Dave Ramsey: Unit 2 Chapter 5 – Flashcards
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What % of college students have never discussed college funding with their parents?
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35%
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What % of college-bound students have not projected the total amount of money they'll need to graduate college?
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80%
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A form that is completed annually by current and prospective college students to determine their eligibility for financial aid
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Free Application for Federal Student Aid (FAFSA)
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A form of federal or state financial aid that does not need to be repaid; usually given to students who demonstrate financial aid
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grant
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A form of financial aid that does not need to be repaid; usually awarded on the basis of academic, athletic or other achievements
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Scholarship
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A program that allows students to work part time while continuing their studies
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Work Study
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What can you do now to make sure you are able to find all the career and education opportunities that exist?
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plan ahead
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The best investment you will ever make is to?
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yourself
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Leaders are?
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Readers
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Reality TV and video games are
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"distractions"
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How many nonfiction books does the average millionaire read a month?
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one
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Your net worth as an adult will be the average of what?
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the 5 people you hang out with the most
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The people you put in your life influence your career, your decisions, and how you?
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spend your money
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In order to insure success, you should have some ___________ who have already had success
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mentors
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Is student loan debt normal or "good debt?"
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no, no
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your financial aid award package will include a list of different types of award like?
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scholarships and grants
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Is a student loan an award?
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no, it'll take years to pay back
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Owing anything to anyone for any reason is
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debt
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Is there such a thing as good debt?
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no
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What is the total estimated student load debt in our country?
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one trillion dollars
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Millions of people can not afford to make what payment every month?
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student loan
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What percent of college students graduate with debt?
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almost 70%
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Of the total outstanding student loan debt, approximately what amount is past due?
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$85 billion
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What percent of student loan borrowers paid on time without postponing the payments?
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onle 37 percent; meaning 63% of borrowers had a hard time paying it back
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What % of student loan borrowers wind up dropping out of school?
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30%
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What does it mean to cash flow your college education?
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To "cash flow" means to pay with cash as you go, instead of credit or debt
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You need a plan. Who are two people you can get help from?
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parents and school counselor
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What is one thing you can do right now to help you get free money in the form of scholarships?
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get good grades
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What are two things that will set you apart from the crowd?
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scoring well on the ACT or SAT and good grades
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When you are estimating the cost of college it is best to narrow your choices down to how many schools?
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six or less
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What are three things you should consider when picking a school?
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the school's degree program; living expenses, and tuition
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When looking at schools, does more expensive mean better quality?
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no
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I great money saver during your first two years of college is to attend?
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communitee college - don't be sold on prestige
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The first step to receiving any kind of financial aid is to fill out your
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FAFSA form - Free application for federal student aid
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How often must the FAFSA Form be filled out?
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each year you attend college
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The sooner you turn you FAFSA in the better because some federal funding is given on a first come first serve basis. Turn it in by?
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January or February
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You'll need your parent's tax info to complete the FAFSA. It will be processed faster if you
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turn it in online
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These are golden - free money?
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grants
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besides the grants, another form of free money is
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scholarships
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Should you pay or give out your social security number when applying for grants or scholarships?
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no, absolutely not
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The average cost of tuition and fees for 2012-2013 school years was?
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$29,056 at private university; $8,655 for in-state residents at public university and $21,706 for out of state residents
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Name several scholarships that are available:
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academic, athletic, clubs, rotary club, boys and girls club, local businesses, private donors, hobbies, talents
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An undergraduate academic degree awarded by colleges upon completion of a course of study lasting two years
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Associates Degree
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A developmental partnership through which one person shares knowledge, skills and perspective to foster the personal and professional growth of someone else
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Mentorship
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A money myth that portrays student loans as the only financial option when it comes to funding one's college education
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"Good Debt"
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A type of higher learning school that focuses on job skill training for specific career fields rather than academics in liberal arts.
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trade school
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Our culture thinks student loan debt is normal and that it's an acceptable way to pay for college?
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true
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A four-year degree is necessary regradless of what career you're pursuing?
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false
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the total estimated student loan debt outstanding in the U.S. is
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$1 trillion
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What are three reasons why you should avoid student loans?
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debt; don't earn any money; bankrupt
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According to research, students who do this have the highest grade point averages of any type of student in college because they often develop good time management skills
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students who work up to 20 hours
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Research also shows that working more than 20 hours may
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negatively affect grades
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These jobs may pay you directly or pay toward your tuition bill?
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on campus jobs
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The first step in building your foundation is to eastablish
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your emergency fund before graduation
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Name four ways you can invest in yourself?
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find a mentor, read books, surround yourself with people who have similiar goals and ambitions
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Name three good options to help pay for your education?
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plan ahead; get a part-time job; fill out the FAFSA
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This is a good way to manage your money and live on less than you make?
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having a zero-based budget
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In order to live on less than you make you have to plan these three things ahead of time?
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spend; save; give
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You have two goals according to Ramsey. They are
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stay in school and stay out of debt
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College is not for everyone. Some other options include
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Trade school; certifications; self-education; on-the-job-training; starting a business and the military
