GEN 201 Week 1 Responsible Borrowing Worksheet

GEN 201 Week 1 Responsible Borrowing Worksheet

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 GEN 201 Week 1 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. To do so, you must understand your options and establish a financial plan. Use this opportunity to complete this plan and develop expertise in responsible borrowing.

Review the “Responsible Borrowing” video as well as the resources included in the Responsible Borrowing Worksheet.

Complete the Responsible Borrowing worksheet.

Submit your completed worksheet to the Assignment Files tab.

Responsible Borrowing Worksheet

 

Many students use federal student loans to pay for college. The goal of this assignment is to help you learn how to borrow responsibly, which means 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.

 

Complete each step and respond to the questions for each.

 

Submit your completed worksheet to the Assignment Files tab.

 

Step 1

 

Watch the “Responsible Borrowing” video located in your Week 1 Required Learning Activities.

 

Type in the blanks with the correct terms, or corresponding letter:

 

 

 

 

Subsidized
 

 

Unsubsidized
 

 

Grants
 

 

 

 

 

 

This type of federal financial aid generally does not have to be paid back: _______________
 

 

To qualify for this type of federal loan, a student must show demonstrated financial need: ____________________
 

 

With this type of federal loan, you are responsible for interest accruing as soon as the loan is disbursed: _____________________
 

 

 

Step 2

 

Navigate to the Repaying Your Student Loans category of the Financial Services PhoenixConnect Community. Explore the resources provided, as well as some of the discussions shared by community members. Pay special attention to the following posts, and use them to answer the follow-up questions.

 

 

 

 

Know Your Repayment Options (https://portal.phoenix.edu/social/thread/94586)
 

 

Minimize Student Loan Borrowing (https://portal.phoenix.edu/social/thread/94695)
 

 

 

(Alternative navigation: Click on PhoenixConnect on the black menu bar. Click on Communities, then search for Financial Services. Once in the Financial Services community, click on Filter by Categories and Tags and select Repaying Your Student Loans, then locate the posts mentioned above.)

 

Answer the following questions:

 

 

 

 

Which of the following repayment plan is NOT available on federal student loans? Highlight or underline the correct response:
 

 

 

 

 

 

Standard plan
 

 

Graduated plan
 

 

Inactive plan
 

 

Pay as you Earn plan
 

 

 

 

 

 

 

A general guideline provided in the above posts says for every $1,000 borrowed, your standard monthly payment would be approximately $ _________.
 

 

 

Step 3
 

 

Access your educational financial plan in your student account. Go to eCampus, click Account. Then click Financial Plan to see how you are funded for this academic year. Next, click Repayment to see what your estimated loan balance and payment will be based on your current borrowing. 
 

 

If you did not create a plan in your application, you can complete this work using the University of Phoenix tuition and fee calculator at http://www.phoenix.edu/financialplanassignment.
 

 

·          Click “Learn the Cost.”
 

 

·          Answer the questions.
 

 

·          Explore the information about options for payment, reducing costs, and military students, if applicable.
 

 

Using your Financial Plan information, answer the following questions:

 

 

 

 

Based on your plan, what is your estimated standard monthly payment when you enter repayment? ___________________________________
 

 

 

 

 

 

 

Besides federal loans and grants, what are some other options to pay tuition?
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