Debt and Financial Aid

Topics: Debt, Personal finance, Want Pages: 2 (556 words) Published: May 28, 2014
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.

Step 1

Watch the “Responsible Borrowing (Financial Aid)” video on the orientation website located here: Respond to the following questions:

What is financial aid? Financial Aid is any grant or scholarship, loan, or paid employment offered to help a student meet his/her college expenses. Such aid is usually provided by various sources such as federal and state agencies, colleges, high schools, foundations, and corporations. 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

What effect does class attendance have on funding availability? Students must attend school continuously, with no attendance breaks greater than 14 days, to retain disbursed federal financial aid funds. A leave of absence must be requested and approved if a student requires more than 14 days away from class.

Step 2

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? I found out that there are interests rates that cling to the loan and also you should pay...
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