# CTE Resource Center - Verso - Economics and Personal Finance Task 1103616305

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Explain the repayment process for student loans.


Explanation should include the following:
  • Understanding that these loans cannot be canceled
  • Understanding that loans can be consolidated into one loan with a single interest rate and repayment plan
  • Understanding that most loans have a grace period before you must begin repayment
  • Understanding that loan payments begin after you leave college or drop below half-time enrollment
  • Understanding that repayment of PLUS loans begins with disbursement of the funds
  • Understanding that the repayment amount is based on the
    • type of loan
    • amount borrowed
    • interest rate
    • repayment plan
  • Understanding the options for borrowers when they cannot pay (e.g., deferment, forbearance, loan consolidation)
  • Understanding that certain situations may result in cancellation, discharge, or forgiveness of a loan

Other Related Standards

Economics and Personal Finance Standards of Learning


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




Introduction to Business


Personal Finance