Banking
An account for money not intended to be used for daily expenses
What is a savings account?
What is the term for your "bare essentials" budget
A Noodle Budget
This is a written compilation of your education, work experience, credentials, and accomplishments needed to apply for a job
What is a resume?
The federal government uses this to determine how much a family can afford for college.
What is the FAFSA (Free Application for Federal Student Aid)?
How long is the grace period after graduating or withdrawal from college?
6 Months
This non-bank bank may offer better interest rates and lower fees but you may need to qualify
A Credit Union
What is the "golden rule" in budgeting for Needs/Wants/Savings
50/30/20
Name the school to go to when you want to learn a trade and do not want to go to school for long such as a hairdresser or a chef.
What is a trade or vocational school?
This is aid given to a student strictly based on grades and does not take into consideration financial need.
What is merit aid / merit scholarships?
The Standard Repayment option for loans has what length of term?
10 years
This is a service provided by your bank that ensures your transactions are covered if you have insufficient funds in your checking account.
What is overdraft protection?
How should you calculated your Emergency Fund?
Noodle Budget x 3-6 months
The education title for a 2 year degree.
What is associate's?
Name 2 of the three kinds of financial aid awarded through Federal, State, and University programs
Grants
Work Study
What is a downside of an Income Driven payment plan?
Longer loan term(30 years), Forgiveness is Taxed
You normally have to pay a fee (early withdrawal penalty) when you cash in this before maturity.
What is a CD or certificate of deposit?
Which forms do you need to file your taxes?
1040 & W-2
education title for a 4 year degree
What is bachelor's?
Name 2 traits of a University that could increase its price tag relative to similar schools
Being Out of State, Being Private
This type of student loans does not accrue interest while you are still in school
What are subsidized loans?
My savings account has a extremely competitive interest rate, therefore it probably has low...
Liquidity
Which forms do you need to start working?
I-9 & W-4
What is the name of the program that allows you to join the military as a prospective officer while still attending a 4 year university after high school.
ROTC
Schools look at this from the FAFSA to determine how much money they will ask the student to pay.
Student Aid Index
This is the most common amount of loans given to students.
What is $5,500 per year?