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? Financial aid is any grant, loan, scholarship, or paid employment offered to help students pay for his/her college expenses. How do grants differ from loans? Grants differ from loans because Grants are money that’s awarded to you which is something like a scholarship. Now Loans are funds that the student or parent borrows to help out with college cost, but with loans you have to pay them back with interest. What effect does class attendance have on funding availability? The effects that class attendance have on funding availability is that if you are withdrawn form a class which is a result of poor class attendance you will have to repay any federal aid used to pay for the time you were enrolled in that course.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? I found that with student loan repayment plans if you have a longer payment plan, you will have a low monthly payment. But with shorter payment plans you will have a higher monthly payment. Why is having an educational financial plan...
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