Understanding Credit
Credit and You
What can Help You
100
What is Credit?
confidence in a borrower's ability and intention to repay
100
How many college students report dropping out of school due to financial pressure?
7.2%
100
This type of loan is one of the most expensive and has the highest interest rate. They should also be avoided if possible. What is it?
Car Title Loans
200
What do people use credit for?
To purchase expensive items like homes and cars
200
True/False: Student loans through private banks have lower interest rates than the government student loans.
False
200
True/False: Spreading debt around is a good idea?
False
300
What is a Credit Report?
A credit report contains information about your borrowing history. Lenders (and others) provide information that ends up on credit reports. They report how much you’ve borrowed, how you’ve repaid, and other details about your borrowing behavior.
300
What government website can one find information on federal student aid?
http://studentaid.ed.gov/
300
This office on campus can serve as a resource for more information on student loans
What is the Financial Aid office in Lancaster?
400
What is a Credit Bureau?
Credit reporting agencies collect - and then distribute - all of this information about you.
400
How do you apply for federal student loans?
Fill out the Free Application for Federal Student Aid (FASFA)
400
These are alternatives to student loans
What is grants and scholarship?
500
What is Credit Scoring?
Credit scores are numbers generated by a computer program that runs through your credit reports. It looks for patterns, characteristics, and red flags in your history. Based on what the program finds, it spits out a credit score.
500
True/False: Paying off your loans quickly helps your credit rating?
False: Paying loans back too quickly can actually hurt your credit score
500
Where can you look up your annual credit score?
AnnualCreditScore.com
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