Credits and Loans

If you file Chapter 7 bankruptcy, you will most likely have to:

• Set up a repayment plan

• Give up most non-exempt assets

• Give up EVERYTHING that you own

• Serve a minimum of 6 months in jail

This company designed a model to calculate credit scores which is used by credit bureaus:

• Equifax

• FACO

• FICO

• Chase Bank

Which of the items below is an example of collateral?

• Your signature

• Foods high in fat

• Your debt

• Your vehicle

The main difference between subsidized and unsubsidized loans is that:

• Subsidized have a higher interest rate

• Subsidized are given to all that apply

• The government pays the interest on subsidized loans

• Unsubsidized loans are given on a "as need" basis

A grant differs from a loan, because a grant:

• Is only given to students with a certain GPA

• Has a lower interest rate

• Is only offered to high school seniors

• Does not have to be paid back

Which of the following is not one of the major credit bureaus?

• Trans Union

• Wells Fargo

• Equifax

• Experian

Which of the following is NOT a factor when determining your credit score?

• Payment history

• Current debt

• If you are employed or not

• Length of credit history

The Consumer Credit Protection Act:

• Ensures that consumers are informed of the cost of credit

• Protects credit agencies from consumer fraud

• Makes it illegal for credit card companies to raise interest

• Allows consumers to make late payments without penalties

The Equal Credit Opportunity Act makes it illegal to deny credit based on all of these EXCEPT:

• Race

• Religion

• Age

• Unemployment

EFC stands for _______________________ in regards to financial aid.

• Estimated Family Collateral

• Estimated Family Contribution

• Expected Financial Contribution

• Expected Family Contribution