowing Worksheet
Many students acquire federal student loans to pay for college. The goal of this assignment is to help you learn how to borrow responsibly, which mean that you do not borrow at all or that you may 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 focus on your courses and make connections with instructors and other students.
Step 1
Watch the “Responsible Borrowing (Financial Aid)” video on the orientation website (http://www.phoenix.edu/student-orientation.html). Respond to the following questions:
What is financial aid? There are a variety of financial aid tools available to students today, including scholarships, need-based awards, work-study employment and student loans. Early two-thirds of today's full-time college students receive some form of need-based aid [source: NCES]. Need-based financial aid eligibility is based on two calculations -- the total cost of education and the family's ability to pay. The cost of education can vary significantly from institution.
How do grants differ from loans? Grants are money you don’t have to repay and are usually based on your financial need while loans are money you borrow that you must pay back, usually with interest costs. The major grants are Cal Grants, federal Pell Grants and some smaller federal grants. There are low-interest federal student loans as well as federal parent loans to help pay for their child’s education.
What effect does class attendance have on funding availability? Federal and state regulations governing student financial assistance require that an institution develop standards to measure academic progress toward a degree. Students applying for financial aid will be monitored for satisfactory academic progress whether or not financial aid was applied for or received during any academic period in