# CTE Resource Center - Verso - Economics and Personal Finance Task 1103616304

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Examine types of student loans.

Definition

Examination should include
  • subsidized vs. unsubsidized loans
  • Stafford: federal loan, can be subsidized or unsubsidized
  • Perkins: low-interest federal loan; administered by the school; intended for students with exceptional financial need
  • PLUS: loan taken out by a student’s parents or guardian to cover expenses not met by other types of federal financial aid
  • Institutional: non-federal aid provided by schools
  • Private or state: non-federal aid that helps students who are ineligible for federal aid or need further financial assistance
Examination should also include using the Free Application for Federal Student Aid to determine eligibility for loans and to determine whether you qualify for other aid (e.g., state, school).

Other Related Standards

Economics and Personal Finance Standards of Learning

EPF.13

The student will demonstrate knowledge of credit and loan functions by
  1. evaluating the various methods of financing a purchase;
  2. analyzing credit card features and their impact on personal financial planning;
  3. identifying qualifications needed to obtain credit;
  4. identifying basic provisions of credit and loan laws;
  5. comparing terms and conditions of various sources of consumer credit;
  6. identifying strategies for effective debt management, including sources of assistance;
  7. explaining the need for a good credit rating;
  8. comparing the costs and conditions of secured and unsecured loans; and
  9. comparing the types of voluntary and involuntary bankruptcy and the implications of each.

FBLA Competitive Events and Activities Areas

Banking and Financial Systems

 

Economics

 

Introduction to Business

 

Personal Finance