Student Loans
These are the two online processes that must be complete in order to borrow a federal direct loan.
What is Entrance Counseling and Master Promissory Note?
An official file that documents an individuals' financial history and responsibility.
What is a Credit Report?
This is the name of the online form you must fill out every year to receive any financial aid.
What is the FAFSA?
A financial plan based on how much money and individual or family makes, how much they spend, and how much they save.
What is a Budget/Spending Plan?
A small plastic card that can be used as a method of payment, the money is taken from your banking account automatically.
What is a debit card?
This type of federal loan does NOT accrue interest while you are in school.
What is a subsidized loan?
This is the maximum (highest) credit score number.
What is 850?
Sum of money given to a student from the Federal Government to use for education-related expenses such as tuition, room and board and more that does not have to be repaid.
What is a grant?
Cash reserve that's specifically set aside for unplanned expenses or financial emergencies. Usually has 3-6 months of expenses.
What is an Emergency Fund?
Occurs when there is not enough money in an account to cover a transaction, but the bank pays the transaction anyway.
What is an Overdraft?
This is the maximum loan amount first-year (dependent) students can borrow in a Federal Direct loan.
What is 5500?
This is the website where you can get a free copy of your credit REPORT from one of the 3 credit bureaus.
What is annualcreditreport.com?
Nonprofit and private organizations offer to help students pay for their college and does not have to be paid back.
What is a scholarship?
Something that is necessary to live and function.
What is a need?
Money electronically sent to a bank account, credit union account or prepaid card.
What is Direct Deposit?
The amount of time a student has after they leave a University or drop below 1/2 time status before they start repayment on their loans.
What is 6 months?
A credit-based, federal loan for parents of dependent students.
What is a Parent Plus Loan?
Recurring costs that typically don't change in amount from month to month, such as rent, mortgage payments, car payments, or insurance premiums.
What is a fixed expense?
Account in a bank or similar financial organization that earns interest.
What is a savings account?
A company that manages student loans for the federal government.
What is a loan servicer?
Making on-time payments makes up this percentage of your credit score.
What is 35%?
The deadline for turning in your FAFSA
What is June 30th?
The use of an excel spreadsheet, cash envelopes, apps or pen and paper for spending.
What is tracking?
An organization that sees to it that no matter what happens to an insured bank, the money individuals keep there is safe and secure.
What is the FDIC?