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Chapter 10
definitions
Term | Definition |
---|---|
short term needs | expenses beyond your regular monthly items |
long term needs | expenses that are costly and require years of planning and saving |
scholarships | cash allowances awarded to students to pay education costs |
student loans | money borrowed to pay for education |
loan consolidation | combining many loans into one large loan with one monthly payment |
grants | forms of education funding that do not have to be repaid |
work study | a program where students work on campus to earn money |
principal | the total amount borrowed amount deposited on which interests will be paid |
interest | earning on principal |
annual percentage yield | the actual interest rate an account earns stated on a yearly basis |
liquidity | a measure of how quickly you can get your cash without loss of value |
certificate of deposit | a time deposit where a fixed rate of interest is earned for a specific length of time |