Financial Aid 101
The form you need to fill out every year to reapply for college financial aid from the federal government.
What is the FAFSA?
The Federal Student Loan that does not accrue interest while you are in school.
What is a Subsidized Direct Loan or Subsidized Stafford 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?
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 a bank account.
What is a debit card?
This year, the Free Application for Federal Student Aid (FAFSA) can be submitted starting on this date?
What is: Tentatively December 1, 2023. Normally, the form opens on October 1st?
The six-month period after graduation, during which you are not required to make payments on your student loan.
What is Grace Period?
Equifax, TransUnion, and Experian.
What are the first steps to take if you are a victim of identity theft?
What is file a police report and notify the credit bureaus and contact your credit card issuers and bank?
A person who applies for a credit product with someone who may not qualify on their own and takes equal responsibility for the account.
Who is a cosigner?
Money to pay for college that does not have to be paid back.
What are grants & scholarships?
Money that has to be paid back.
What is a loan?
Maintain credit histories and provide lenders with FICO scores.
What do credit reporting agencies do?
Something you should put on hold while traveling to help prevent ID Theft.
What is your mail?
The ability to borrow money and pay it back, usually wit interest.
What is credit?
What are the Federal Direct Subsidized and Unsubsidized Loans?
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?
This modern day fraudulent practice of sending emails (and text messages) 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?
It tracks your spending and savings for your future.
What is a budget?
A payment made to support a student's education, awarded on the basis of academic or other achievement. These awards do not have to be repaid.
What is a Scholarship?
When this happens, your credit will deteriorate, and wages could be garnished.
What is a delinquency or default?
What is the website you should go to once every 12 months to get one free credit report from from each of the three major credit bureaus (TransUnion, Equifax, and Experian)?
Federal agency in charge of dealing with complaints of identity theft.
What is the Federal Trade Commission?
Type of expenses that stay about the same each month. For example: rent, car payment, insurance, cell phone bill.
What are fixed expenses?