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Federal or Private Loan Flashcards | StudBud
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Federal or Private Loan
Federal or Private Loan
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Flashcards
17 cards
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Practice quiz
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Questions
17
Answers
1
Is this a Federal or Private loan? Offers flexible monthly payments
Private
Federal
2
What should a student do to accept their loans?
Call the college or university.
Sign a Master Promissory Note.
Meet with a Financial Aid counselor.
Write a formal letter to the college.
3
Is this a Federal or Private loan? Can often require payments while you are still in school?
Federal Loan
Private Loan
4
Is this a Federal or Private loan? Does not have any prepayment penalty fees
Private Loan
Federal Loan
5
Why should I borrow student loans?
To buy a my girlfriend a diamond ring
To move away from my parents
To help my mom pay her bills
To pay for college tuition, fees and books
6
Is this a Federal or Private loan? Has an interest rate that could change
Federal loan
Private Loan
7
Is this a Federal or Private loan? Likely has a set repayment plan that you won’t be able to change
Federal Loan
Private Loan
8
Is this a Federal or Private loan? Requires a credit check and a cosigner
Private Loan
Federal Loan
9
Repayment of student loans.
6 month grace period
Adam!
8 month grace period
4 month grace period
10
Is this a Federal or Private loan? Is available as a subsidized loan
(meaning the GOVERNMENT helps pay the interest)
Private Loan
Federal Loan
11
Is this a Federal or Private loan? Does not require a credit check
Private Loan
Federal Loan
12
Define Loans.
Sums of money borrowed with interest.
A written order to direct you bank to give you money.
A 24-hour system that will let you call your bank.
An offering to lend you money.
13
Do I have to pay back student loans?
Both 1 & 3
No, if I get a forgiveness by the Dept of Ed
Not if I can't afford it
Yes, with interest
14
what is student loans?
a worksheet
a type of trf
a type of loan designed to help students pay education
a loan to give you credits
15
Is this a Federal or Private loan? Has a fixed interest rate
Federal Loan
Private Loan
16
Is this a Federal or Private loan? Is not subsidized
(meaning only YOU pay the interest)
Federal Loan
Private Loan
17
How are students counseled about student loans?
Admissions Office and Blue Link
Website and Financial Aid Office
Student's bank and Financial Aid Office
Pew Foundation and Personal bank
