student loan basic

What happens if you don't pay back a cosigned loan on time?

it will impact you credit score and the credit score of the parents or guardian

What is a parent loan?

loan is taken out for your education by a parent or guardian and they are responsible for paying it back.

The type of loans that are based on financial need are _____.

subsidized

What is an origination fee on a loan?

a fee that Is charged by a lender to make up for the cost...

Who would most likely be a cosigner on some student loans?

a parent or guardian

For student loans that require a cosigner, who is that person?

a parent or guardian....

Subsidized loans are different than other types of loans because they _____.

bases on finical need

How often do you need to apply for a federal student loan?

every year

How often do you need to fill out the FAFSA in order to apply for federal student loans?

every year

When do you need to apply for a federal student loan?

every year...

Which statement best describes how federal student loans are different than private student loans?

federal loans always have a fixed interest rate you qualify regardless of your credit score

Why is it possible that you may get less money than the loan amount you have borrowed?

fee can be subtracted from a loan

Private student loans are from _____.

financial institution like bank and credit unions

When researching financial aid options, who should you contact first?

high school counselor

Who is most likely to have general information about financial aid at many different institutes of higher education?

high school counselor

If you are looking for information about financial aid at many different institutes of higher education, who should you contact?

highschool...

Which statement best describes how private student loans are different than federal student loans?

private loans can have fixed or variable interest rate and there are many option for paying them back

Which type of loan has the accrued (added) interest paid for by the Department of Education while you are enrolled at least half-time in an institute of higher education?

subsidized loan

Which type of loan is based on financial need?

subsidized loans

Which resource would not have reliable information about student loans?

teller at a financial institution

Federal loans are from _____.

the government

What do you need to complete in order to qualify for a federal student loan?

FAFSA

If a person qualifies, why is better to accept a subsidized loan before an unsubsidized loan?

The accrued ....

What is the difference between a parent loan and a loan that your parents or guardians cosign with you?

The difference between a parent loan and a loan that your parents or guardians cosign with you is that the responsibility of a parent loan is solely on them but a cosigned loan means you share the responsibility.

Why would you need a cosigner for certain student loans?

if you don't have a credit history, A cosigner's credit score will be used to secure those loans.

If you borrow $10,000 with a 1% origination fee of $100, how will it affect the amount of loan money you receive and how much you must pay back later?

it means you receive $9,900, but must pay back the full $10,000 later.

Which statement is true regarding how private and federal loans use your credit score (borrowing history) when approving applications?

only private loans look at your credit score

Which type of loan has a higher borrowing limit, a subsidized or unsubsidized loan?

unsubsidized

Who would not have reliable information about student loans?

tax accountant