Personal Financial Literacy 3rd Nine Weeks Exam

________: To grow or accumulate over time; to happen as a natural result.

• Accrue

• Annual loan limit

• Award Letter

• Borrower

Tags

CCSS.RI.7.3

CCSS.RI.8.3

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

________:The maximum federal student loan eligibility per academic year. For Direct Loans, loan limit is $5,500 for freshman, $6,500 for sophomores and $7,500 for juniors/seniors.

• Accrue

• Annual loan limit

• Award Letter

• Borrower

________:Lists the types and amounts of financial aid the student is eligible for. To finalize the award package, the student must sign and return the award letter to the Financial Aid office.

• Accrue

• Annual loan limit

• Award Letter

• Borrower

________:The individual who signed and agreed to the terms in the promissory note and is responsible for repaying a loan. For a federal student loan, the student is solely responsible for the loan.

• Accrue

• Annual loan limit

• Award Letter

• Borrower

Tags

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

_____: Unpaid interest that has been added to the principal balance of a federal student loan. If you don't make interest payments on your unsubsidized loans while you are in college, that interest will be capitalized.

• Capitalized Interest (Capitalization)

• Default

• Forberarance

• Delinquency

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

_____:funds paid out by a business or individual to cover expenses.

• Capitalized Interest (Capitalization)

• Disbursement

• Forberarance

• Delinquency

_____:Failure to repay a loan according to the terms agreed to. Has a dramatic and negative impact on the borrower's credit score.

• Capitalized Interest (Capitalization)

• Disbursement

• Forberarance

• Default

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

_____:An act when an individual won't have to make a payment, or you can temporarily make a smaller payment. However, you probably won't be making any progress toward forgiveness or paying back your loan. As an alternative, consider income-driven repayment. Student Loan Payment Pause Extended.

• Capitalized Interest (Capitalization)

• Disbursement

• Forberarance

• Default

Tags

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

_____:This happens when you don't make a payment when due..

• Capitalized Interest (Capitalization)

• Default

• Forberarance

• Delinquency

Tags

CCSS.RI.11-12.8

CCSS.RI.8.7

CCSS.RI.9-10.7

CCSS.RL.8.7

CCSS.RL.9-10.7

_____:A time period during which no finance charges will be added to your account

• Grace Period

• Default

• Forberarance

• Delinquency