Unit One: Getting Ready For College

IV. F.A.F.S.A

Tuition @ Miami 2016/17 $26,000/year $18,000/year – grants/loans/scholarships $8,000/year – private loans

1. FAFSA stands for… a.) Free Application For Federal Student Aid b.) Federal Application For Free Student Aid c.) Federal Aid For Students Application d.) Free Aid For Students Application

2. Why is it important to fill out/submit your FAFSA as early as permitted? Most financial aid is awarded on a ‘first come, first serve’ basis & will run out

3. Before filling out the FAFSA, you should organize your papers into what 2 folders? a.) income/expense information; education information b.) income/expense information; asset information c.) education information; asset information d.) asset information; health info.

4. Why is it important not to make any mistakes on the FAFSA? If you submit your FAFSA with any mistakes, they will send it back to you to correct and this will delay the processing

5. Why is it recommended to fill out the FAFSA online? FAFSA online will not allow a user to continue to the next page if there is a mistake or omission on the current page

SAR (Student Aid Report) 6. What are the two things that are found on the ____________ that is sent to you once you complete/submit the FAFSA? SAR (Student Aid Report) a.) review of your FAFSA info; Expected Family Contribution b.) review of your FAFSA info; awarded financial aid amount c.) Expected Family Contribution; awarded financial aid amount

V. CHOOSING THE RIGHT COLLEGE

1. Which of the following categories from the ‘Choosing a College’ worksheet are the most important to you and why? (academics, tuition, campus appearance, campus life, campus security, athletics, distance from home) Answers Vary

VI. STUDENT LOANS, GRANTS, & SCHOLARSHIPS

1. Financial aid primarily comes from all of the following, except… a.) federal government b.) state government c.) colleges/universities & other private lenders d.) the student’s friends and/or family members

2. What is the difference between a grant and a loan? You don’t have to pay a grant back. Loans must be paid back, and in some cases, with interest

3. What is the difference between a fixed-interest rate and a variable-interest rate? a fixed-interest rate does not change over time; a variable-interest rate may change. It usually starts out lower than a fixed-interest rate to attract customers

4. What is the difference between a subsidized and an unsubsidized Stafford Loan? The student does not have to pay on the subsidized loan while he/she is in school and shortly thereafter. The student must start paying right away on an unsubsidized loan.

5. What is a ‘Work Study Program’? The college/university will find a part-time job (on or near campus) for the student and that money can be used to offset tuition, room/board

6. What are 2 reasons why you should be weary of private scholarship websites? a.) it might be a scam; gov’t. scholarships offer more $ b.) it might be a scam; you might have to pay a fee to join this website c.) gov’t. scholarships offer more $; you might have to pay a fee to join this website

VII. SHARK TANK

1. An entrepreneur is a ___ -taker who creates a new ____, or expands on an ______ one. risk g/s existing

2. Why are both the shark investors and the contestants considered entrepreneurs? The sharks are taking a risk by investing in these g/s ideas that may or may not be successful; the contestants are taking a risk by giving up their previous careers to try and launch a new business.

3. What does it mean when a contestant is asking for $500,000 3. What does it mean when a contestant is asking for $500,000.00 for 10% They are asking the sharks for an investment of $500,000.00 and in return, they will give up 10% equity in their company

4. Identify one g/s idea from Shark Tank that you would invest in if you were a shark and explain why? Answers vary