Definitions #1
The ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.
What is Financial Literacy?
These are an example of free aid. These are distributed based on merit or other factors.
What are Scholarships?
Unsubsidized and Subsidized are two common types of this.
What are Student Loans?
This type of banking account will accrue interest on the money that is held within the account. The current national average has an interest rate of .41% for these accounts.
What is a Savings Account?
The process of establishing a plan for your finances.
These are awarded to students and families based on their financial needs.
What are Federal Grants?
Bills, Rent, and Subscriptions are examples of these.
What are regular monthly expenses?
The federal government will cover the interest during certain periods for this loan.
What is a subsidized student loan?
This is the most common type of retirement plan employers currently offer.
What is a 401(k)?
This provides part-time jobs to students that allow them to earn money and help pay for education expenses.
What is a Federal Work Study?
This type of Higher Education Funding requires the students to pay the money back.
What are Federal Student Loans?
Payment History, Amounts Owed, Credit History Length/Age, Credit Mix or Types of Credit, and New Credit can all impact this.
What is CREDIT SCORE?
The loan borrower is responsible for the interest that accrues during all periods for this loan.
What is an unsubsidized student loan?
Federal Grants, Scholarships, and Federal Work Study are three ways to avoid this.
What is Student Loan Debt?
It is a statistical analysis performed by lenders and financial institutions to determine a persons' or small owned operated business's credit worthiness.
What is a Credit Score?
These are offered by a college based on prior academic performance- like your GPA or standardized test scores (ACT or SAT).
What are Merit-Based Scholarships?
People or companies who cannot repay their depts to creditors may go through this process.
What is Bankruptcy?
This loan is meant to fill a gap between the cost of attendance and available resources if you still need money to pay for your education after borrowing your maximum limit of unsubsidized and subsidized loans.
What is a Direct PLUS loan?
A score of 700-850 is considered excellent for this.
What is considered an excellent credit score?
This is how much you make a year or a month before taxes.
What is your Annual or Monthly Gross Income?
Completion of this form allows students to see what types of financial aid they can qualify for.
What is the Free Application For Student Aid (FAFSA) application?
Wally, YNAB, Good Budget, Personal Capital, Pocket Guard, and Mint are types of these.
What are Budgeting Assistance Applications?
This loan allows borrowers to combine all eligible federal student loans into a single loan- which is usually done after leaving school.
What is a Direct Consolidation Loan?
If you miss a credit payment, go over your credit limit, or your credit company merges with another company, this can increase.
What is Interest Rate?