EL Civics for ESL Students

Student Loans Lesson, Page 2

by www.elcivics.com
Student Loan Application

What kind of questions are included on student loan applications?

  • Student loan applications ask for general contact information like your address, telephone number, and email address.
  • They also ask questions about your income and expected graduation date.

 

Calculating Interest

What is interest?

  • Interest is money that is added to a loan. It is the "cost" of borrowing money.
  • If a student borrows $10,000 for school, he or she will have to pay back the $10,000 plus interest.

 

Calculating Interest on a Student Loan

What is the principal of a loan?

  • The principal is the amount borrowed.
  • Interest is computed only on the portion of the principal that is still owed.

 

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