Paying for College
This is the order you should accept financial aid in
Free, earned, borrowed
If you owe money to someone, you are the ________.
What is debtor/borrower?
This person guarantees repayment of a loan in case a borrower can't pay...
What is a co-signer?
A bank account you use to save money...
What is a savings account?
This type of investment allows you to buy a share of a company
What is a stock?
This form allows you to apply for financial aid
What is the FAFSA?
This is what a lender does when they take back your car due to non-payment...
What is repossess?
What is a higher interest rate
A fee paid to you for keeping your money in an account OR a fee charged to you for a loan or credit card.
What is interest?
This is considered one of the most popular risky investments...
What is stock market?
This type of aid does not have to be paid back and , the money is earned by working at a college-based job.
What is work-study?
When you don't pay on a loan...
What is default?
When a bank takes back your house due to non-payment...
What is foreclose?
Paying on time is the most significant factor for determining your credit score. What is the charge for paying late?
What is a late fee?
The account some use to save for their retirement is a ________K.
What is401K?
This type of aid needs to be paid back
What is a loan?
Experian, Equifax, Transunion
What are the credit reporting agencies
A missed payment and a bankruptcy stays on your credit report how many years?
What is 7 years for a missed payment and up to 10 years for a bankruptcy?
Who should you always pay first after earning a paycheck?
YOURSELF!
What is a prospectus?
A new car loses value as soon as it is driven off of the lot. This is known as...
What is depreciation
After your receive your credit card bill, you have this amount of time to pay the bill before interest is charged.
What is a grace period
Often seen when exploring the cost of a credit card or rate of return for a savings account. This 3 letter acronym is the approximate yearly cost of borrowing money from a financial institution.
What is APR (Annual Percentage Rate)
This is a type of index which tracks the performance of the top 500 stocks traded on the stock exchange
What is the S&P 500?