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Loans: College and Auto Flashcards | StudBud
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Loans: College and Auto
Loans: College and Auto
15 terms
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College and Auto Loans Financial Literacy #Go Bulldogs #HolmesHS
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Benefits of having someone co-sign a loan with you?
You can use their credit score
Lower interest rates
all of the above
It can help build your credit
2
If you are unable to make payments, will the bank come after you or the co-signer of the loan?
You
The co-signer
3
What is APR?
Assumed Percentage Rate
Annual Percent Raise
Annual Percentage Rate (current interest rates)
Actual Percentage Risk
4
While loans require repayment, are their tax benefits to taking out college loans?
No
Yes
5
When applying for a car loan, what does the bank look at?
Credit Score
all of the above
Employment History
Length of time at your current address
6
A lender(who you're getting the loan from)will require a 20% down payment if your credit's bad?
False
True
7
Can you start building your credit now, or should you wait until you're an adult?
Start now
I can't build credit as a minor, I have to be 18 or older
8
what would be considered an "average" credit score?
739-680
below 680
850-740
above 850
9
How should you start preparing now for your future car expenses, such as car insurance?
save money. stay in on weekends instead going with friends
Get 2 jobs
Get good grades in school
all of the above
10
What is the maximum amount you can borrow in federal student loans as an undergraduate?
$23,00
$65,500
$57,500
$138,500
11
Which financial aid ALWAYS needs repaid?
Grants
Loans
Scholarships
12
Which loan are you most likely to take out?
College
Personal
Car
House
13
Which loan will you end paying more for in the end?
Direct Subsidized Loan
Direct Unsubsidized Loan
14
What is the "principal"?
Initial size of the loan
Interest to be paid
Mr. Hornblower
Down payment
15
To apply for federal financial aid for college you need to complete the ________________
W-2
I-9
College application
FAFSA