College
This is money for college that you do not have to pay back
What is grants or scholarships?
This type of account is used for everyday spending and often comes with a debit card.
What is a checking account?
The purpose of insurance is to transfer _____ that we can't handle ourselves.
What is risk?
The items that renters insurance covers
Jake is working part-time while in college and needs a safe place to deposit his paychecks and pay bills. What type of bank account should he open?
What is a checking account?
This type of college costs more for out-of-state students
What is a public university?
Banks are required to insure your deposits up to $250,000 through this agency.
What is the FDIC?
This is the financial contract between and insurance company and an individual
What is a policy?
This refers to accessibility of your money
What is liquidity?
Alex took out a student loan and noticed that the interest started adding up while he was still in school. What type of loan did he most likely take?
What is an unsubsidized loan or private loan?
This government-run program allows students to earn money through part-time jobs while in school.
What is a work-study program?
This type of financial institution is nonprofit and often offers better interest rates to its members.
What is a credit union?
The amount you'll pay out of pocket before the insurance company makes a payment.
This type of savings account offers higher interest rates based on how much money is in the account.
What is a money market account?
Sophia is choosing between two colleges: one is a private school offering her a $15,000 scholarship, and the other is a public university with lower tuition but no aid. What should she compare to make a smart financial decision?
What is the net cost of attendance (after scholarships and aid)?
These loans can come from banks, credit unions, or online lenders and may require a credit check.
What are private loans
This fee may be charged if you try to spend more money than is available in your account.
What is an overdraft fee?
The amount you pay for an insurance policy.
What is a premium?
The average amount of student loan debt per person when graduating college.
What is $35k?
Jasmine's car was totaled in an accident she caused. Her insurance company pays for the damage to the other driver’s vehicle, but not her own. What kind of coverage does she lack?
What is collision coverage?
These federal loans do not accrue interest while you're in school at least half-time and are based on financial need.
What are subsidized loans?
This saving account offers high interest rates but requires you to "lock" your money in for a set amount of time.
What is a certificate of deposit (CD)?
This type of insurance pays out to your beneficiaries if you die.
Life insurance
This type of insurance covers damage or loss to your vehicle for anything besides a collision with another car.
What is comprehensive coverage?
Lily has both a checking and savings account. She accidentally uses her debit card for a purchase that exceeds her checking account balance. The bank allows the purchase but charges a $35 fee. What banking feature is causing this fee?
What is an overdraft fee?