Interest/Paying for College
Basic Banking
Paying for College
Budgeting
Credit
100

Lower monthly payments are more important that paying your debt off quickly.

False

100

An account shared by more than one person is called a ___________ account.

Joint

100

If you can play the football like Petyon Manning, you might receive one of these.

Scholarship

100

Only caring about getting the lowest possible price at all times

Cheap

100

Credit Score is also known as your 

FICO Score

200

When paying off debt always pay of debts with ____________ interest rates first.

Higher

200

Putting money into your account is called a ________.

Deposit

200

The most popular type of federal grant is the _____ ______.

Pell Grant

200

Experts recommend have money in your emergency fund to cover this period of time.

3-6 months

200

What percentage of your credit score is awarded for your payment history?

35%

300

These types of loans are taken out in the parents name only and they are responsible for repaying them.

Parent PLUS Loan

300

Accounts that pay high interest rates are called ______________________.

High-Yield Savings Accounts

300

Need is calculated by:

COA - EFC

300
In the 50/30/20 Rule, 30% of your money should be dedicated to 
Wants
300

"age of account" refers to 

how long you have had a line of credit on your credit report

400

What are the six steps in applying for financial aid beginning with FAFSA.

FAFSA - SAR - EFC - Offer letter - COA - Need

400

These are advantages to which type of financial institution.

Lower Fees

Better Interest Rates

More Personal


Credit Unions

400

These types of loans should be avoided if possible. They typically come with higher interest rates or variable interest rates

Private Loans

400
Budgets should be based on percentages of your what?

Take home pay

400

Put the following 5 factors in order of importance when it relates to your credit score.

length of credit history, diversification, payment history, new accounts and accounts owed

payment history, accounts owed, length of credit history, new accounts and diversification

500
This type of loan is for graduate students, requires a credit check, has much higher credit limits, has no automatic grace period

Direct PLUS loans

500

Suzie got a loan for $4250. Over the course of the loan she paid a total of $1010 in interest at a rate of 5.0%. How many years did it take for her to pay off the loan?

1010 = 4250 x .050 x t

1010/212.50 = 4.8 years

500

What are the two differences between a direct subsidized loan and a direct unsubsidized loan?

Interest is not subsidized.  

You do not need to prove financial need in order to receive an unsubsidized loan - anyone is eligible.

500

20% of your budget should go to which category

Savings and Debt
500

This ratio is calculated by dividing your total outstanding debt by your total credit limit.

Credit Utilization Ratio

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