Across
- 3. A _______ school is a specialized institution that provides students with the necessary skills to be successful at a particular job; sometimes known as trade, vocational, or technical schools.
- 5. A loan that allows parents (or graduate students) to borrow money for college costs. The borrowers must be creditworthy.
- 6. Security, such as a personal belonging, car or boat title, CD, or stock certificates, that insures a loan will be repaid.
- 9. A loan that the federal government funds and makes available to students.
- 11. Prepayment ______ is an amount borrowers sometimes must pay if they wish to pay back an entire loan before the due date.
- 13. Describes the action when interest builds up or adds to the principal.
- 17. Accumulated interest that will be added to the loan when the repayment period begins is known as the ______ capitalization.
- 18. A student loan that is not need based. Students are expected to pay the interest that accrues from the time the money is received. No payment is required on the loan while the student is in school and during a 6-month grace period after graduation.
- 19. Organization or person who extends credit to debtors.
- 22. Student Aid Report, or _____, a report sent to a family after its Free Application for Federal Student Aid is processed, includes information about which student loans are available.
- 23. The _______ institution is an organization that extends loans, making their profit by charging interest; includes banks, savings and loans, credit unions, consumer finance companies, life insurance companies, and pawnshops.
- 25. A type of insurance that pays a specified amount upon the policyholder’s death; a creditor often requires a borrower to take out life insurance to cover the loan in the event the borrower dies before the loan is paid.
- 27. A need-based student loan for which borrowers can defer interest payments for a period of time. No payment is required on the loan while the student is in school and during a 6-month grace period after graduation. Federal government pays interest while student attends school.
- 29. An involuntary form of wage assignment, referred to as wage _________, often done by court order.
- 30. The upfront money applied to a purchase that is made using a loan (credit) is called a ______ payment.
- 31. The Free Application for Federal Student Aid, or ________, is the form on which a loan applicant must supply personal and financial data that will assist in the loan decision-making process. FAFSA is a federal form, but many private educational and lending institutions also require it.
- 33. _________ privilege is an agreement that allows a borrower to make payments before the due date to reduce the amount of interest.
- 34. A person that signs a promissory note along with the borrower and agrees to pay back the loan if the borrower does not.
Down
- 1. A ________ payment plan requires the borrower to make periodic payments but no interest is charged if the payments are made on time. With deferred payment plans, borrowers pay the same price for an item as if they paid for it in full at the time of purchase, and they take possession of the item immediately.
- 2. ______ assignment is a voluntary deduction from an employee’s paycheck, used to pay off debts.
- 4. A credit ___________ agency is an organization that compiles records on users of credit as to how well they repay their debts.
- 5. A loan issued by a bank, a credit union, a school, or a state agency.
- 7. When something is bought that is not paid for at the time of purchase.
- 8. This is the last monthly payment on some loans that is much greater than the previous payments.
- 10. Called a credit ______, this is a numerical value that indicates how well a user of credit meets financial obligations; these records are used by creditors when they decide to issue credit.
- 12. The amount of tuition a family is expected to personally cover based on financial information information submitted to a student loan agency is the ______ family contribution.
- 14. The _______ power is a person’s ability to earn money now and in the future.
- 15. Describes the situation when a borrower fails to make payments according to the schedule set up when the loan originated.
- 16. A person’s property or what is owned.
- 20. Describes the situation when no payment is required on a loan, such as a student loan while the student is in school and during a 6-month grace period after graduating.
- 21. An agreement that states the conditions of a loan is called a _________ note; a borrower’s signature confirms a promise to pay back the loan as outlined in the agreement.
- 24. Organization or person who uses credit.
- 26. A score that summarizes the probability that a debtor will pay a debt and is a reliable way that creditors judge creditworthiness.
- 28. A method of payment of a purchase or services over a period of time.
- 32. A type of loan that is available for students with exceptional financial need.