Test Review: Unit 6 (Part A)

Front

What are effective ways to minimize student loan debt?

Back

Obtain scholarships/financial aid, join debt relief government programs, make timely payments on loans, get a public service job, government, or non-profit.

Front

What is the maximum amount you can charge on your credit card called?

Back

Credit limit.

Front

Why is it important to check your credit card statement each month?

Back

To check for errors, ensure the right fees and interest are included, and look for fraud.

Front

What form must you fill out to receive government aid for college?

Back

FAFSA.

Front

What is a subsidized loan?

Back

A loan where the government pays the interest while you are in school.

Front

What is an unsubsidized loan?

Back

A loan where the borrower pays the interest while in school.

Front

What is the purpose of scholarships?

Back

To provide financial aid that does not need to be repaid.

Front

What is the difference between a credit limit and a minimum payment?

Back

Credit limit is the maximum amount you can borrow; minimum payment is the smallest amount you can pay each month.

Front

What should you do if you find an error on your credit card statement?

Back

Contact your credit card issuer to dispute the error.

Front

What is the impact of late payments on your credit score?

Back

Late payments can significantly lower your credit score.