Helps students pay for university tuition, books, and living expenses. Different from other loans because the interest rate is lower and pay back time is longer.
What is a Student Loan
100
The amount you pay to use some else's money
What is Interest
100
The maximum amount of credit a lender will extend to a customer
What is a Credit Limit
100
Anything, usually money, that is owed or due
What is Debt
200
The yearly fee paid to the credit card company for the privileges of using a card
What is an Annual Fee
200
A loan that provides home buyers the money to buy the house and the loan is guaranteed by the house. Loan is expected to be paid back by a certain time with interest
What is Mortgage
200
Putting money into something that you hope will increase in value over time
What is Investing
200
A number assigned to a person that indicates to lenders their capacity to repay a loan
What is a Credit Score
200
A rise in the cost of goods and services
What is Inflation
300
The charge for setting up a loan
What is an Origination Fee
300
The amount of money someone is willing to loan you
What is Principal
300
Period for which no interest charges occurs if balance is paid in full by due date
What is a Grace Period
300
A report of an someone’s credit history prepared by a credit bureau and used by a lender in deciding whether a loan applicant will pay back their loan
What is a Credit Report
300
The state of being completely out of money
What is Bankruptcy
400
A fee for spending more than your credit limit.
What is an Over-the-Limit Fee
400
The length of time you have to pay off a loan, along with paying interest
What is a Loan Term
400
The cost to actually use a credit card. It includes not only interest but other charges as well such as transactional charges
What is a Finance Charge
400
The financial history of the borrower. What kind of "financial citizen" is this person or business
What is Character
400
Financial assets or the financial value of assets, such as cash
What is Capital
500
The cost of the loan per year as a percentage of the amount borrowed
What is an Annual Percentage Rate
500
Loan with fixed payments, rate of interest, and length of term
What is an Installment Loan
500
Resetting the interest rate on a loan or credit card to the default rate or higher. Most lenders resort to the universal default when a borrower makes a late payment or goes over the credit line supplied
What is the Universal Default
500
The ability of the business to generate revenues in order to pay back the loan
What is the Capacity
500
Something pledged as security for repayment of a loan, to be given up if payment is not received