Dave Ramsey Ch 5 Life After High School
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loan debt
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$1 trillion
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According to Dave Ramsey, 4 good options to pay for college education
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1. Plan Ahead 2. Fill out the FAFSA 3. Get a part-time job 4. scholarships
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How should you invest in yourself? (3 ways)
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1. Find a mentor 2. Surround yourself with others with similar goals and ambitions 3. Read Books
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#1 Fact about Student Loans
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1. Millions can't make their payments each month
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#2 Fact about Student Loans
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2. Most Americans think student loan debt as normal and good debt
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Debt
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owing anything to anyone for any reason.
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Many Business have scholarships
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For employee's childrens
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FASFA
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Free Application for Federal Student Aid is 1st step to receive any financial aid. Complete it every year.
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3 reasons to visit your college's financial aid office
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1. Parent's financial situation has changed 2. Problems with financial aid application process 3. Medical situation has come up
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On Campus Jobs
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may pay you directly or pay toward your tuition bill
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College students and work
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Students who work up to 20 hours have highest GPA, but over 20 hours
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Students Often Drop out of College
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Due to Financial trouble
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3 ways to Cash Flow your education by
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1. Live on a zero based budget 2. Work and save money over the summer months 3. Have an Emergency Fund
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Average Student Loan Repayment period
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10 years
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On the job training
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combines a professional trainer, hands-on activities and formal classroom training.
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Specific Skills Programs
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Free or low cost certificates can be found online, at community college, or through government-funded programs
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Associates degree
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2 year degree that offers specialized training
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High Paying Jobs
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Don't always require a 4 year degree
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4th Foundation
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Pay Cash for College
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Negative Consequence of taking out student loans
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Loan payments may cause 1. Not be able to be stay at home parent 2. Not being able to invest and save for future 3. Limited career options
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% of college students that graduate with student loans
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66%
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Wise College Planning includes
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Creating a budget, starting to save now, Shopping around for best academic option for your career choice, good ACT/SAT scores
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Basics of Budgeting
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Pay yourself First by saving Make it a priority to give Live on less than you make
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Average Millionaire
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Reads 1 nonfiction book a month
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Best quality colleges
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aren't always the most expensive
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Prestigious Schools
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Do not always equal better jobs
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College Advisers
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Work with your adviser to make sure you are taking the correct classes for your degree
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The next 40 years of your life
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will be affected by the academic and financial choices you will make in the next few years.
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Scholarship
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financial aid that does not need to be repaid; awarded on the basis of academic, athletic or other achievements
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Grant
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financial aid that does not need to be repaid; usually given based on financial need
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Trade School
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32) Allows students to learn basic professional skills in two years or less; typically cut out many of the general courses required by traditional universities
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entrepreneur
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A person that starts his or her own business
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Cash-flow
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pay as you go
