Credit Cards
What is the term for a "revolving" line of credit?
What is a Credit Card?
What form must you submit to qualify for federal loans?
What is the FAFSA?
This is the single largest source of debt for the majority of American households.
What is a Mortgage?
What does "APR" stand for?
What is "Annual Percentage Rate"?
What is the main purpose of the Schumer Box?
To help consumers compare credit card terms easily
What is the best way to ensure you never pay interest?
What is paying the full balance?
This type of loan doesn't accrue interest while you are in school.
What is a Direct Subsidized Loan?
What three components make up a dealer's "6% on $24k for 5 years" offer?
What are Interest Rate, Principal, and Term?
Does a higher down payment increase or decrease your total interest?
What is a decrease?
Who should you call first if you realize you cannot make a loan payment?
Who is your lender/bank?
This required table lists all fees and interest rates.
What is the Schumer Box?
Why would someone take out a private loan if they already have federal ones?
What is "need the extra money"?
Between a 36-month and a 60-month loan, which results in lower total interest?
What is the 36-month loan?
What is the difference between APR and a simple interest rate?
What is calculated by combining interest?
True or False: You must choose a repayment plan before you even enroll in college.
What is false?
If your bank changes compounding from monthly to daily, what happens to your total interest?
What is it increases?
When do most federal student loans actually enter repayment?
What is after Graduation?
Name a type of "secured" debt where the item can be repossessed.
What is a "Car Loan" or "Mortgage"?
If you fall behind on payments, what is the worst way to try and catch up?
What is putting them on a credit card?
Is a personal loan from a family member considered "secured" or "unsecured"?
What is unsecured?
How does increasing your monthly payment affect the total interest paid?
What is shorter payoff time and less total interest?
True or False: Does having a low credit score prevent you from getting a federal student loan?
What is False?
Which factor—Down Payment or The Bank Name—affects your monthly mortgage payment?
What is the Down Payment?
Which loan scenario does a recursive sequence usually represent?
What is the balance of the loan?
Why is APR usually a more "honest" number than the base interest rate?
What does it include: the "hidden" costs of borrowing (fees)?