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

Loans: 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!

London Interbank Offered Rate (LIBOR): A benchmark interest rate index that represents an average of the interest rates on dollar-denominated deposits, also known as Eurodollars, traded between banks in London. LIBOR is among the most common of benchmark interest rate indices used to make adjustments to variable rate loans.

Loss: As it relates to insurance: A reduction in the value or use of a property and the amount sought or paid in an insurance claim.

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