3.3 Student Loans-3.6 Credit Card Statement

Specialized institutions that provide students with the necessary skills to be successful at a particular job.

• Career School

• Private Loan

• Loan

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.8.5

CCSS.RI.6.5

CCSS.RI.7.5

Each applicant must supply personal and financial data that will assist in the loan-decision making process. It is a federal form, and many private educational and lending institutions require it as well.

• Free Application for Federal Student Aid

• Student Aid Report

• Credit Score Report

This report will indicate the expected family contribution, along with other important information about loans that may be available to you.

• Direct Deposit

• Federal Loan

• Student Aid Report

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.8.5

CCSS.RI.11-12.3

CCSS.RI.9-10.3

A loan issue by a bank, a credit union, a school, or even a state agency is considered a private loan.

• Federal Loan

• Private Loan

• Federal Direct

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.8.5

CCSS.RI.6.5

CCSS.RI.7.5

These are need based. Students are able to defer interest payments for a period of time. That is, no payment is required on the loan while the student is in school and during a 6-month grace period after graduating. The U.S Department of education pays the interest while you are attending school and during the 6-month grace period.

• Account Number

• Federal Direct Subsidized Loan (Stafford Loan)

• Credit Card Statement

Tags

CCSS.RI.11-12.7

CCSS.RI.9-10.7

CCSS.RL.11-12.7

CCSS.RL.9-10.7

CCSS.RI.8.7

These are not need based and you are expected to pay the interest that accrues (builds up) from the time you receive the money. No payments are required while you are attending school and during the 6-month grace period.

• Interest Capitalization

• Federal Direct Unsubsidized Loan (Stafford Loan)

• Federal Plus Loan

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.8.5

CCSS.RI.6.5

CCSS.RI.7.5

These loans allow parents (or graduate students) to borrow money for college costs. The borrowers must be creditworthy.

• Federal Plus Loan (Parent Loan for Undergraduate Students)

• Simplified Daily Interest Formula

• Billing Cycle

This type of loan is available for students with exceptional financial need.

• Account Number

• Interest Capitalization

• Federal Perkins Loan

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.11-12.3

CCSS.RI.9-10.3

CCSS.RI.8.3

Waiting until the end of the grace period and having all of the interest accrued added to the principal. Then the individual would start repaying her loan using the new principal.

• Credit Line

• Interest Capitalization

• Billing Date

Gives the individual the amount of interest accrued since the last time she made a payment.

• Simplified Daily Interest Formula

• Available Credit

• New Purchases