Loans and Scholarships
These are considered a “gift” and do not have to be paid back.
What is a grant?
These are unforeseen expenditures or money spent to cover unexpected and unanticipated costs
What are Emergency expenses?
“APR”
What is Annual Percentage Rate?
Money spent with a debit card is directly taken out of this account
What is a Checking Account?
Costs not included on initial bills and charges
What are Hidden Fees?
This scholarship is awarded on the basis of financial need
What is a Need-based scholarship?
These are fixed expenses because and cannot be disputed and cannot be missing from your life
What are Basic/Essential Needs?
A payment made to a company based on how much you spent that month on a credit card
What is a monthly bill?
This is an automated teller machine that dispences money when you withdrawal from your checking account
What is an ATM?
Short term thinking leads to this kind of money management
What is Poor Long Term Money Management?
This scholarship is awarded on the basis of academic performance or achievement.
What is a Merit-based scholarship?
Flexible expenses such as entertainment, things that are not considered a necessity
What are Extras?
A period of time after you receive your monthly statement to pay back the company without additional interest fees
What is a Grace Period?
This is a kind of check that is declined due to there not being enough money in an account
What is a Bounced Check?
These are more accurate pictures of the product’s total cost
What are Installment Payments?
This is a low interest loan awarded to exceptionally needy students.
What is the Federalist Perkins Loan?
These are the wants instead of the needs that need to be accounted for in a budget
What are Desirables?
The maximum amount of money the credit card company will make available to you
What is a Credit Limit?
This fee is charged when you do not have enough money to make a purchase
What is an Overdraft Fee?
This can keep you aware of the reality that a product’s sticker price often represents a partial short term cost
What is Long Ranged Perspective?
This is a loan available to students who are enrolled at least half-time and has a fixed interest rate established each year.
What is the Federal Subsidized Stafford Loan?
These are the needs instead of the wants in a budget and cannot be lived without
What are essentials?
These are fees for overdue bills or charging your credit card over the limit
Interest Fees
Debit cards do not allow the collection of this kind of debt
What is Accumulative Debt?
These entice you to buy expensive products
What are short term installment plans?