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9th Personal Fin Ch5
9th Grade Personal Finance Chapter 5
| Question | Answer |
|---|---|
| A form that is completed annually by current and prospective college students to determine their eligibility for financial aid. | FASFA |
| A form of financial aid that does not need to be repaid; usually awarded on the basis of academic, athletic or other achievements. | Scholarship |
| A program that allows students to work part time while continuing their studies. | Work Studies |
| A form of federal or state financial aid that does not need to be repaid; usually given to students who demonstrate financial need | Grant |
| A two-year government supported college that offers an associate’s degree | Community College |
| Usually a professional trainer serves as the course instructor and uses a combination of hands-on activities and formal classroom training. | On-the-Job Training |
| Allows students to learn basic professional skills in two years or less; typically cut out many of the general courses required by traditional universities. | Trade School |
| A person that starts his or her own business | Entrepreneur |
| Pay as you go | Cash-Flow |
| Explain how you can get an education debt free after high school. | It is possible to cash-flow your college education if you save now, plan ahead, get good grades, take the ACT/SAT several times, shop around, apply for financial aid. |
| What are three reasons why you should avoid student loans. | 1. repayment can take 10 years or more, being in debt limits your choices and possibilities 2.many borrowers fall behind and even default on their student loan payments, 3. many students drop out of college and still have to pay back their loans |
| Why does Dave Ramsey compares student loan debt to a ʺmonster locked in the closet.ʺ | you can only ignore or avoid the monster (debt) for a short time; after college you will have to face the monster |
| Explain how academic and financial decisions made today will affect your life for years to come. | the long -term consequences of debt and the benefits of good education choices, career choices and money management. |
| The total estimated student loan debt outstanding (unpaid) is over: | 1 Trillion Dollars |
| Which of the following is not a good option when it comes to paying for your education? | Ask your parents to take out a loan |
| What are some ways that you can invest in yourself? A) Find a mentor B)Surround yourself with people who have similar goals and ambitions as you C) Read books | A) Find a mentor B)Surround yourself with people who have similar goals and ambitions as you C) Read books |
| What of the following is recommended when you are cash-flowing your college education? | A) Live on a zero-based budget. B) Work and save money over the summer months. C) Make sure you have an emergency fund. |
| The average repayment period for a student loan is: | 10 years |
| The Fourth Foundation is: | pay cash for college |
| What could be a negative consequence of taking out student loans? | A) Not having the freedom to be a stay-at-home parent B) Having to delay investing and saving for your future C) Not having flexibility in your career options |
| What percentage of college students graduate with student loans? | 66% |
Created by:
chrisruiter