Page 322 - Keys To Community College Success

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YOUR FINANCIAL LIFESTYLE

Examine your current financial lifestyle. Circle your answers to the following questions:

1. Which do you typically spend money on f rst?
a. Needs
b. Wants

2. Where do you tend to f nd yourself at the end of the month?
a. With a little bit of spending money
b. Down to zero
3. How do you typically use credit cards?
a. Only when I know I can pay off the balance at the end of the month.
b. Frequently, and I pay the minimum each month.
4. How aware are you of money coming in and going out?
a. I check my f nances regularly and stay aware.
b. I don’t pay much attention to my f nances.
5. Where do you keep money that you’ve saved?
a. In a checking or savings account
b. I don’t have savings
Add up the number of a and b answers: a_____ b____

More a answers than b answers indicates more financial stability. More b answers indicates less financial stability. Whether
you tend to be more or less stable is not a judgment on you, but an opportunity to assess the effects of your financial
lifestyle and decide if you want to adjust it in order to increase your stability. What is your reaction to this small look at
your habits? Describe your reaction in a short paragraph on a sheet of paper or digital file.

Types of aid
Aid comes in the form of student loans, grants, and scholarships. Never assume you are
not eligible for aid. Almost all students are eligible for some kind of need-based or
merit-based financial assistance.
■ Student loans. Student loan recipients are responsible for paying back the
amount borrowed, plus interest, according to a payment schedule that may
stretch over a number of years. The federal government administers or oversees
all student loans. To receive aid from a federal program, you must be a citizen or
eligible non-citizen and be enrolled in a program that meets government require-
ments. According to the College Board Advocacy and Policy Center, from 2010
to 2011, approximately 10.3 million students received Stafford Loans. 8
■ Grants. Unlike student loans, grants do not require repayment. Grants are funded
by federal, state, or local governments as well as private organizations. They are
awarded to students who show financial need. According to the College Board
Advocacy and Policy Center, from 2010 to 2011, 51% of all undergraduates’
grant aid came from the federal government. 9

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