Financial Aid 101
The form you need to fill out every year to reapply for college financial aid from the federal government:
What is the FAFSA?
Equifax, TransUnion, and Experian
What are the three credit reporting agencies?
A nine-digit identification number unique to each individual
What is a social security number
The cost of borrowing money.
What is interest
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
FAFSA Application for 2024-25 can be submitted starting in this month
What is December
Maintain credit histories and provide lenders with FICO scores
What do credit reporting agencies do?
An example of this is when a thief opens a new credit card account in your name and runs up charges
What is Credit Card Fraud?
The interest rate remains the same throughout the term of the loan.
What is a fixed interest rate loan
Name of fund you should have available to cover unexpected expenses
What is an emergency or “rainy day” fund equal to between three and six months of your salary.
Money to pay for higher education that does not have to be paid back
What are grants/scholarships
What do lenders use to assess an individual’s credit risk?
What is FICO credit scores
An important step to take if you are the victim of Identity Theft
What is: File a police report
The addition of unpaid interest to the principal balance of a loan.
What is interest capitalization
An estimate of income and expenses for a set period of time
What is a budget
Money that has to be paid back.
What is a loan
What website should you go to once every 12 months to get a free credit report from each of the three major credit bureaus (TransUnion, Equifax, and Experian)?
What is www.annualcreditreport.com ?
Something you should put on hold while traveling to help prevent ID Theft.
What is the mail?
What is the federal student loan program that is taken out by undergraduate students?
What is the Federal Direct Student Loan.
In regards to spending - Things that are nice to have, or satisfy some desire or urge
What are wants
FAFSA stands for what...
What is the Free Application for Federal Student Aid?
The largest factor contributing 35% to your FICO score
What is payment history
Federal agency in charge of dealing with complaints of identity theft.
What is Federal Trade Commission.
What is the loan program offered by banks, and credit unions to students and sometimes needs a co-signer?
What is a private student loan.
The ability to borrow money and pay it back, usually with interest
What is credit