Glossary

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

Privacy: Freedom from unauthorized release of personal information.

Private Loan: These credit-based loans can help cover the difference between other financial aid and the cost of education. Interest rates are variable and set by lenders. Generally, you are limited to borrowing up to the cost of attendance minus any other financial aid, and most lenders offer several repayment options. Also known as Alternative Loans.

Probate court: The government institution with jurisdiction over a deceased person's will and estate.

Profit : The positive difference between total revenue and total expenses of a business or investment.

Progressive Tax : A progressive tax is a tax that takes an increasing proportion of income as income rises. Income tax is an example of a progressive tax, as the rate increases as a person earns more.

Promissory Note: A legally binding document signed when you take out a student or parent loan. The promissory note (sometimes referred to as a "prom note") lists the conditions under which you're borrowing and the terms under which you agree to pay back the loan. It will include information on how interest is calculated and what deferment and cancellation provisions are available to the borrower.

Property Tax: A tax paid to state and local governments on the assessed value of owned property (what the government believes the property is worth).

Prospectus : A legal document that provides detailed information about mutual funds, stocks, bonds, and other investments offered for sale, as required by the Securities and Exchange Commission.

Punitive Damages: Court awarded sum that is higher than the measurable value of the injury. Punitive damages are meant not to compensate the aggrieved party but to punish the offending party for its reckless actions or conduct.

Purchasing Power : A measurement of the relative value of money in terms of the quality and quantity of goods and services it can buy. Inflation decreases purchasing power; deflation increases it.

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