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?
A record of how a consumer has repaid credit obligations in the past; shows payment history, late payments, liens, debt forgiveness, bankruptcy filings and the number of inquiries by prospective lenders.
What is a credit history/report 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?
The type of debt outstanding balance over $1.5 trillion.
What is the total student loan market? OR
What is federal and private student loans?
The day UMBC bills are emailed.
What is the first of the month?
The Federal Student Loan that does not accrue interest while you are in school.
What is a Subsidized Direct Loan OR Subsidized Stafford Loan?
Equifax, TransUnion, and Experian.
What are the three credit reporting agencies?
File a police report and notify the credit bureaus.
What are the first steps to take if you are the victim of identity theft?
She is the U.S. Secretary of Education
Who is Betsy DeVos?
What is February 14th?
Circumstances under which borrowers can postpone repayment of their federal student loans.
What is: if I can't find a full time job, if I return to grad school, or if I experience economic hardship.
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?
Name of fund you should have available to cover unexpected expenses and how much it should equal.
What is an emergency OR rain day account equal to between 3-6 months of your salary?
Free, short (3-7 minute) personal finance “clips” of interactive modules and tools with topics ranging from budgeting and savings to homeownership and retirement.
What is CashClips?
FAFSA Applications can be submitted starting on this date.
What is October 1st?
FICO credit scores
What do lenders use to assess an individual's credit risk?
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?
Convenient way to spend money that is an alternative to checks or cash and linked directly to your bank account.
What is a debit card?
Students and staff who volunteer to help students and community members file their taxes.
What is UMBC VITA?
The six months after graduation, during which you are not required to make payments on your student loan.
What is a Grace Period?
What is the website you should go to once every 12 months to get one free credit report 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?
The deadline to file your taxes.
What is Monday, April 15th?
A new UMBC program made to equip you with the critical knowledge and skills you need to make the financial decisions that are best for you.
What is the Financial Education Center?