Loans Crossword

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Across
  1. 3. If you think you will move in the next few years, this is the best type of mortgage to get (3 words).
  2. 5. This loan accrues interest while you are still in college, however, don't have to repay until 6 months after last college attendance-date.
  3. 6. If something happens you can take a deferment which allows you to ____ monthly payments temporarily.
  4. 7. _____ Term loans result in lower monthly payments.
  5. 10. When refinancing a loan, you will have to pay some costs to ____ the new loan.
  6. 11. Free money given by the federal government that you do not have to pay back.
  7. 13. _____ Fixed-Payment Plans are fixed to pay off in 10 years; the default option.
  8. 14. The most common term for mortgages is _____ years.
  9. 16. This type of mortgage has low introductory rates for a set number of years, then adjusts based on the current interest rate.
  10. 19. APR
  11. 20. The yearly rate of interest that you will be charged for your loan.
  12. 21. This is where you get an SAI number.
  13. 22. By the end of the loan, a greater portion of the monthly payment goes towards _____.
  14. 23. The second number in the ARM is how often the interest rate ______.
  15. 27. Free Application for Federal Student Aid
  16. 30. the approximate amount of money that families can pay for a student’s education costs.
  17. 32. Money to help pay for college or career schools.
  18. 36. This type of mortgage is the best to get if the interest rates are low at the time of buying a house.
  19. 37. This student loan is not given by the government, usually from a bank.
  20. 39. If interest rates drop, you can refinance your loan, by having your new lender pay off your old _____.
  21. 40. Grants are ______ based, which depends on how much money you qualify for.
  22. 41. The percent you pay in interest.
  23. 44. Pretty much everything we finance is this type of loan (3 words).
  24. 45. The process of replacing your old loan with a new loan.
  25. 46. This payment plan bases monthly payment on income and family size.
  26. 48. Once you graduate or drop out, you’ll be given a grace period of ___ ____, after that you have to start making payments on federal student loans.
Down
  1. 1. Short-term loans with high fees to trap people into a cycle of lending.
  2. 2. ____ Term Loan results in higher total interest paid.
  3. 4. If you think that interest rates will rise in the future, then this is the best type of mortgage to get (3 words).
  4. 8. The most common federal grant.
  5. 9. The biggest simple interest loan one usually gets in their life.
  6. 12. Financial Awards that do not have to be repaid, but are merit based.
  7. 15. Student Loan: Fixed-Payment Plans are the ____ option, and the most common.
  8. 17. SAI.
  9. 18. This type of loan does not accrue interest while you are in school.
  10. 22. The practice of taking advantage of people with little-to-no knowledge of APR to give them bad loans.
  11. 24. Allows you to pause your payments temporarily, but additional interest may be accrued.
  12. 25. The amount of money borrowed from a lender.
  13. 26. Many people advocate for Student Loan ________, because thousands of people are saddled with huge amounts of debt as a result of their loans.
  14. 28. Allows you to earn money to pay for school by working part-time for your college.
  15. 29. This payment plan has the same monthly payment over the specified term.
  16. 31. Subsidized loans are only offered to ______ students.
  17. 33. Breaks up monthly payment into 2 things: interest and principal.
  18. 34. With Income-Driven payment plans you are required to make payments for 20-25 years. After 20 or 25 years, repayments are stopped, and any additional ______ is forgiven.
  19. 35. Initially, A greater portion of the monthly payment goes towards _____.
  20. 38. In an ARM, the introductory _____ ____ will be lower than a fixed-rate mortgage rate offered at the same time (2 words).
  21. 42. The time period you have to pay off the loan.
  22. 43. After you stop attending college for 6 months, you are required to make ________ on your loan.
  23. 47. The first number in an ARM is the amount of years the rate is temporarily _____.