Standard 7 Borrowing Money Review

Something of value (often a house or a car) pledged by a borrower as security for a loan. If the borrower fails to make payments on the loan, the collateral may be sold; proceeds from the sale may then be used to pay down the unpaid debt.

The most commonly used credit score. The name comes from the Fair Isaac Corporation, which developed the scoring model.

An official record of a borrower's credit history, including such information as the amount and type of credit used, outstanding balances, and any delinquencies, bankruptcies, or tax liens.

A federal loan made by the U.S. Department of Education that allows youto combine one or more federal student loans into one new loan.

A federal student aid program that provides part-time employment while you are enrolled in school to help pay your education expenses.

A loan funded by the federal government to help pay for your education.

Most federal legislation is enforced by the _________ or _________.

Name five out of the twelve most significant federal laws impacting consumers.

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Name two reasons why a credit card company might increase your interest rate.

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Is a credit card an installment credit or non-installment credit?