Student Loans
Are grants or loans better?
What are grants?
What is a stock?
What is a percentage ownership of a company
What is the first thing you should do with a paycheck?
What is save a percentage?
What is a Bank?
What is something you put your money in?
What is a credit/FICO score?
What is a numerical indicator of your trustworthiness and likeliness to pay someone
True or false. All college financial aid letters look the same.
What is false?
What is a bond?
What is a loan you make to a company, in turn, they promise to pay it back with interest on a specific date
What is the difference between passive and active income?
What is...
Passive: income you receive when not actively working
Active: income where you have to directly trade your time for money
Is a credit union or a bank better for a higher savings rate?
What is a credit union
What is considered a good credit score?
What is 690-719?
Bad: 300-629 Fair: 630-689 Excellent: 720-850
How do you find the net cost of attendance?
What is total cost of attendance minus grants and scholarships?
What is a certificate of deposit or CD?
What is a savings account that holds a fixed amount of money for a fixed period of time and in exchange, the issuing bank or credit union pays interest at a fixed rate.
What taxes are taken out of your paycheck?
What is social security, retirement, medicare, state taxes, federal taxes?
Is a bank or a credit union for profit?
What is a bank
What are some of the benefits of using a credit card?
What is...
- transactions are recorded making tracking expenses easier
- you can't get your money physically stolen
- in some situations credit cards are the easiest form of payment
- some cards offer rewards like cashback or travel points
What is a work study?
What is a provided part-time jobs to undergraduates and graduates
What is an ETF?
What is a group of investments, such as stocks and bonds, organized around a theme or strategy
What is compound interest?
What is interest paid on an initial amount plus any previously accumulated interest?
What does it mean to be FDIC or NCUA insured?
Your money in savings up to $250,000 is federally protected
What can a good credit score do for you?
What is it helps get better loans, a job and utility account
Order the following types of financial aid from best to worst.
Subsidized loans, Scholarships/Grants, Private Loans, Unsubsidized loans
What is...
1. Scholarships/Grants
2. Subsidized Loans
3. Unsubsidized Loans
4. Private Loans
What steps do you take to invest in an index fund?
What is...
1. Open a brokerage account at Charles Schwab, Fidelity or Vanguard using the firm's website.
2.Transfer money into your new brokerage account from your savings account
3. Once the money has been received and verified in your new brokerage account, invest it into a low-cost index fund
Chris starts saving $1,500 each month since he was 18 and plans to retire at 65. Drew didn't start investing for retirement until 35, saving $2,500 a month wanting to retire at 65. Who saves more?
Who is Chris
Chris will have saved $1,807, 137.02. Drew will have saved $1,427, 262.47.
Is a credit union or bank FDIC insured?
What is a bank
What things can you do to improve your credit score?
What is paying your bills on time and in full