Credit
The ability to borrow money or access goods or services with the understanding that one will pay later.
What is credit?
Something, usually money, owed by one party to another.
What is debt?
The business of protecting money for others by accepting deposits and making loans.
What is banking?
Funds from the government, or private organizations and from an educational institution that help students pay for their education.
What is Financial Aid?
A thing that is borrowed, especially a sum money that is expected to be paid back with interest?
What is a loan?
A three-digit score that predicts how likely one is to repay a debt.
What is a credit score?
The cost one pay's each year to borrow money, including fees, expressed as a percentage.
What is a Annual Percentage Rate?
Putting money into a bank is called?
What is a Deposit
Loans, Grants, Scholarships, Work-Study
What are types of Financial Aid?
- Personal Loans
- Auto Loans
- Student Loans
- Mortgage Loans
- Home Equity Loans
- Credit-Builder Loans
- Debt Consolidations Loans
- Payday Loans
What are types of loans?
The maximum amount a consumer is allowed to charge.
What is a credit limit?
Payment history, amount of debt, credit history, number of inquiries, and credit diversity
What is one factor that can effect a poor credit score?
Charging interest on loans.
How does a bank make money?
A application that is used to establish how much one is eligible for federal and state funds regarding schooling.
What is Financial Aid Federal Student Aid (FAFSA)?
A good credit score and good credit history can allow one to be more favorable loan terms while a bad credit score and poor credit history can prevent one from receiving a loan or having a higher interest rate thus causing a higher monthly payment.
How does a credit score and credit history affect receiving a loan?
A statement that has information about your credit activity and current credit situation.
What is a credit report?
- Secured
- Unsecured
- Revolving
- Installment
What is one of the four types of debt?
- Social Security Number
- Valid Government Issued Photo ID
- A Minimum Deposit
- Proof of Address
- Personal Information
What are two things that you need to open a bank account?
September 24, 2025
When does the 2026-2027 Financial Aid Federal Student Aid (FAFSA) open up?
Subsidized Loans do not accrue interest while one is in school; unsubsidized loan interest immediately accrues.
What is the difference between a subsidized loan and a unsubsidized loan?
Equifax, Experian, TransUnion
What are the three major credit reporting agencies?
Unsecured Revolving Debt
What kind of debt is a credit card considered?
A deficiency in a bank account caused by drawing more money than the account holds.
What is an overdraft fee?
Must be submitted by June 30, 2027
What is the federal deadline for one to submit their FAFSA Application?
person who also agrees to repay a loan.
What is a co-signer