Ch 7 Ramsey Review

Front

What is the benefit of attending a local community college for the first two years of college?

Back

You can save thousands of dollars on tuition compared to attending a traditional four-year school.

Front

What should you consider when making a financial plan for college?

Back

You should search for scholarships, save money, and discuss financial help with your family.

Front

What is the typical interest rate comparison between private and federal student loans?

Back

Private student loans typically have a higher interest rate than federal student loans.

Front

What is the average student loan debt for college graduates in America?

Back

The average college student in America graduates with $35,000 in student loan debt.

Front

Is it important to understand the specifics of your financial aid before accepting it?

Back

Yes, it is important to understand all the specifics of your financial aid before accepting the money.

Front

What is a scholarship?

Back

A scholarship is a financial aid award that does not need to be repaid, often based on academic or other achievements.

Front

What is the difference between federal and private student loans?

Back

Federal student loans are funded by the government and typically have lower interest rates and more flexible repayment options than private loans.

Front

What does it mean to 'pay cash for college'?

Back

It means to cover college expenses without taking out loans, using savings or income instead.

Front

What are some common types of financial aid available for college students?

Back

Common types include scholarships, grants, work-study programs, and student loans.

Front

What is a student loan?

Back

A student loan is money borrowed to pay for college that must be repaid with interest.