Co-signers
If you have a low credit score, will you be able to get a large loan, or do you need a co-signer?
You need a co-signer
Money borrowed from private parties. Typically used when Federal loan options are limited
Private Loans
Who can co-sign a loan?
A) Parent
B) Next door neighbor
C) Any adult
C) Any adult that qualifies for a loan.
A work study program is a _______ ________ on campus to help pay for college.
Part time job
True or False. If you have a federal loan you need a co-signer.
False
Money awarded to students for college.
Scholarships
True or False: You still have to pay off student scholarships when you graduate.
False
You have to complete a _________ in order to apply to college.
FAFSA
If you stop paying a student loan, the cosigner is responsible for ________________ ____________.
Making payments.
Is there is a limit to the amount you can receive for a student loan?
No
Failure to pay back a loan is called a _________
Default
What can you use your work study paychecks for?
A) Tuition
B) Groceries and rent
C) The latest video games
D) All of the above
D) All of the above
Do you always need a co-signer for a private loan?
No.
Money borrowed from the federal gov. That must be repaid with interest.
Federal Student Loans
True or False. You don't have to pay off a student scholarship when you graduate.
True. It is an award, not a loan.
The difference between the value of the property and how much is still owed on the mortgage is called __________.
Equity
If you default on a co-signed student loan, who is responsible for paying it?
A) Parent
B) Next door neighbor
C) Any adult
C) Any adult
Financial aid in exchange for labor.
Work/Study Jobs
The amount of money borrowed is called the ________.
Principal
The price a borrower pays to borrow money from a lender is called _________.
Interest.