Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
strand 5
| Term | Definition |
|---|---|
| How can transferring from a community college or testing out of courses minimize your college costs? | Both options reduce the number of credits you'll need to pay for at a 4-year college |
| Which of these is NOT a likely source of scholarship funding? | Your parents |
| Why is it a good financial decision to work part-time during college? | You can pay some of your tuition as you go, rather than taking loans |
| What's the best advice on how much money to borrow in student loans? | Borrow only what you need for college costs and basic needs |
| Degrees | Associates-2 years Bachelors-4 Years Masters-Bachelors plus 2 years Doctorate-Bachelors plus 4+ years |
| Scholarships | These are monetary awards given to students based on academic, athletic, or other achievements. They don't need to be repaid. |
| Grants | Like scholarships, grants are forms of financial aid that don't need to be repaid. They are typically based on financial need. |
| Work Study | These programs allow students to work part-time, often on campus, to help pay for college expenses. |
| Loans | These are borrowed funds that must be repaid with interest. They can come from the federal government or private lenders |
| Tuition Reimbursement | Some employers offer tuition reimbursement as a part of their benefits package. |
| Military Service | The GI Bill provides education benefits to service members and veterans. |
| 529 Plan | A tax-advantaged savings plan designed to encourage saving for future education costs. |
| 3 credit bureaus | k |
| What are adjustable-rate mortgages based on? | Current interest rates in the economy's index |
| What is an amortization schedule? | A breakdown of how much you are paying between interest and principal amounts |
| Mortgages | An agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you've borrowed plus interest. |
| Amortization | Used to lower the book value of a loan or an intangible asset over a set period of time. It focuses on spreading out loan payments over time. |
| Co-Signers | A person – such as a parent, family member, or a friend – who adds their information, including income and credit record, to the loan application and pledges to pay back the loan if you're unable to |
| Closing Costs | Processing fees you pay to your lender when you close on your loan. |
| Student Loans | Money you can borrow from the U.S. Department of Education or a private organization to pay for college and repay later with interest. |
| Revolving Accounts | A credit line that remains available even as you pay the balance. |
| Unsecured Credit | A loan that doesn't require any type of collateral. Instead of relying on a borrower's assets as security, lenders approve unsecured loans based on a borrower's creditworthiness |
| Secured Credit | A type of financing arrangement where borrowers provide collateral as security against the loan. Collateral is an asset or property that the lender can claim if the borrower fails to repay the loan. |
| Collateral | An item of value that a lender can seize from a borrower if he or she fails to repay a loan according to the agreed terms. |
| What type of marketing techniques do predatory lenders commonly use? (hint: choose two correct answers) | They offer instant approval,They offer quick cash |
| Based on what you've learned so far what do you think is the average annual percentage rate (APR) on a payday loan? | 400% |
| Bankruptcy Causes | Uninsured medical costs Family break-up Divorce Loss of job |
| Bankruptcy | Stays on record for 7-10 years |
| Which is a key difference between Chapter 7 and Chapter 13 bankruptcy? | Chapter 7 bankruptcy discharges all of your debt while Chapter 13 is a repayment plan over 3-5 years |
| How long does bankruptcy stay on your credit report? | 7-10 years |
| True or False: Both Chapter 7 and Chapter 13 bankruptcy will discharge ALL of your debts. | false |
Created by:
coboscel000