| Recap | Taxes | Paying for College | Loans | Random |
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A loan (borrowed $) used to buy a home with a set of repayments.
What is a mortgage?
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a percentage of individual earnings (income) filed to the federal government
What is income tax?
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Free Application for Federal Student Aid
The U.S. Department of Education uses this form to determine a student's eligibility for need-based federal financial aid for college based upon their financial situation. Aid which may include federal grants, scholarships, work-study and loans.
What is FAFSA and what does it stand for?
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Federal loans are funded by the federal government and private loans are from a lender like a bank or credit union.
What are some differences between Federal and Private student loans?
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What is your favorite winter memory?
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This money is kept and used for any damages or repairs when you move out
Why do we have to give a security deposit to the landlord?
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taxes levied on certain goods and services
What is sales tax?
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False
Scholarships are gifts and do not need to be paid back.
True or False
Scholarships are like loans, they need to be paid back. |
Income-driven repayment and loan forgiveness programs
What are two great benefits to Federal Loans
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An artist that receives mainstream popularity, mainly for one piece of work.
What is a one hit wonder?
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A formal request for coverage of loss/damage
(Asking your insurance company to help you pay for an incident)
What is a an insurance claim?
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based on the value of land and property assets
What is property tax?
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It puts you in the running to receive aid if you need it in the future.
You don't need to use any aid if you don't need it- but it is a good idea to be prepared!
Why is FAFSA step #1 in the process to pay for college?
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Both allow you to temporarily postpone or reduce your federal student loan payments. The main difference is if you are in deferment, no interest will accrue to your loan balance. If you are in forbearance, interest WILL accrue on your loan balance.
Forbearance and deferment are very similar in definition. What are they and what makes them difference?
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Jumbo Shrimp
Bittersweet Small Crowd Random Order
What are 2 examples of oxymorons
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A third party company estimating the value of the house.
What does it mean to have your home appraised?
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a percentage of corporate profits taken as tax by the government to fund federal programs.
What is corporate tax?
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1. There are deadlines to scholarships
2. Scholarships may require an essay, references, letters of recommendations, etc. 3. To give yourself ample time to find them! They are out there!
Why should you search for scholarships EARLY?
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Federal student loans have a grace period where you do NOT have to pay back loans. This period starts after you graduate.
What is a grace period?
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This is because guinea pigs are social animals, and they are considered victims of abuse if they are alone.
In Switzerland, it is illegal to own just 1 guinea pig. Why?
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To get prequalified, you provide some financial information to your mortgage banker. Your lender will review this information and tell you how much they can lend you. This tells you your price range of homes.
What does it mean to get pre-qualified for a mortgage?
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You are in charge of the city budget. You decide to cut 3 million dollars from the pubic school budget to pay for new roads. Name 3 ways this cut could affect public schools
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Associate Degree
Bachelor's Degree Master's Degree Doctorate Degree A doctorate is an umbrella term for a degree or rank. A Ph. D. is a specific degree that falls under the doctorate category.
Put these degrees in order:
Master's, associate, doctorate, bachelor's |
A student loan is disbursed when the money is finally transferred from a lender to you or the school..
What does disbursement mean?
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Movie trailers were originally shown after the movie, which is why they were called “trailers”.
Why do we call the commercials before a movie- a movie trailer?
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