Responsible Borrowing Worksheet Essay Example for Free

Responsible Borrowing Worksheet EssayMany students borrow federal student loans to pay for college. The intention of this assignment is to help you learn how to borrow responsibly, which may mean that you do non borrow at all or that you borrow only what you actually 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 then focus on your classes and devising connections with instructors and other students.There argon two steps listed beneath for this assignment. Respond to the questions for each step in this worksheet only and submit your completed document to the assignment Files tab.Step 1Watch the Responsible Borrowing (Financial Aid) video on the orientation website located here http//www.phoenix.edu/student-orientation.html.Respond to the following three questions in the spaces provided belowWhat is financial wait on?Financial aid is an invaluable resource that will hel p a student and their families pay for college expenses. The expenses that may be covered includes college tuition, keep expenses, books, laptop, necessary supplies and even transportation costs. Financial aid options available are grants, scholarships, loans and also work study programs.How do grants differ from loans?Grants are money that does non have to be paid back. They are free money for college. Grants are usually based on a students financial needs. Loans aremoney that is borrowed and must be paid back, usually with interest costs. The major grants available for students are federal Pell Grants and Cal Grants. There are smaller federal grants that are also available.What effect does class attendance have on funding availability?The effects that class attendance has on a students funding availability are a student will lose their government student aid funding if the minimum attendance requirements are not met. If a student withdraws or quits or has been withdrawn or faile d because of class attendance the student is required to repay any of the federal aid that was used during their time of enrollment for the course(s).Step 2Access the Financial Plan at www.phoenix.edu/financialplan. Enter your program and respond to the questions. Explore the information some options for payment, reducing cost, 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.Respond to the following two questions in the spaces provided belowBased on this plan, what is your estimated monthly payment when you enter repayment?As a result of completing the plan, what changes can you make to reduce the keep down you may borrow? Why?