Financial Aid
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?
Due date for UMES deferred payment plans.
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?
Who is your lender for Federal Student loans?
What is: US Department of Education?
This is where you go to find scholarship resources and information.
What can be found on the UMES financial aid website under funding sources?
This can cause a hold on your student account?
What is an outstanding prior balance?
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 rainy day account equal to between 3-6 months of your salary?
Where student can obtain a 1098T form for tax purposes.
What can be found within student center under my account?
Money to pay for higher education that does not have to be paid back
What are grants and scholarships ?
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?
Refunds reach student bank account 2 weeks from the date that it is posted to student Hawk account.
How long does it take for a refund to reach student bank account?
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?
What is the 50 -20-30 Rule?
What is: 50% of your income spent on needs, 20% spent on savings and 30% spent on your wants.
The two main requirements as a loan borrower that must be completed before funds are applied to Hawk account?
What is: Entrance counseling and Master Promissory note?