Glossary

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

Stress : Stress is our body's response to any demand made upon it. This response is characterized by all sorts of nervous system and hormonal changes that can be described as a "fight or flight" reaction. When stress directly or indirectly contributes to harmful disorders of body and mind it is often called, distress. (See Distress) An event or situation that requires change or adjustment and thus causes stress.

Student Aid Report (SAR): Determined by the results of your FAFSA (Free Application for Federal Student Aid), your SAR contains your EFC (Expected Family Contribution).

Student Loan: There are federal as well as private loans, and both must be paid back, with interest. Not all loans are the same, so read the fine print!

Student Loan Consolidation: Student and parent borrowers can consolidate (combine) multiple federal student/parent loans into one loan. Consolidation loans lock in an interest rate for any variable interest rate loans and can extend the repayment period, which can lower the monthly payments. The interest rate is a weighted average of the interest rates on all of the loans you consolidate, rounded up to the nearest one-eighth of one percent.

Student Loan Deferment: A postponement of repayment under various, specific circumstances. Student borrowers may request specific periods of deferment based on economic hardship, an in-school status, or an inability to find employment. The Federal government pays the interest on all subsidized federal loans during a qualified deferment period.

Subsidized: A subsidized loan is based on financial need. You won't be charged interest while you're in school or during authorized periods of deferment. The federal government subsidizes the interest during these periods.

Take-Home Pay : Gross wage or salary, plus bonuses, minus deductions such as for taxes, health care premiums, and retirement savings.

Tax : A government fee on business and individual income, activities, or products.

Tax Audit: Is when the IRS thoroughly examines an individual or corporate tax return to verify its accuracy

Tax Credit : An amount that a taxpayer who meets certain criteria can subtract from tax owed. Examples include a credit for earned income below a certain limit and for qualified post-secondary school expenses. (See Tax deduction and Tax exemption.)

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