W28 Unit 11 VOCABULARY Educational and Financial Terms

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529 account

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Educational savings account managed by the state, usually tax-deferred.

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Annuity

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Deductible and non-deductible contributions may be made, taxes may be waived if used for higher education.

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Associate’s degree

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A degree usually earned at a community college for a specific occupation, can be used towards pursuing a bachelor’s degree.

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Available balance

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The amount available in an account for a person, business, or organization to spend.

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Bachelor’s degree

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A degree usually earned from a four-year college or university by completing undergraduate coursework in a specific field of study.

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Balance

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To reconcile your budget or account statement with your check register to ensure records match and are accurate.

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Check register

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A small table to keep track of deposits, withdrawals, transfers, and current available balance.

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Deposit

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Money put into an account.

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Direct subsidized federal student loan

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A loan issued by the U.S. Government for undergraduate students demonstrating financial need, with interest paid by the government while the student is enrolled at least half-time.

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Direct unsubsidized federal student loan

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A loan issued by the U.S. Government for undergraduate or graduate students, with interest paid by the borrower from the time the loan is initiated.