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Parents, Teens, and Money:4. Understanding Loans

  1. Credit 101: What credit is and why it's important
  2. Understanding credit cards
  3. Understanding banking services
  4. Understanding loans
  5. Creating a livable budget
  6. Contracts: Know what you're getting into
  7. Identity theft
  8. Other helpful resources
  • Discussion AID - See how the term length of a loan impacts the cost of a loan. Learn more
  • SHARED Activity - Investigate what student loan options are available. Start now

  • You are probably already familiar with loans, whether to buy a car, purchase a home, or pay for education. Although your teens may not be ready or able to take out their own loans yet, it's critical they learn how applying for and paying off loans responsibly can boost their credit history — and how overextending themselves can lead to major credit problems later on.

    Here are a few key points about loans to cover with your teens:

  • Types of loans

    There are two basic types of loans: secured and unsecured.

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  • Interest rate varieties

    Lenders make money on loans by charging interest.

    Learn more >

  • Comparing fixed rate and variable rate loans

    Your loan's interest rate type can impact your ability to afford payments, so fully understanding the loan's terms and conditions is vital.

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  • Loan fees, penalties and other charges

    In addition to loan interest, borrowers may also be responsible for other fees and charges that are outlined in the loan agreement and that can significantly boost the overall loan cost.

    Learn more >

  • Shopping for loans

    Each type of loan has numerous lending options available.

    Learn more >

KEY Message - You can boost your credit history by taking out and paying off a loan responsibly, but you must take care to fully understand all the terms and conditions — and to not overextend yourself through too many or badly structured loans.
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