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Glossary

Glossary definitions provided in part by the Jump$tart Coalition for Personal Financial Literacy.

Credit report: An official record of a borrower's credit history, including such information as the amount and type of credit used, outstanding balances, and any delinquencies, bankruptcies, or tax liens.

Credit Score: A statistical measure of a loan applicant's creditworthiness, which indicates the likelihood of repayment.

Credit union: A state or federally chartered not-for-profit financial cooperative that provides financial services to its member-owners, who have met specific employment, residence, or other eligibility requirements. Credit Unions provide a wide array of financial services, often at a lower cost than banks.

Credit Unions : Not-for-profit cooperatives of members with some type of common bond (e.g., employer) that provide a wide array of financial services, often at a lower cost than banks.

Credit-Based: A type of lending that considers past credit history and income to determine eligibility for a loan. Repayment history, delinquencies, and length of time accounts have been established are considerations in determining a borrower's ability to obtain a loan. The credit history of both the student (if he or she has a credit history) and the co-applicant will be reviewed. PLUS, Grad PLUS and private loans are credit based.

Creditworthy: The presumption that a specific borrower has sufficient assets, income, and/or inclination to repay a loan. Creditworthiness is often based on credit score.

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