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 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 focus on your courses and make connections with instructors and other students.
Step 1 Respond to the following questions:
What is financial aid?
Financial Aid is a funding source that helps students pay for their education that isn't coming from their pockets directly.
How do grants differ from loans?
Grants are financial assistance that you don't have to pay back. Loans are borrowed money that you have to pay back with interest.
What effect does class attendance have on funding availability?
Failure to meet the class attendance requirements can delay, cancel or interrupt funding all together.
Step 2
Know Your Repayment Options (https://portal.phoenix.edu/social/thread/94586)
Minimize Student Loan Borrowing (https://portal.phoenix.edu/social/thread/94695)
Creating an Educational Financial Plan (https://portal.phoenix.edu/social/thread/95046)
Respond to the following questions:
What did you find about student loan repayment plans?
I found that you have a 6month grace period after you've finished college to start repaying your loans. There's more than enough different repayment plans that you can choose from that will help you stay on track with paying your loans back.
Why is having an educational financial plan important?
It's important to have an educational financial plan because you want to stay on top of your payments so that your loans won't go into deferment and potentially mess up your credit or financial aid you may need in the future.
Step 3
Access the Financial Plan
Based on this plan, what is your
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 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 focus on your courses and make connections with instructors and other students.
Step 1 Respond to the following questions:
What is financial aid?
Financial Aid is a funding source that helps students pay for their education that isn't coming from their pockets directly.
How do grants differ from loans?
Grants are financial assistance that you don't have to pay back. Loans are borrowed money that you have to pay back with interest.
What effect does class attendance have on funding availability?
Failure to meet the class attendance requirements can delay, cancel or interrupt funding all together.
Step 2
Know Your Repayment Options (https://portal.phoenix.edu/social/thread/94586)
Minimize Student Loan Borrowing (https://portal.phoenix.edu/social/thread/94695)
Creating an Educational Financial Plan (https://portal.phoenix.edu/social/thread/95046)
Respond to the following questions:
What did you find about student loan repayment plans?
I found that you have a 6month grace period after you've finished college to start repaying your loans. There's more than enough different repayment plans that you can choose from that will help you stay on track with paying your loans back.
Why is having an educational financial plan important?
It's important to have an educational financial plan because you want to stay on top of your payments so that your loans won't go into deferment and potentially mess up your credit or financial aid you may need in the future.
Step 3
Access the Financial Plan
Based on this plan, what is your