Financial Aid
The form you need to fill out every year to reapply for college financial aid from the federal government?
What is FAFSA
Money that has to be paid back
What is a loan
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 a credit history
A nine-digit identification number unique to each individual
what is a social security number
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
The Federal Direct Student loan that does not accrue interest while you are in school.
What is Subsidized Direct Loan?
The cost of borrowing money
What is interest
Equifax, TransUnion and Experian
Who are the three credit reporting agencies
An example of this is when a thief opens a new credit card account in your name and runs up charge
What is credit card fraud?
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?
The six months after graduation, during which you are not required to make payments on your student loan.
What is Grace Period.
The addition of unpaid interest to the principal balance of a loan
What is interest capitalization
FICO Credit scores
What do lenders use to assess an individual's credit risk
File a police report and get a copy for your files
An important step to take if you are the victim of Identity Theft?
Circumstance that you have to qualify for but during which no payment is due on your loan and will not negatively affect your credit
What is Deferment
If a loan offers a 0.25% interest rate reduction for auto-debit
What is a borrow benefit
The largest factor contributing 35% to your FICO score
What is payment history
Something you should put on hold while traveling to help prevent ID Theft.
What is the mail?
FAFSA Application can be submitted starting on this date
What is October 1st
This type of interest rate will change when the index changes
What is a variable interest rate
What website should you go to once every 12 months to get a free credit report from each of the three major credit bureaus (TransUnion, Equifax, and Experian)?
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?