Glossary

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

SMART Grant: Science and Mathematics Access to Retain Talent - These federal grants award up to $4,000 per year to college students in their third and fourth years of study who are majoring in physical, life or computer science, engineering, math, technology or a critical foreign language. Students must begin with and maintain at least a 3.0 GPA in their major and must qualify for the Pell Grant, be enrolled full time and be a US Citizen.

Social Networking: A virtual community for people. Community members create their own online "profile" with biographical data, pictures, or other information and communicate with each other through the social network.

Social Security: A federal government program that provides retirement, survivor's, and disability benefits, funded by a tax on income, which appears on workers' pay stubs as a deduction labeled FICA (for Federal Insurance Contributions Act, the enabling legislation).

Spending plan: Another name for budget. (see Budget)

Stafford Loan: Federal loans for students, made through one of two US Department of Education programs: the William D. Ford Federal Direct Student Loan Program (Direct Loans) and the Federal Family Education Loan Program (FFEL). Direct and FFEL loans can be either subsidized or unsubsidized. The government sets the interest rate and limits the amount students can borrow each year. For current interest rates and loan limits visit our Stafford loan page. Independent students and students whose parents do not qualify for a PLUS loan may be eligible to borrow more through the unsubsidized Stafford loan program.

Standard Deductions: A set dollar amount that reduces the amount of income on which you are taxed. You cannot take the standard deduction if you claim itemized deductions.

Standard of living: The overall degree of comfort of an individual, household, or population, as measured by the amount of goods and services its members consume.

Stock: An investment that represents shares of ownership of the assets and earnings of a corporation.

Stock Exchange: An institution, organization, or association which hosts a market where stocks, bonds, options and futures, and commodities are traded. Buyers and sellers come together to trade during specific hours on business days. Exchanges impose rules and regulations on the firms and brokers that are involved with them. If a particular company is traded on an exchange, it is referred to as "listed".

Stored-value card: Prepaid plastic card that allows purchases up to a set limit, at which point the card is discarded or, if &"rechargeable,"; replenished from an account.

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