Financial Aid 101
The form you need to fill out every year to reapply for college financial aid from the federal government?
Money that has to be paid back?
What is a loan?
A record of how a consumer has repaid credit obligations in the past; shows payment history, late payments, liens, debt forgiveness, bankruptcy filings, and number of inquiries by prospective lenders?
What is credit history and what it contains?
A nine-digit identification number unique to each individual?
What is a social security number?
Name of fund you should have available to cover unexpected expenses; and how much should it equal?
What is an emergency or “rainy day” account equal to between three and six months of your salary?
The six-month period after graduation, during which you are not required to make payments on your student loan.
What is Grace Period?
The cost of borrowing money?
What is interest?
Equifax, TransUnion, and Experian?
Who are the three credit reporting agencies?
An example of this is when a thief opens a new credit card account in your name and runs up charges?
What is credit Card Fraud?
Convenient way to spend money that is an alternative to checks or cash and is linked directly to bank account?
What is a debit card?
Circumstance that you have to qualify for but during which no payment is due on your loan and will not negatively affect your credit?
What is Deferment?
The interest rate remains the same throughout the term of the loan?
What is a fixed interest rate loan?
FICO credit scores?
What do many lenders use to assess an individual’s credit risk?
Something you should put on hold while traveling to help prevent ID Theft?
What is the mail?
The ability to borrow money and pay it back, usually with interest?
What is credit?
Circumstances under which borrowers can apply to postpone repayment of their federal student loans?
What if I can’t find a full-time job, if return to graduate school, if experience economic hardship.
Source: https://studentaid.ed.gov/sa/repay-loans/deferment-forbearance
The addition of unpaid interest to the principal balance of a loan?
What is interest capitalization?
What website should you go to once every 12 months to get a free credit report from each of the three major credit bureaus (TransUnion, Equifax, and Experian)?
This modern-day fraudulent practice of sending emails purporting to be from a reputable company in order to induce individuals to reveal personal information, such as passwords and credit card information?
What is phishing?
What is the 50 -20-30 Rule?
50% of your income spent on needs, 20% spent on savings and 30% spent on your wants?
Federal student loan that includes a fee of 4.228%?
What is a Grad PLUS loan?
If a loan offers a 0.25% interest rate reduction for auto-debit?
What is borrower benefit?
The largest factor contributing 35% to your FICO score?
What is payment history?
Federal agency in charge of dealing with complaints of identity theft?
What is Federal Trade Commission?
Type of expenses that stay about the same each month?
What are fixed expenses?