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Responsible Borrowing Worksheet Essay

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

Watch the “Responsible Borrowing (Financial Aid)” video on the orientation website (http://www.phoenix.edu/student-orientation.html). Respond to the following questions:

What is financial aid? Financial Aid helps students pay for college. This financial assistance covers educational expenses including tuition and fees, room and board, books and supplies, and transportation. There are several types of financial aid, including grants and scholarships, work study and loans.

How do grants differ from loans? Grants are money you don’t have to repay and are usually based on your financial need while loans are money you borrow that you must pay back, usually with interest costs. The major grants are Cal Grants, federal Pell Grants and some smaller federal grants

What effect does class attendance have on funding availability? Lack of attendance or failure to start a course as schedule may delay, cancel or interrupt funding all together

Step 2

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 (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? There are many different loan repayment plans Standard Plan which is fixed payment amount each month and up to a 10- year term. The graduated repayment plan also has a 10-year term yet the payments start out lower and slowly increase every two years. The extended plan typically has a lower payment than the standard plan with up to a 25-year term.

There are also income-driven plans such as the income based, income contingent, and Pay as You Earn repayment plans. These plans are based on adjusted gross income, family size and total amount of student loans. Why is having an educational financial plan important? It’s possible to manage income more effectively through planning. Managing income helps you understand how much money you’ll need for tax payments, other monthly expenditures and savings.

Step 3

Access the Financial Plan (http://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? As of right now all expenses are been paid by the military post 9/11 As a result of completing the plan, what changes can you make to reduce the amount you might borrow? Why? Hopefully as of right now I won’t have to make any changes or borrow any money


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