Financial Aid
The form you need to fill out every year to reapply for college financial aid from the federal government.
What is the FAFSA?
A record of how a consumer has repaid credit obligations in the past; shows payment history, late payments, liens, debt forgiveness, bankruptcy filings and the number of inquiries by prospective lenders.
What is a credit history/report and what it contains?
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?
This is an individual (like a parent or spouse) who signs a loan with you and agrees to pay it back if you are unable to do so.
What is a Cosigner?
True or False: You need income to apply for a private student loan without a cosigner.
What is false? (Creditworthiness can still qualify you, but income helps)
The Federal Student Loan that does accrue interest while you are in school.
What is a UnSubsidized Direct Loan OR UnSubsidized Stafford Loan?
Equifax, TransUnion, and Experian.
What are the three credit reporting agencies?
File a police report and notify the credit bureaus.
What are the first steps to take if you are the victim of identity theft?
This is the specific name for the original amount of money you borrow in a loan, before interest starts being added to it.
What is the Principal Amount?
What is the term for money you borrow that you must pay back with interest?
What is a loan?
Circumstances under which borrowers can postpone repayment of their federal student loans.
What is: if I can't find a full time job, if I return to grad school, or if I experience economic hardship.
This is the percentage of your available credit that you are currently using.
What is credit utilization?
This action can help prevent identity theft by requiring verification beyond just a password.
What is multi-factor authentication?
Name of fund you should have available to cover unexpected expenses and how much it should equal.
What is an emergency OR rain day account equal to between 3-6 months of your salary?
The name of your financial aid Advisors?
Who are Rachel and Victoria?
A medical student chooses to borrow the maximum loan amount available each term, even though their actual living expenses are lower. What financial risk does this strategy create over time?
What is overborrowing, leading to higher total debt and increased interest costs?
This protection helps ensure your money is safe in a bank up to a certain limit.
What is FDIC insurance?
This modern day fraudulent practice of sending emails purporting to be from a reputable company in order to induce individuals to reveal personal information, such as passwords and credit card information.
What is phishing?
Convenient way to spend money that is an alternative to checks or cash and linked directly to your bank account.
What is a debit card?
This type of loan allows you to check your rate without impacting your credit score.
What is a prequalification (or soft credit check)?
The six months after graduation, during which you are not required to make payments on your student loan.
What is a Grace Period?
What is the website you should go to once every 12 months to get one free credit report from each of the three major credit bureaus (TransUnion, Equifax, and Experian)?
Federal agency in charge of dealing with complaints of identity theft.
What is the Federal Trade Commission?
This banking feature allows transactions to go through even when funds are insufficient, often for a fee, but must be opted into for debit card purchase
What is overdraft protection (or overdraft coverage)?
What is the term for adding unpaid interest to the principal balance of a loan, increasing the total amount owed?
What is capitalization?