Financial Aid
The office that provides financial assistance to pay for college.
What is the Financial Aid Office?
Charges associated with processing, approving, and funding your loan.
What are Loan Fees?
A record of how a consumer has repaid credit obligations in the past; shows payment history, late payments, liens, debt forgiveness, bankruptcy filings, and number of inquiries by prospective lenders.
What is credit history and what it contains.
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?
It tracks your spending and savings for your future.
What is a budget?
The most important form you need to fill out every year to reapply for college financial aid from the federal government.
A: What is the FAFSA?
A set period of time after you graduate, leave school, or drop below half-time enrollment before you must begin repayment on your loan.
What is a Grace Period?
Equifax, TransUnion, and Experian.
Who are the three credit reporting agencies?
Name of fund you should have available to cover unexpected expenses; and how much should it equal.
What is an emergency or “rainy day” account equal to between three and six months of your salary?
Type of expenses that stay about the same each month.
What are fixed expenses?
The official notification a student receives from the college accepted showing what type of aid they're eligible for.
What are Financial Aid Offers?
A federal loan available to undergraduate & graduate students that does not require to show financial need.
What is a Direct Unsubsidized Lon?
Website you should go to once every 12 months to get a free credit report from each of the three major credit bureaus (TransUnion, Equifax, and Experian)?
If I have $26 in my checking account and make a purchase of $26.03, what happens?
What is overdraft fee?
In regard to spending - Things that are nice to have, or satisfy some desire or urge.
What are wants?
When you fail to pay back your loans.
What is a delinquency or default?
The Federal Direct Student Loan that does not accrue interest while you are in school.
What is a Subsidized Direct Loan?
Maintain credit histories and provide lenders with FICO scores.
What do credit reporting agencies do?
The ability to borrow money and pay it back, usually with interest.
What is credit?
Another name for a budget.
What is a cash flow plan?
Federal grant for students with exceptional financial need.
What is Federal Supplemental Educational Opportunity Grant (FSEOG).
The borrowing limit on a federal direct subsidized & unsubsidized loan for a first-year undergraduate student.
What is $5500?
Undergraduate borrowing limits:
$5,500 first year
$6,500 second year
$7,500 third and final years
$31,000 aggregate maximum
FICO credit scores
What do many lenders use to assess an individual’s credit risk?
If I make $10/hour and work 10/ week, why isn’t my weekly check $100?
What are taxes?
50% of your income spent on needs, 20% spent on savings and 30% spent on your wants.
What is the 50 - 20 - 30 Rule?