Videos aligned with the “Credit and Debt” standard from the Jump$tart National Standards in K-12 Personal Finance Education.
Overall Competency: Develop strategies to control and manage credit and debt.
What is a loan? A loan is money that you borrow from someone for a specific purpose or an unforeseen event with a promise to pay back. When you borrow the money, you incur a debt and have to pay the money back to the lender over time, and a little extra money – called …
When we discussed student loans, you mentioned federal and private student loans. But what is a Federal Student Loan? Federal student loans are funded by the federal government. They have a fixed rate of interest, and their terms and conditions are set by law. Students with a financial need may even qualify for a subsidized …
Read MoreComparison: Federal Student Loans vs Private Student Loans
What is a Student Loan? A student loan is a loan that you can take to pay for your college education. With the cost of college education skyrocketing, student loans help people pursue their higher education dreams even if they cannot save enough to foot the entire bill. A student loan can be used for …
Read MoreWhat is a Student Loan?
What is Foreclosure? Foreclosure is a legal process where your home is put up for sale by the lender. It happens when your home is used as a collateral for a mortgage, but you default and aren’t able to pay back. Then the lender can foreclose your home to recoup the remaining loan amount with …
Read MoreWhat is Foreclosure and How Can You Prevent It?
Howdy Wall St. Willy! My friend went to get a mortgage to buy a house but the bank that was lending the money to him asked for a down payment. So, what is a down payment anyway? A down payment is money that you pay upfront when you take a loan. For example, you usually …
Read MoreWhat is Down Payment for Mortgage?
Howdy Wall St. Willy! Earlier you talked to me about a mortgage. But I want to know about the different kinds of interest on a mortgage. Can you tell me about that? Of course, I can. The different types of interest for a mortgage are mainly fixed interest or floating interest. Floating interest is also …
Read MoreComparison: Mortgage Interest Rate – Fixed vs Floating / Adjustable (ARM)
Howdy Wall St. Willy! I saw someone using a credit card at the mall. But what is a credit card anyway? Well, a credit card is a plastic card that you use to pay at stores and online. But where does that money that you use to pay come from? Well, a bank lends it …
Read MoreWhat is a Credit Card?
On TV, I heard about Personal Bankruptcy. But what is Bankruptcy anyway? Bankruptcy is a legal process that helps people sort their finances, when they cannot pay off their debts – due to excessive borrowing, a major financial setback like job loss, etc. How does the bankruptcy process work? Personal bankruptcy can be filed under …
Read MoreWhat is Bankruptcy or Personal Bankruptcy?
Howdy Wall St. Willy! My friend Daniel asked me about a Mortgage. But what is a mortgage anyway? Well a mortgage is a loan you take to buy a home. Well, can I get more money in a mortgage than what the home is actually worth. So like, if my home is worth $100000, can …
When we talked about credit report, you said I should review it periodically. But why do I need to review my credit report? You need to review your credit report because any incorrect information on your credit report can negatively impact your loan applications, like a mortgage, and credit card applications. Also, reviewing your …
Read MoreHow to Review Your Credit Report?
