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Created with Fabric.js 1.4.5 Personal Loans: Personal Loans: A consumer loan granted for personalfamily or household use. These loans are either unsecured, or secured. Secured loan: If you can'tpay this, it forces you to sell your own property. Loan Default & Loan Forgiveness If you cant pay the loan as you agreed, they willdefault the loan. An unsecured loandoesn't guarantee the property ownership. The Unsecured loans have a higher interest rate. double click to changethis text! Drag a cornerto scale proportionally. Credit Card: a card thatlets the holder purchaseitems without cash, runs on credit. Credit: extendingthe cash pay date forthe customer.Credit often has interest. Paying for College! College: the Ultimate Investment Loans Grants and scholarships: "freemoney" that is earned or givento students that meet specificqualifications. Grants and scholarships! Paying For College: Credit Cards Sometimes people have their loans forgiven."This is usually because of volunteering, military work, or public service. Students go andpay money to the college... They gain the knowledgeneeded to be successful... Then they get a job, and they get the money that they used for college back. Two main types offinancial aid: Grants and scholarships. Loan: a sum of moneythat is paid back, usually with interest. An Infographic by Emely Zarate Paying for college is a big deal! I gotta read up on how to get money... Academic scholarships areoften given to students bycolleges if the studentexcels in school Having a credit cardDOES NOT mean thatyou have free money. Many new studentsdon't realize this. Be sure to keep track of what youspend! You will haveto pay it back later! Does NOTequal money! Citations: Unsecured Loan: A loanthat doesn't have acollateral attached. Do my parentscount as financial aid? Credit Score: a number thatis a summary of your credithistory. This number shows lenders if the customer has a history of repaying loans This number rangesfrom 300-850. Thehigher the number,the better the creditscore. $ $ $ $ $ $ Collateral: The propertythat a customer offersto a lender to secure aloan. This type of loanhas higher interestrates! What happens when aloan defaults? -The entire loan can bedue immediately! -Fees can be addedto the unpaid loan! -Up to 15% of your paychecks can be taken. -You lose the abilityto get financial aid -Even the unpaid interest can beadded on if your loan defaults! -You could also be deniedcredit cards, other loans,or leases on apartments "Financial Literacy." Financial Literacy. The Rosen Publishing Group, Inc., 2014. Web. 13 May, 2014. "What Is Personal Loan? Definition and Meaning." BusinessDictionary, 2014. Web. 30 May 2014."Financial Aid Smarts." Financial Literacy. The Rosen Publishing Group, Inc., 2014. Web. 13 May. 2014 <>"Paying for College." Financial Literacy. The Rosen Publishing Group, Inc., 2014. Web. 14 May. 2014 <> Investopedia Staff. "Loan Definition | Investopedia." Investopedia. Investopedia US, n.d. Web. 02 June 2014."Scholarship.", 2014. Web. 02 June 2014."Default Consequences." What Happens When Your Student Loan Defaults. American Student Assistance, 2014. Web. 03 June 2014. Learning how to manageyour money when payingfor college is the KEY to your success! SOAR to success! College is a big deal!Make sure yourfinances are kept track of!
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