Expenses
What are storage fees?
The form that your employer gives you to fill out you 1040
What is a W2 form?
Money for tuition based on need, merit, athletic ability, etc that a student DOES NOT need to pay back
What is a scholarship?
Type of bank account where you deposit your money and the bank pays small amount of interest to slowly increase the amount
What is a Savings Account?
At a four year public college, this is (generally) needed for class and costs an average of $1300 per year
What are college textbooks?
A tax deducted from your paycheck to fund Social Security, Medicare, and other federal programs
What is FICA? OR What is Federal Insurance Contribution Act?
Scholarships, Financial Aid, a Work Study, and Loans are all methods of this
What are different options to pay for college?
A numerical value (between 300-850) that represents a person's likelihood to repay debt. This is often based on your credit history, late or missed payments, amount of debt, open accounts or loans, etc)
What is a credit score?
Bed frame, mattress, desk + chair, and wardrobe/closet space
What are provided in dorm rooms?
Your tax bracket depends on (mainly) these two things
What is Income and Filing Status (single, head of household, married filing together, married filing separately, etc)?
A federal program to apply for student aid, such as federal grants, work-studies, and loans.
What is FAFSA (Free Application for Federal Student Aid)?
The consequence when you take out more money then you have in your debit account
What are overdraft fees?
When creating a budget, you should include tuition, room+food, books, supplies, personal expenses, and this
What is transportation?
These allow you to reduce the amount of your income taxed or reduce the amount tax you owe based on certain criteria
What are tax deductions and credits?
The major that students took that resulted in the lowest average income after college
What is Psych major?
A method predatory loan sharks use to make money
What are high interest rates or hidden fees?
During the process of into an apartment, you have to pay a fixed amount of money to the landlord as a means of protection for damage to their property. Depending on the state and agreement, this may be refundable
What is a security deposit
The most common deduction "excuse" that billionaires use to lower their taxes, most commonly their capital gains tax
What are Charitable Donations?
Despite this being an opportunity to make money for college tuition, this is still taxable as income
What is a work study program?
A type of interest rate for a mortgage that can fluctuate with the economy
What is an ARM (adjustable-rate mortgage)?