School/Retirement
the monetary change for borrowing, or depositing money and is usually expressed as a percentage of the amount borrowed, or deposited; a charge that borrowers pay lenders for a loan
an asset or item acquired with the goal of generating income or appreciation
Investment
generally operates as a substitute for cash or a check, allowing one to buy now and pay back later with interest
Credit Card
things that are nice to have but are not absolutely necessary
Wants
an increase in value of an asset over time
Appreciation
A federal program that provides part time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses
Work-study program
anything that an individual or business owns that has monetary value
Asset
a payment card that deducts money directly from a consumer's checking account when it is used
Debit Card
something necessary for survival or basic functioning
Need
the reduction in value of an asset over time
Depreciation
Money given in the form of grants, work-study, loans, and scholarships to help pay for post-secondary tuition and fees, as well as related expenses such as room and board, books, supplies, and transportation
Financial Aid
a separate saving account used to cover or offset the expense of an unforeseen situation
Emergency Fund
the ability to borrow money or obtain goods and services before payment with the promise that you'll repay it in the future, often with interest.
Credit
the money that a person or entity receives in exchange for their labor or products; the amount of money, property, and other item of value received over a set period of time in exchange for services or products.
Income
all the money you earn before taxes and other deductions are subtracted
Gross Income
a form filled out by current and future undergraduate and graduate college students in the United States to determine whether they are eligible for student financial aid
FAFSA
the cash that the buyer pays upfront in a real estate transaction and other large purchases
Down Payment
a financial liability or obligation owed by one person, the debtor, to another, the creditor
Debt
compensation paid to employees in exchange for their time and labor
Wages
an expense in your budget that you can expect to stay the same, or close to it, over time
Fixed Expenses
a retirement savings plan that offers significant tax benefits while helping you plan for the future
401K
a secured loan used to finance real estate, where the property itself serves as the collateral, meaning the lender can seize it(foreclose) if the borrower defaults on regular principal and interest payments
Mortgage
a prediction of your credit behavior, such as how likely you are to pay back a loan on time, based on information from your credit reports
Credit Score
an estimate of income and expenditure for a set period of time
Budget
the action or process of reducing or paying off a debt with scheduled, pre-determined installments that include principal and interest
Amortization