Budgets
The first step is developing a budget?
What is list all income and expenses?
The grace period
What is a period of six months after a student graduates or drops below half time before required to being paying back student loans?
A person's complete credit history
What is the credit report?
Allows easy, day-to-day access to the money you deposit into them.
What is a checking account?
Must be completed during every student appointment
What is the consent form?
The second step in developing a budget
What is you should track spending for at least one month OR review bank/credit card statements for a month?
Federal requirement borrowers must complete
What is Student Loan Exit Counseling?
The FICO score range
What is 300-850?
A cross between a savings and checking account
What is a money market account?
How student appointments are scheduled
Students can download this tool from the Smart Money website
What is the Orange Budget?
A repayment plan based on income
Income-based repayment plans
The largest factor in a credit score
What is the payment history?
Materials needed to open a bank account
What is two forms of ID, proof of address, deposit, proof of income, passport/student VISA/proof of enrollment
What is the first step in the coaching process?
What is initiating (small talk, get to know the student)?
The timeframe of a budget
What is typically a month but can be weekly or bi-weekly or a combination?
This loan does not accrue interest while a student is enrolled at least half time
What is a subsidized loan?
What Credit card interest is typically expressed and quoted
What is APR?
Bank and credit union insurance
What is the FDIC and NCUA?
A strategy that occurs when a counselor identifies key components of a session to ensure that she and her client agree on priority topics.
What is summarizing?
The foundation of personal finance
What is a budget?
The website and login needed to review federal student loans
What is studentaid.gov and the FSA log in (the same as the FSA)?
Methods to build credit
What is a secure credit card, paying utilities, repaying student loans, paying back a small, short term loan?
What is 250,000 per account?
Clarify what the students want to accomplish and help develop well-written goals and create an action plan
What is the third phase of the coaching process, Understanding?