Chapter 7

Question 1

When is the time for you to decide what your goals are and figure out the best way to achieve them?

Answer 1

Now

Question 2

Not planning behavoir comes at what cost?

Answer 2

Financial cost

Question 3

What will happen if you choose to go along with the crowd?

Answer 3

Your dream job will feel like a nightmare

Question 4

What is the total amount of student loan debt in the US?

Answer 4

1.7 trillion

Question 5

What percentage of high school graduates drop out of college before earning a degree?

Answer 5

40%

Question 6

What do students who take out a loan and drop out of college have to show for their debt?

Answer 6

Nothing!

Question 7

What percentage of people think that their student loans will eventually be forgiven?

Answer 7

44%

Question 8

What is on the other side of sacrifice and hard work?

Answer 8

a life that is beautiful and statisfying

Question 9

What are some ways you can reduce your college costs?

Answer 9

1. Pay for college with cash
2. scholarships/grants

Question 10

What will happen when you choose to stay laser-focused on your goals?

Answer 10

Big things

Question 11

the percentage of the labor force

Answer 11

Unemployment rate

Question 12

all education that takes place after highschool

Answer 12

postsecondary education

Question 13

an undergratuate degreee from a college that is usually completed after 4-5 years of study

Answer 13

bachelor’s degree

Question 14

a course that needs to be completed

Answer 14

prerequisite

Question 15

2-3 year postsecondary undergraduate degree

Answer 15

associate degree

Question 16

What can help you earn more money during your career?

Answer 16

college degree

Question 17

The unemployment rate tends to be lower for people who have what?

Answer 17

college degree

Question 18

What question should you ask yourself before applying to schools?

Answer 18

“Do I need this degree for my career?”

Question 19

How can you save thousands of dollars in tuition and living expenses the first two years of college?

Answer 19

spending the first 2 years at a local community college and living at home

Question 20

What can you do with the credits you earn at a community college?

Answer 20

transfer the crdits to your school of choice

Question 21

Is postsecondary education a one-size-fits-all education?

Answer 21

no

Question 22

No matter what path you choose, what must you continue to do?

Answer 22

learn and grow

Question 23

What must you be in order to fully commit to your craft or trade?

Answer 23

lifelong learner

Question 24

loans made by banks, credit unions, or other organizations with terms and conditions set by the lender, including higher or variable interest rates

Answer 24

private student loans

Question 25

loans made by the government with terms and conditions set by law

Answer 25

federal student loans

Question 26

federal student loans that are based on a students financial need and dont accrue interest for a set period of time

Answer 26

subsidized loan

Question 27

debt payment is held off for or until a certian time but interest continues to accure

Answer 27

forbearance

Question 28

debt paymebt are held off for or until a certain time and no interest accrues

Answer 28

deferred

Question 29

federal student loans that arent based on a student's financial need and start accruing interest immediately

Answer 29

unsubsidized loan

Question 30

What percentage of college graduates have student loan debt?

Answer 30

49%

Question 31

What does the interest rate of a student loan depend on?

Answer 31

type of loan

Question 32

Monthly student loan payments can take up to ____% of a graduate's take-home pay?

Answer 32

20%

Question 33

How long does it take the average graduate to pay back the student loan?

Answer 33

20 years

Question 34

How much student loan debt does the average college student in America have?

Answer 34

$35,000

Question 35

Dropouts still owe about how much on average?

Answer 35

$7,000

Question 36

After 7 years, what percentage of dropouts owe more than they initiall borrowed?

Answer 36

49%

Question 37

the federal appliacation required to recieve any financial aid

Answer 37

FAFSA

Question 38

any form of finiancial aid that doesnt need to be repaid

Answer 38

gift aid

Question 39

document that shows weather or not you are eligable for federal student aid

Answer 39

student aid report

Question 40

letter sent by a college or university that explains attendance costs and details about a student's financial aid package

Answer 40

financial aid award letter

Question 41

Financial aid that does not need to be repaid; usually awarded based off achievements

Answer 41

scholarship

Question 42

financial aid that does not usually need to be repaid; usually awarded based on financial need

Answer 42

grant

Question 43

a program that allows students to work part-time while continuing their studies

Answer 43

work-study

Question 44

Why do so many student give up/dont try to apply for a scholarship?

Answer 44

scared of rejection

Question 45

What is the easiest way to find volunteer opportunities?

Answer 45

just ask

Question 46

What is one of the most powerful pieces of your application for a scholarship?

Answer 46

essay

Question 47

What must you dedicate yourself to concerning the scholarship essay?

Answer 47

the process

Question 48

What does it take to get a debt-free degree?

Answer 48

planning

Question 49

set of tests that qualify students to earn college credits if they pass them

Answer 49

CLEP

Question 50

the measurement of gain or loss generated on an investment relative to the amount of money invested

Answer 50

return on investment

Question 51

What will you put in regardless of what education path you choose?

Answer 51

time, money, effort

Question 52

the percentage of students who finish the program they began

Answer 52

completion rate

Question 52

the total cost of education expenses needed for students to attend an educational institution

Answer 52

net price

Question 53

What are two ways to get college credits in highschool?

Answer 53

Advanced placement and CLEP

Question 54

What percentage of students take more than six years to complete their four-year program?

Answer 54

40%

Question 54

What are colleges and universities that participate in federal financial aid programs required to have on their website?

Answer 54

net price

Question 55

What is the median earning for someone with a degree at 25?

Answer 55

$39,000

Question 56

What is the median earning for someone with a degree at 35?

Answer 56

$65,000

Question 56

Potintial Bonus: What are the five things you can do to get noticed for college?

Answer 56

1. build transcript 2. ace entrance exams 3. get involved 4. write essay 5. find refrences

Question 57

**Potintial Bonus:** What are the 6 steps to getting intentional with college?

Answer 57

1. dream of the possibilities 2. Explore your options 3. Consider the costs 4. Reduce your costs 5. Build your college resume 6. Maximize your investment