CHAPTER 11: CREDIT AND YOU

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Across
  1. 3. is a loan backed up by collateral.
  2. 6. is the total cost of the loan in dollars and cents, including interest.
  3. 8. is something of value, such as the property purchased, that the creditor can take if the loan is not repaid.
  4. 11. application filled with detailed questions about you and your family to determine how much money it can loan the student.
  5. 13. government pays the interest on the loan while you are in school.
  6. 15. agrees to pay off a debt only if a debtor defaults.
  7. 17. is credit given for a specific amount of money or purchase.
Down
  1. 1. is to ensure they get their money back, many creditors require that a loan.
  2. 2. creditors charge a fee.
  3. 3. agrees to pay off a debt outright, in place of the debtor.
  4. 4. is a line of credit that can be used over and over again up to a certain limit.
  5. 5. is a person who borrows money or receives credit.
  6. 7. is failure to make loan payments on time or live up to the terms of a credit agreement.
  7. 9. annual precentage rate.
  8. 10. free application for federal student aid.
  9. 12. is a person who lends money or provides credit.
  10. 14. is an arrangement in which you receive cash, goods, or services now and pay for it later.
  11. 16. student remains responsible for the interest that builds on the loan while attending school.