What email address or phone number would you like to use to sign in to Docs.com?
If you already have an account that you use with Office or other Microsoft services, enter it here.
Or sign in with:
Signing in allows you to download and like content, and it provides the authors analytical data about your interactions with their content.
Embed code for: ana homework
Select a size
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 means that you do not borrow at all or that you may 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.
Watch the “Responsible Borrowing (Financial Aid)” video on the orientation website (
http://www.phoenix.edu/student-orientation.htmlhttp://www.phoenix.edu/student-orientation.html). Respond to the following questions:
What is financial aid? Financial aid helps students pay for college. Financial aid helps cover education expenses. There are different types of financial aid assistance like grants, scholarships, work study and loans.
How do grants differ from loans? Grants do not have to be paid back but loans do.
What effect does class attendance have on funding availability? You have to attend school regularly if not you might have to pay back grant or not qualify for finical aid.
Navigate to the 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 (
Minimize Student Loan Borrowing (
Creating an Educational Financial Plan (
Respond to the following questions:
What did you find about student loan repayment plans? I learned they offer fixed interest rates. You can consolidate your loans into one. The shorter the term the lower the interest.
Why is having an educational financial plan important? It is important to have a plan to you can start saving now. Also not to be stressed at the end of our career path and know how all loans will be paid back
Access the Financial Plan (
http://www.phoenix.edu/financialplanassignmenthttp://www.phoenix.edu/financialplanassignment). Enter your program, and respond to the questions. Explore the information about options for payment, reducing costs, and military students (if applicable). If you have already completed the plan as part of the enrollment process, you can use those results for this step.
Based on this plan, what is your estimated monthly payment when you enter repayment? My payment would be about $350 for 20 years. Which I hope to save enough to be able to lower that payment by paying a lump sum.
As a result of completing the plan, what changes can you make to reduce the amount you might borrow? Why?
Copyright © 2015 by University of Phoenix. All rights reserved.