Font size
WorksheetsUnit 5: Income & Education
Total questions: 26
Worksheet time: 15mins
When do you receive the Student Aid Report?
before you complete FAFSA
after you have attended a 2 year university
after you have completed FAFSA
during your senior year of college
Skills and knowledge of the employee that will benefit the business refers to ________
accreditation
apprenticeship
certification
human capital
T/F: Your choice of career path will affect how much income you earn, how much education you need to obtain, and how much you'll need to pay for your education.
True
False
T/F: Though education is costly, it is usually an excellent investment that pays off in a higher income for decades.
True
False
Individual who develops the technical skills needed to work in technology jobs through nontraditional education paths
white collar
blue collar
new collar
Workers who engage in manual labor, agriculture, manufacturing, construction, mining, maintenance
white collar
blue collar
new collar
Free money; Designed to assist students from low-income households; Does not have to be repaid
Financial Aid Package
Pell Grants
Work Study
Direct subsidized loans
Direct Unsubsidized loans
Provides part-time jobs for undergraduate and graduate students with financial need; The funds you earn are not applied directly to your tuition, so it’s up to you to pay the right people!
Financial Aid Package
Pell Grants
Work Study
Direct subsidized loans
Direct Unsubsidized loans
The total amount of financial aid (federal and non-federal) a student is offered by a college or career school
Financial Aid Package
Pell Grants
Work Study
Direct subsidized loans
Direct Unsubsidized loans
an official document or record stating that a person has met some standard for training or knowledge
resume
cover letter
Reorder the following based on the order in which you should accept financial aid
free money (scholarships and grants)
earned money (work study)
borrowed money - direct subsidized loans
borrowed money - direct unsubsidized loans
borrowed money - private loans
How does taking a skill development course at the local community college benefit an unemployed individual?
It provides more opportunities to improve human capital.
It guarantees a new job for the individual.
It provides admission into a degree program.
It guarantees tax reductions for the individual.
Annual amount to compensate you for the full value of your work
Wage
Salary
Stipend
Scholarships that come directly from the college to which you are applying and often include both merit and need-based components
Corporate Scholarships
Need-Based Scholarships
Institution Specific
Targeted Scholarships
Charitable Organization Scholarships
Scholarships from philanthropic companies like Microsoft, McDonalds, and Coca-Cola
Corporate Scholarships
Need-Based Scholarships
Institution Specific
Targeted Scholarships
Charitable Organization Scholarships
Scholarships available for individuals pursuing education in specific fields
Corporate Scholarships
Need-Based Scholarships
Institution Specific
Targeted Scholarships
Charitable Organization Scholarships
Reorder the following in the order they would appear on a standard cover letter:
let the reader know for what position you are applying and where you heard about it
your qualifications for that specific position
“goodwill paragraph” - invite reader to contact you and provide your contact info
Jasmine plans to attend college in the fall. She earned a scholarship that covers all but $5,000 of her expenses. She made a list of other ways she can help finance the remaining cost of her education:
- apply for a merit-based scholarship worth $5,000 from a private organization
- apply for a need-based grant from the federal government for $5,000
- get a part-time job that will pay $5,000 over the next six months
- take out a student loan from the federal government for $5,000 at a 6% interest rate
Which of the following accurately compares two of the strategies listed?
A part-time job would require less time than applying for a federal grant because the application process is complex.
A student loan would be less expensive than a part-time job because travel costs are higher than the loan's interest rate.
A federal grant would be easier to acquire than a scholarship because everyone is eligible to receive the same amount in grants.
A scholarship would be less costly than a loan because the loan and the interest it acquires must be repaid.
Mirabell is a junior in high school and she has started thinking about what college she may want to attend and what career path she wants to pursue. She knows that she will need to take out student loans to pay for school and she is nervous about graduating college with significant debt. Mirabell is interested in studying law, criminal justice, or political science. She has already found colleges that offer degree programs in those fields but she is unsure of what step to take next in her research so that she has an idea of how much money in loans she may need.
What information is needed to solve the problem presented in the text?
the starting salaries of the careers she is interested in
the anticipated interest rates for current student loans
an estimate of how long it will take her to pay back her loans
an estimate of the cost of tuition at each school, books, and living expenses
Many students discover that attending a four-year college will not assist them in accomplishing their professional goals in life. Students who are more interested in professions that have them work with mechanical or technical skills may find that a vocational degree is better suited for them. They can attend a community college or trade school to receive the necessary accreditation and degree.
How does the decision to pursue a vocational degree contribute to a long-term career goal?
It provides educational resources that serve as a pathway to a military career.
It provides educational resources that serve as a pathway to a four-year degree.
It provides hands-on training, and resources are specifically geared to jobs in demand.
It provides training and financial assistance throughout the program until a job is secured.
Which of the following is a similarity between grants and scholarships?
Both are available only for enrollment in public colleges.
Both are awarded without expectation of repayment.
Both are awarded on the basis of academic merit.
Both cover the full cost of a college education.
True or False: All colleges use the same format for their financial aid letters
True
False
Who creates and manages federal student loans?
the federal government
banks
private companies
local governments
Which type of student loan has lower interest rates?
federal student loans
private student loans
How often do you have to reapply for financial aid?
Only when you are first applying to college
Federal Financial Aid can be used to pay for
accredited trade schools
cosmetology schools
2- or 4-year university
all of these answers are correct!
