Financial Aid 101
The form you need to fill out every year to apply for college financial aid from the federal government?
What is the FAFSA®
Money that is used to pay for education that needs to be paid back
What is a loan or student loan
A record of how a consumer has repaid credit obligations in the past; shows payment history, past due payments, liens, debt forgiveness, bankruptcy filings, and number of inquiries by prospective lenders.
What is credit history and what it contains
Name of fund you should have available to cover unexpected expenses; and how much should it equal.
What is an emergency or “rainy day” account equal to between three and six months of your salary
The furry cat found around campus
Cody the Cougar represents CSU
The Federal Director Student Loan that does not accrue interest while you are in school
What is a Subsidized Direct Loan
The cost of borrowing money
What is interest
The agency that maintains credit histories and provide lenders with credit scores
What are credit report agencies
Convenient way to spend money that is an alternative to checks or cash and is linked directly to bank account.
What is a debit card
Free money that does not have to be paid back
What are scholarships and grants
The six-month period after graduation, during which you are not required to make payments on your student loan.
What is Grace Period
What is a fixed interest rate
A number that many lenders use to assess an individual's credit risk
What is a credit score
If I have $26 in my checking account and make a purchase of $26.03, what happens?
What is overdraft
The amount of scholarship money that goes unawarded each year due to lack of applicants
$100 million
Money to pay for higher education that does not have to be paid back.
What are grants and scholarships
The addition of unpaid interest to the principal balance of a loan
What is interest capitalization
How I know how much I have available to have fun?
What is a budget?
There is $1.7 trillion in this type of debt
What are federal and private student loans
The amount I can borrower in Federal Director loans my Junior year of college for an dependent student?
What is $7,500 (not more than $5,500 can be subsidized
First Year: $5,500 (not more than $3,500 in sub)
Second Year: $6,500 (no more than $4,500 in sub)
Third and beyond see above
Aggregate: $31,000
When this happens, your credit will deteriorate, and wages could be garnished
What is loan delinquency or default
The largest factor contributing to your credit score
What is payment history
35% is Payment History
30% Amount owed
15% Length of Credit History
10% Types of credit used
10% New credit
If I make $10 per hour and work 10 hours per week, why isn't my weekly check $100?
What are taxes