Personal Finance Exam #2 Review

The U.S. corporation insuring deposits in US banks against bank failure; Guarantees up to 250,000 of consumer deposits

• FDIC

• FBI

• NCAA

• DEA

Money set aside for unanticipated expenses or loss of income; Generally 3-6 months worth of income

• Direct Deposit

• Emergency Fund

• 401K

• Certificate of Deposit

Harmful Bank "benefit" that allows customers to spend more than the amount in their bank account, leading to fees for overspending

• Spending Dip

• Overdraft Protection

• Banking Limit

• Spending Overdraft

The report you will receive once you submit your FAFSA, which will contain your EFC, Pell Grant eligibility, and all other information that colleges will use to determine your financial aid package

• Student Aid Report

• Expected Family Contribution

• Federal Aid Report

• Student Consumer Report

Total expense to go to college which may include tuition, room and board, fees, books and supplies, computer costs, transportation to/from home, health insurance, etc.

• Cost of Attendance

• Net Price

• Expected Family Contribution

• FAFSA

A form prepared annually by current or prospective college students to determine their eligibility for financial aid

• EFC

• SAR

• FAFSA

• FDIC

A letter that outlines your financial aid package from the college(s) to which you applied, detailing your federal, state, institutional and private aid

• Financial Award Letter

• Letter of Confirmation

• Grant

• FAFSA

A program that provides funds to eligible students in exchange for part-time employment to help finance the costs of postsecondary education

• Work Study

• Scholarship

• Grant

• Federal Loan

Which of the following is included in the total price for college? (Assume you are staying on campus) SELECT ALL THAT APPLY

• Tuition & Fees

• Room & Board

• Books

• Transportation/Personal Expenses

Cost of housing and food while at college

• Tuition

• Room & Board

• Transportation & Dorm Fees