NGPF Student Loans Flashcard

Front

What are the different types of student loans?

Back

federal student loans, private student loans, and parent PLUS loans

Front

How are interest rates determined on student loans?

Back

Interest rates on student loans are determined by several factors, including the type of loan, the borrower's credit history, and the current market conditions.

Front

What are the repayment options for student loans?

Back

standard repayment, graduated repayment, income-driven repayment, and extended repayment

Front

How does taking out student loans impact your credit score?

Back

Taking out student loans can impact your credit score in both positive and negative ways.

Front

What happens if you default on your student loans?

Back

Defaulting on your student loans can have serious consequences, including damage to your credit score, wage garnishment, and legal action.

Front

Which type of student loan typically has a lower interest rate: federal or private?

Back

federal

Front

What is the difference between fixed and variable interest rates on student loans?

Back

Fixed interest rates remain the same, while variable interest rates can change.

Front

How long does it take for student loans to be removed from your credit report after repayment?

Back

seven years

Front

What are some consequences of defaulting on student loans?

Back

Damage to credit score, wage garnishment, loss of eligibility for future financial aid, and potential legal action.