Dave Ramsey: Unit 2 Chapter 5

What % of college students have never discussed college funding with their parents?
What % of college-bound students have not projected the total amount of money they’ll need to graduate college?
A form that is completed annually by current and prospective college students to determine their eligibility for financial aid
Free Application for Federal Student Aid (FAFSA)
A form of federal or state financial aid that does not need to be repaid; usually given to students who demonstrate financial aid
A form of financial aid that does not need to be repaid; usually awarded on the basis of academic, athletic or other achievements
A program that allows students to work part time while continuing their studies
Work Study
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What can you do now to make sure you are able to find all the career and education opportunities that exist?
plan ahead
The best investment you will ever make is to?
Leaders are?
Reality TV and video games are
How many nonfiction books does the average millionaire read a month?
Your net worth as an adult will be the average of what?
the 5 people you hang out with the most
The people you put in your life influence your career, your decisions, and how you?
spend your money
In order to insure success, you should have some ___________ who have already had success
Is student loan debt normal or “good debt?”
no, no
your financial aid award package will include a list of different types of award like?
scholarships and grants
Is a student loan an award?
no, it’ll take years to pay back
Owing anything to anyone for any reason is
Is there such a thing as good debt?
What is the total estimated student load debt in our country?
one trillion dollars
Millions of people can not afford to make what payment every month?
student loan
What percent of college students graduate with debt?
almost 70%
Of the total outstanding student loan debt, approximately what amount is past due?
$85 billion
What percent of student loan borrowers paid on time without postponing the payments?
onle 37 percent; meaning 63% of borrowers had a hard time paying it back
What % of student loan borrowers wind up dropping out of school?
What does it mean to cash flow your college education?
To “cash flow” means to pay with cash as you go, instead of credit or debt
You need a plan. Who are two people you can get help from?
parents and school counselor
What is one thing you can do right now to help you get free money in the form of scholarships?
get good grades
What are two things that will set you apart from the crowd?
scoring well on the ACT or SAT and good grades
When you are estimating the cost of college it is best to narrow your choices down to how many schools?
six or less
What are three things you should consider when picking a school?
the school’s degree program; living expenses, and tuition
When looking at schools, does more expensive mean better quality?
I great money saver during your first two years of college is to attend?
communitee college – don’t be sold on prestige
The first step to receiving any kind of financial aid is to fill out your
FAFSA form – Free application for federal student aid
How often must the FAFSA Form be filled out?
each year you attend college
The sooner you turn you FAFSA in the better because some federal funding is given on a first come first serve basis. Turn it in by?
January or February
You’ll need your parent’s tax info to complete the FAFSA. It will be processed faster if you
turn it in online
These are golden – free money?
besides the grants, another form of free money is
Should you pay or give out your social security number when applying for grants or scholarships?
no, absolutely not
The average cost of tuition and fees for 2012-2013 school years was?
$29,056 at private university; $8,655 for in-state residents at public university and $21,706 for out of state residents
Name several scholarships that are available:
academic, athletic, clubs, rotary club, boys and girls club, local businesses, private donors, hobbies, talents
An undergraduate academic degree awarded by colleges upon completion of a course of study lasting two years
Associates Degree
A developmental partnership through which one person shares knowledge, skills and perspective to foster the personal and professional growth of someone else
A money myth that portrays student loans as the only financial option when it comes to funding one’s college education
“Good Debt”
A type of higher learning school that focuses on job skill training for specific career fields rather than academics in liberal arts.
trade school
Our culture thinks student loan debt is normal and that it’s an acceptable way to pay for college?
A four-year degree is necessary regradless of what career you’re pursuing?
the total estimated student loan debt outstanding in the U.S. is
$1 trillion
What are three reasons why you should avoid student loans?
debt; don’t earn any money; bankrupt
According to research, students who do this have the highest grade point averages of any type of student in college because they often develop good time management skills
students who work up to 20 hours
Research also shows that working more than 20 hours may
negatively affect grades
These jobs may pay you directly or pay toward your tuition bill?
on campus jobs
The first step in building your foundation is to eastablish
your emergency fund before graduation
Name four ways you can invest in yourself?
find a mentor, read books, surround yourself with people who have similiar goals and ambitions
Name three good options to help pay for your education?
plan ahead; get a part-time job; fill out the FAFSA
This is a good way to manage your money and live on less than you make?
having a zero-based budget
In order to live on less than you make you have to plan these three things ahead of time?
spend; save; give
You have two goals according to Ramsey. They are
stay in school and stay out of debt
College is not for everyone. Some other options include
Trade school; certifications; self-education; on-the-job-training; starting a business and the military