EL Civics for ESL Students

Student Loans Lesson, Page 3

by elcivics.com
Percent Symbol

What is the Annual Percentage Rate of a loan?

  • The Annual Percentage Rate (APR) of a loan is the cost of credit for one year.
  • APR is expressed as a percentage. For example, 4% or 7%.

 

Loan Factors

What does the total amount of interest paid depend on?

  1. amount borrowed
  2. length of time
  3. annual rate of interest
  4. repayment schedule
  5. method used to calculate interest

 

U.S. Department of Education Student Aid Website

Should I look for a grant before looking for a loan?

  • Yes. Always look for a student grant first.
  • Grants do not have to be repaid. They are available through the federal government and state agencies.
  • The Department of Education Student Aid on the Web is where you should start looking for money to pay for your college tuition.
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