Your Borrowed it!
You Owe it
Show me the money!
Financial forms
Hodge Podge
100
buying things that you can't afford
How do you get in debt?
100
This type of interest has a rate that does NOT Change over the life of the loan.
What is Fixed interest?
100
This is the amount of money you receive after all of your taxes are taken from your pay check it is called your _____ Pay.
What is NET pay?
100
This form is required by some private colleges in order for them to provide students with endowment scholarships.
What is the CSS Profile: It is on the collegeboard website.
100
This is the type of loan that you would take out and Only students can take it out? It is named after a Vermonter...
What is the Stafford Loan?
200
The fee you have to pay back beyond the amount you borrow. If you borrowed $100 and the interest is 20% then you would have to pay back $120
What is interest?
200
After you have completed your FAFSA you will receive an Estimated amount of money that your family needs to contribute to college costs.
What is your EXPECTED FAMILY INCOME (EFC)?
200
This is a type of scholarship you can receive if you get good grades in high school or excellent SAT or ACT scores.
What is a merit scholarship?
200
This it the Form that you and your parents need to complete in order to determine eligibility for the PELL Grant, and the Stafford Loan. Hint: it's a FREE application
What is the FAFSA? Free Application for Federal Student Aid?
200
When you write checks for more than the amount in your checking account this is called?
What is overdraft?
300
This score is comprised of the following: Your payment history, Capacity, Length of credit, accumulation of dept and a mix of credit the type of credit you have?
what is your FICO score?
300
The total amount due on a loan or credit card is called
What is a balance?
300
This is a type of funding that you can receive that has everything to do with FAMILY INCOME and NOTHING to do with your grades or community service.
What is GRANT Aid? This is money that you do NOT have to pay back to college and it is based on family income determined by completing the FAFSA and the Vermont Grant.
300
This is the application that needs to be completed in order to get Grant money from the state of Vermont.
What is the Vermont Grant Application or VSAC Grant?
300
This is the type of loan a student can take out where they make a minimum payment to build credit for three years, then they can take out a certain amount of money.
What is a credit-builder loan?
400
Where you would go to borrow money
What is a bank or your lender?
400
This is the type of interest that changes over the life of your loan. It could start low at 3% and go up depending on the national index.
What is variable interest?
400
When you are building a personal budget, you need to take into consideration two types of expenses...
What are fixed expenses and variable expenses?
400
The letter that you receive from the college that the college will use to let you know how much financial aid you will receive. You need to accept of decline the amount of money you will receive to pay for college.
What is the award letter?
400
The amount of credits you need to take in college in order to be considered a full time student
What is 12 to 15 credits? Remember, in order to receive your Bachelors Degree (a 4 year degree) you need to have 120 credits. In order to receive a minor you need 30 credits in a concentrated area and an Associates degree (a 2 year degree) is 60 credits.
500
How often do you have to pay your lender back after you borrow money from them?
What is once a month? But you can pay more than the minimum payment if you have the money.
500
If you take out a student loan, this is the length of time you have to repay your student loan.
What is the repayment period? The standard Stafford Loan repayment period is 10 years. But, you can opt for a longer repayment rate. Remember, the longer you take to repay your loan, the more interest you will have to pay.
500
The cost of attending college minus (-) your expected family contribution (EFC)?
What is financial need? The college determines this by using your FAFSA and subtracting all internal college scholarships and grants. What is left is what you owe.
500
This is the application that you need to complete in order to receive any loan money to pay for college.
What is a loan application? You also have to complete a promissory note and financial literacy entrance coursework.
500
Name two FIXED expenses you may have to include in your monthly budget?
What are Car payment, car insurance, cell phone, utilities, and other debt including college or other loans?
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