# CTE Resource Center - Verso - Independent Living Task 871652963

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Describe the borrowing process.

Definition

Description should include
  • types of loans
  • loan sources
  • interest rates available for loans
  • factors that affect your credit score
  • credit reporting agencies (e.g., Equifax, Experian, TransUnion).

Process/Skill Questions

Thinking
  • What is the purpose of a loan?
  • What are the different types of loans? What are interest rates? How are they calculated?
  • What determines your credit score?
Communication
  • What resources are available when searching for a loan?
  • How do you shop for loans?
  • How can loans affect family finances or situations in both negative and positive ways?
  • What credit counseling services are available in your area?
  • How do you check your credit score?
Leadership
  • What strategies are effective for completing a loan application?
  • What are effective techniques for negotiating a loan?
  • When might you seek the services of a credit counseling service?
Management
  • What are the consequences of not paying your loan on time?
  • When would you refinance a loan?
  • How can you make a plan to pay off a loan on-time or early?
  • What are the benefits of paying off a loan early?
  • Why is it important to check your credit score?

Related Standards of Learning

Mathematics

8.1

The student will compare and order real numbers.

8.4

The student will solve practical problems involving consumer applications.

Other Related Standards

FCCLA National Programs

Financial Fitness: Earning

 

Financial Fitness: Protecting

 

Financial Fitness: Saving

 

Financial Fitness: Spending

 

Power of One: A Better You

 

FCCLA: STAR Events (2019)

National Programs in Action

 

Professional Presentation

 

National Standards for Family and Consumer Sciences Education

2.1.2

Analyze how individuals and families make choices to satisfy needs and wants.

2.1.5

Apply consumer skills to decisions about housing, utilities, and furnishings.

2.1.8

Apply consumer skills to acquire and maintain transportation that meets the needs of individuals and family members.

2.3.3

Apply skills to seek information regarding consumer rights.

2.3.1

Analyze state and federal policies and laws providing consumer protection.

2.5.1

Analyze the use of resources in making choices that satisfy needs and wants of individuals and families and communities.

2.5.4

Analyze practices that allow families to maintain economic self-sufficiency.

2.5.2

Analyze individual and family roles in the economic system.

2.6.1

Evaluate the need for personal and family financial planning.

2.6.2

Apply financial management principles to individual and family financial practices.

2.6.4

Evaluate personal and legal documents related to effective management of individual and family finances.

3.3.3

Analyze the effect of consumer credit on short- and long-term financial planning.

3.3.8

Analyze factors that influence establishing and maintaining a good credit rating and the effect of credit ratings on rates and terms for credit and insurance.