Cwmc Module 6: College Competency Test

QVC.com is not a suitable recommendation for an employee asking for scholarship research sites because QVC.com is a website for shopping and does not provide information or resources related to scholarships. The other three websites listed (FinAid.org, Scholarships.com, and FastWeb.com) are all legitimate scholarship research sites and would be appropriate recommendations for the employee.

In each Money Coaching response, personal anecdotes are not included. Money-saving tips, cautions, and web site links are all elements that may be included in a Money Coaching response, but personal anecdotes are not. Personal anecdotes are stories or experiences from the coach's own life, which may not always be relevant or helpful to the person seeking money coaching advice. Therefore, personal anecdotes are not included in each Money Coaching response.

If you are applying to 3 different schools, you only need to complete 1 FAFSA form. The Free Application for Federal Student Aid (FAFSA) is a form that students must fill out in order to apply for financial aid from the federal government. This form can be sent to multiple schools, so you do not need to complete a separate form for each school you are applying to.

An online degree program might be a scam if there is no accreditation, as this indicates that the program has not met the necessary standards for quality education. Additionally, if the address and phone number are not listed or available, it suggests that the program may not have a physical presence or a legitimate contact point. Furthermore, if assignment submissions and tests are not required, it raises concerns about the program's rigor and the validity of the degree. Lastly, if a degree is granted solely based on previous life and work experience for a fee, it suggests that the program is not focused on academic achievement but rather on selling credentials.

Need-Based Financial Aid is awarded based on financial need, which means that colleges and universities determine eligibility based on a student's financial situation. This type of aid includes loans, grants, and work-study programs, providing various options for students to fund their education. Additionally, Need-Based Financial Aid can come from federal and state governments, as well as from colleges and universities themselves, making it a comprehensive and diverse source of financial support for students. It is not limited to incoming freshmen and can be awarded to students at any level of study.

The Federal Work-Study Program (FWS) is a program that provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay for their educational expenses. Therefore, the statement "Qualification is based on financial need" is true. Additionally, students participating in the FWS program are paid at least the federal minimum wage or more, making the statement "Student earns federal minimum wage or more" true. Lastly, in order to apply for FWS, students must submit the Free Application for Federal Student Aid (FAFSA) form, making the statement "Student must submit the FAFSA form to apply for FWS" true.

The options for parents trying to pay for their child's college tuition include long-term or low-interest loans, researching the benefits of an online education, community colleges, or night courses, applying for scholarships and/or work-study programs, and delaying freshman year to have more time for the student to save by working. These options provide various ways for parents to finance their child's college education, whether through loans, exploring alternative education options, seeking financial aid through scholarships or work-study programs, or allowing the student to work and save money before starting college.

529 Plans are state-sponsored savings plans specifically designed for higher education expenses. Taxes on the earnings within these plans are deferred, meaning that individuals do not have to pay taxes on the investment gains until they make withdrawals. Additionally, withdrawals from 529 Plans are exempt from federal taxation, making them a tax-efficient way to save for education expenses. However, there are contribution limits to these plans, so it is important to consider other resources for college planning as well.

The Uniform Gifts / Transfers to Minors Act (UGMA) allows money to be used for any expense that benefits the child, making it a flexible option for parents. Additionally, these plans are irrevocable gifts to the child, meaning that once the money is transferred, it cannot be taken back by the parents. There may also be some tax benefits to the parents, although the extent of these benefits may vary.

The correct answer choices are myths because they are not always true. Attending a private college can be affordable for some students, depending on financial aid and scholarships. Owning a home does not automatically disqualify someone from receiving financial aid, as it is based on income and other factors. While universities and schools should provide information on costs, scholarships, and financing options, it is not guaranteed that they will fully disclose everything. Lastly, attending a private college does not guarantee a higher-paying job, as job prospects and salaries depend on various factors such as field of study and individual skills.

When unable to make payments on student loans, viable options include asking for a deferment to delay payments for up to six months and applying for a government loan consolidation program, which can extend the pay-off period for up to 30 years. Consolidating multiple times through a government-approved lender is not mentioned as a viable option. Additionally, asking for a forbearance only allows for interest payments, not the delay of full payments.