Financial Aid
What are two types of financial aid that do not need to be paid back?
Scholarships and Grants
What does a credit score tell someone about you?
Tells how you handle your debt, how long you have had it, and whether you paid it back
Check balances
Pay bills
Transfer funds
Check transactions
When you use your debit card for a purchase, when are the funds removed from your account?
Within one day.
What should you ask yourself before making a purchase?
Do I really need this?
What does FAFSA stand for?
Free Application of Federal Student Aid
There are three credit bureaus - how many free credit reports a year can you receive from each a year?
One from each
Name three types of taxes taken out of your paycheck.
Social Security
Medicare
State Income Tax
Federal Income Tax
What bank might you want to use in order to avoid an ATM fee on campus?
Santander or any bank that removes ATM fees.
This is the money that the bank pays you each month as a fee for using your money
How soon after completing your education or leaving school do you have to start paying back your student loans?
6 months
Name ONE of the three credit reporting agencies.
Experian. Transunion. Equifax.
What does APR stand for and why is that important?
Annual percentage rate. It tells you how much interest you are going to pay on your debt.
When looking at a check, what do the numbers at the bottom of the check represent?
The routing number and the bank account number.
TRUE or FALSE: You can establish a retirement account
while you are a college student.
True
TRUE or FALSE: If you declare bankruptcy, you do not have to pay back your student loans?
False
What is the best way to have a good credit history?
Utilize credit responsibly, Pay your bills on time
Minimize number of accounts, Maximize length of credit
When purchasing something online, how do you know when a site is secure?
Website will begin with https://
True or False: Writing a bad check when you know you do not have the funds is a crime.
True. It is considered fraud and punishable by law.
What steps should you take in making a budget for yourself?
Track income and spending/ Compute average spending by category/ Set spending limits
What is the earliest date that you can complete your FAFSA for the 2022-2023 school year?
October 1.
What is the best way to proceed when you are unable to pay a bill?
Contact the creditor directly and try to set up options for payment.
What federal agency secures bank deposits up to $250,000?
FDIC. Federal Deposit Insurance Corporation.
How long do you have to correct an error in a debit card or ATM transaction?
60 days.
Name three ways you can save money while in college.
Limit the amount of times you eat out/
Take advantage of student discounts/
Rent books or purchase used books/
(Other)