To apply for a government student loan, you have to fill out one of these.
What is a FAFSA or Free Application for Federal Student Aid?
100
APR stands for this.
What is annual percentage rate?
100
The interest is usually higher on this type of loan.
What is a private loan?
100
The party who sells the goods on credit or lends the money.
What is the creditor?
100
A fee creditors charge for lending money or extending credit.
What is interest?
200
Only in these cases, can student loans be discharged in bankruptcy.
What is extreme hardship?
200
The government pays the interest while you are in school on this type of loan.
What is subsidized?
200
The party who buys the goods on credit or borrows the money.
What is the debtor?
200
Property that is offered as a security interest.
What is collateral?
200
Failure to make loan payments on time or live up to the terms of a credit agreement.
What is default?
300
A loan which is backed up by property that the creditor can take if the loan is not repaid.
What is a secured loan?
300
The true interest rate of the loan.
What is APR?
300
If you use credit to finance a car, federal law requires the creditor tell you these two things.
What are the finance charge and the APR for the car loan?
300
You may have to pay up to this amount if unauthorized charges are made before you notifiy the credit card issuer of the loss of your card.
What is $50?
300
Under this program, money is lent to students based on need.
What is the Direct Loan Program?
400
The way a surety guarantees a loan.
What is agrees to pay off a debt outright?
400
In a transaction for the sale of goods, the security interest attaches in this way.
What is to the actual individual goods?
400
The way a guarantor guarantees a loan.
What is agrees to pay off a debt only if a debtor defaults?
400
When the security interest is on inventory it attaches in this way.
What is to the inventory as a whole, including new inventory that comes and goes from a business?
400
Lenders need this as a way of getting their money back in case the borrower does not pay.
What is security?
500
Three warning signs that you may be in financial trouble.
What is:
* You make only minimum monthly payment on credit cards.
* The total balance on your credit cards increases every month.
* You exceed the credit limits on your credit cards.
500
The law that applies to the purchase of a vehicle can come from these three sources.
What is:
* The Uniform Commerical Code?
* Consumer Protection Laws?
* Laws Regulating Credit?
500
These three things help to establish a good credit rating.
What is:
* Start with small purchases and build up.
* Pay your bills on time.
* Avoid accumulating debt.
500
Name the type of credit that can be used over and over again up to a certain limit AND provide an example.
What is open-end credit? What are credit cards?
500
Name the two types of parties who can guarantee a loan.