Education Funding
Q: This should be your first option when financing your education.
A: What are scholarships, grants, and work-study?
100: This type of account is the most liquid.
A: What is a checking account?
100: These expenses, like rent and cable bills, typically remain the same each month.
A: What are fixed expenses?
100: This three-digit number affects your ability to get loans and the interest rates you'll pay.
A: What is a credit score?
100: This type of account offered by employers helps you save for retirement.
A: What is a 401(k)?
200: This form determines your eligibility for federal student aid.
A: What is the FAFSA?
200: This practice helps you avoid overdrafts and catch errors in your account.
A: What is reconciling your account?
200: This type of budgeting method allocates every dollar to a specific purpose.
A: What is zero-based budgeting?
200: This type of credit card requires a cash deposit as collateral.
A: What is a secured credit card?
200: This investment strategy involves spreading your money across different types of assets.
A: What is diversification?
300: This type of student loan typically has lower interest rates than private loans.
A: What are federal student loans?
300: This type of account typically offers higher interest rates but less liquidity than savings accounts.
A: What is a Certificate of Deposit (CD)?
300: This category of expenses, which includes groceries, can vary from month to month.
A: What are variable expenses?
300: When taking out an auto loan, this term refers to the length of time you have to repay the loan.
A: What is the loan term?
300: This type of fund automatically adjusts its asset allocation as you approach retirement.
A: What is a target-date fund?
400: As a general rule, you shouldn't borrow more than this amount for your education.
A: What is your expected first-year salary?
400: This banking feature allows you to deposit checks using your smartphone.
A: What is mobile check deposit?
400: When creating a budget, you should start by listing all of these.
A: What are sources of income?
400: Paying only this amount on your credit card each month can lead to long-term debt.
A: What is the minimum payment?
400: This type of IRA allows for tax-free withdrawals in retirement.
A: What is a Roth IRA?
500: This type of financial aid does not need to be repaid.
A: What are scholarships and grants?
500: This security measure for online banking requires two different forms of identification.
A: What is two-factor authentication?
500: This practice involves researching and comparing products before making a purchase.
A: What is comparison shopping?
500: This component of an auto loan is the cost of borrowing money, expressed as a percentage.
A: What is the interest rate?
500: This powerful concept helps your money grow in savings and investments over time.
A: What is compound interest?