Step 3 - University of Phoenix



University of Phoenix MaterialResponsible Borrowing WorksheetMany 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 1Watch the “Responsible Borrowing” video located in your Week 1 Required Learning Activities.Type in the blanks with the correct terms, or corresponding letter:Subsidized UnsubsidizedGrantsThis 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 2Navigate 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 () Minimize Student Loan Borrowing () (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:A. Standard planB. Graduated planC. Inactive planD. Pay as you Earn planA general guideline provided in the above posts says for every $1,000 borrowed, your standard monthly payment would be approximately $ _________. Step 3Access 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 . 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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