Glossary

Glossary definitions provided in part by the Jump$tart Coalition for Personal Financial Literacy.

Perkins Loan: These low-interest (5%) loans for students are awarded at participating schools based on financial need. Your school is your lender, and while the loan is made with federal funds, your school contributes a share and you repay your school. Depending on when you apply, your need and the funding level of your school, you can borrow up to $4,000 each year as an undergrad and $6,000 as a graduate or professional student. Repayment begins nine months after graduation, or nine months after your enrollment drops to less than half time. Not all schools participate in the Perkins loan program and funding is limited and based on neediest, first come first served.

Personal finance: The principles and methods that individuals use to acquire and manage income and assets.

Personal Identification Number (PIN): Is used to sign your FAFSA electronically. Both the student and at least one parent must have PIN numbers in order to fill out the FAFSA on the web. Go to www.pin.ed.gov or apply for the PIN while filling out the FAFSA on the web.

Pharming: A type of deception which redirects users to false websites without them even knowing it.

Philanthropy: The act of voluntarily contributing to others' welfare.

Phishing: A type of deception which sends an e-mail to a user and pretending to be legitimate to scam the user into giving private information that will be used for identity theft. The e-mail tells the user to visit a website where they are asked to update personal information, such as passwords and credit card, Social Security Numbers, and bank account numbers.

PIN: A PIN or Personal Identification Number is used to sign your FAFSA electronically. Both the student and at least one parent must have PIN numbers in order to fill out the FAFSA on the web. Go to www.pin.ed.gov or apply for the PIN while filling out the FAFSA on the web.

Plan Disclosure Statement (PDS): The applicable Plan Disclosure Statement for each of CollegeInvest's College Savings Plans, as amended and supplemented from time to time.

Plan Disclosure Statement or PDS: The applicable Plan Disclosure Statement for each of CollegeInvest's College Savings Plans, as amended and supplemented from time to time.

PLUS Loan : Federal loans for parents of dependent undergraduate students enrolled at least half time and for graduate students. Like Stafford loans, they're made through either the Direct Loan or the FFEL program. PLUS loans are unsubsidized and the federal government has set the interest rate at 8.5% for the FFEL program and 7.9% in the Direct Loan program. To get a PLUS loan, you must qualify for credit. Parents or graduate students may borrow up to the cost of attendance, minus any other financial aid received.

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