Short-term needs
Expenses beyond your regular monthly items.
Long-term needs
Expenses that are costly and require years of planning and saving.
Scholarships
Cash allowances awarded to students to help pay education costs.
Student Loans
Money borrowed for your education.
Loan Consolidation
Combining all your student loans into one large loan, resulting in one monthly payment.
Grants
Educational funding that does not have to be repaid.
Work Study
Students work on campus to earn money toward their tuition.
Principal
Amount of money you deposit into a savings account.
Interest
Earnings on principal.
Annual Percentage Yield (APY)
The actual interest rate an account pays, stated on a yearly basis.
Liquidity
Measure of how quickly you can get your cash without loss of value.
Certificate of Deposit
Deposit that earns a fixed interest rate for a specified length of time.
Maturity Date
Date on which an investment becomes due for payment.
Money Market Account
Type of savings account that offers a more competitive interest rate than a regular savings account.
Safety of Principal
The guarantee that you will not lose your savings deposit even if the financial institution fails.
Direct Deposit
Your net pay is deposited directly into your bank account.
Automatic Deductions
Money you have authorized your bank to move from one account to another at regular intervals.
Payroll Savings Plan
You authorize your employer to make automatic deductions from your paycheck each pay period.