Finanacial 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?
Money that has to be paid back.
What is a loan
Equifax, TransUnion, and Experian.
Who are the three credit reporting agencies?
A nine-digit identification number unique to each individual
What is a social security number
Minimum number of credits enrolled to be eligible for a student loan.
3 credits at the graduate level
FAFSA Application can be submitted starting on this date
What is October 1st
The cost of borrowing money.
What is an interest rate
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?
Which document is needed to complete the FAFSA
Income Tax Return (Planillas)
The six-month period after graduation, during which you are not required to make payments on your student loan.
What is Grace Period
This type of interest rate will change when the index changes.
What is a variable interest rate
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?
Dean of Students
Sra. Carmen Rivera
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
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)?
Annual Credit Report.com
Federal agency in charge of dealing with complaints of identity theft.
What is Federal Trade Commission.
787-725-6500
Phone number of the San Juan campus
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.
The addition of unpaid interest to the principal balance of a loan.
What is interest capitalization
The largest factor contributing 35% to your FICO score
What is payment history
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?
First President of the National Hispanic Psychological Association
Carlos Albizu Miranda