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Education Premium

The additional earnings a person can expect to earn as a result of obtaining a college degree.

Educational Attainment

The highest level of education an individual has completed, often broken down by demographic factors.

Types of Financial Aid

Various forms of financial assistance for college, including scholarships, grants, loans, and work-study programs.

MassTransfer

A program that allows students to transfer credits from community colleges to state universities.

Need-blind vs. Need-aware

Need-blind admissions do not consider an applicant's financial situation, while need-aware considers it.

Buying vs. Leasing a Car

The decision process between purchasing and renting a vehicle, each having its own financial implications.

Loan term

The length of time over which a loan is repaid.

Financing

The act of providing funds to pay for a purchase or investment.

Trade in value

The amount of money a dealer offers for a used vehicle as part of the purchase process for a new vehicle.

Down Payment

An upfront payment made when buying a car or home, reducing the amount financed.

APR

Annual Percentage Rate, representing the yearly interest rate charged on borrowed money.

Upfront, Recurring, and Unexpected Costs

Types of costs associated with vehicle ownership, including initial purchases, ongoing expenses, and unforeseen repairs.

Depreciation

The decrease in the value of a vehicle over time due to wear and tear.

Maintenance

Routine care and repairs needed to keep a vehicle in working condition.

Inspections

Checks performed to assess the condition and safety of a vehicle.

Leasing pros and cons

Advantages and disadvantages of leasing a vehicle compared to buying.

Certified pre-owned

Used cars that have been inspected and refurbished by the manufacturer.

License and registration

Legal requirements for operating a vehicle on public roads.

VIN number

Vehicle Identification Number, a unique code used to identify individual motor vehicles.

Roadside Assistance

A service that provides help to drivers in the event of a vehicle breakdown.

Car Insurance Coverage

The terms and conditions under which a car insurance policy provides protection against financial loss.

Uninsured/Underinsured motorist coverage

Insurance that protects the policyholder if involved in an accident with a driver who has little or no insurance.

Collision coverage

Insurance that pays for damages to the policyholder's own vehicle after an accident.

Bodily injury liability coverage

Insurance that covers injuries to others if the policyholder is at fault in an accident.

Property damage liability coverage

Insurance that covers damages the policyholder causes to someone else's property.

Comprehensive coverage

Insurance that covers damages to a vehicle not involving a collision, such as theft or natural disasters.

Limits

The maximum amount an insurance policy will pay for a covered loss.

Deductible

The amount a policyholder must pay out of pocket before insurance kicks in.

Premium

The amount paid for an insurance policy, typically on a monthly or annual basis.

Car insurance when leasing

Insurance coverage required by leasing companies for leased vehicles.

Tenant

An individual who rents and occupies a property owned by another.

Landlord

The owner of a property who rents it to a tenant.

Credit Check

A review of an individual's credit history to assess their financial reliability.

Security Deposit

A sum of money held as collateral by a landlord for potential damages or unpaid rent.

Lease/Rental Agreement

A legal contract outlining the terms of renting a property.

Utilities

Essentials such as water, electricity, and gas that are necessary for property occupation.

Affordability

Assessment of whether rent payments fit within a tenant's budget.

Rent

The periodic payment made by a tenant to an owner for the use of a property.

Rental cost rule of thumb

A guideline suggesting a certain percentage of income should be allocated to rent.

Renters Insurance

Insurance that provides coverage for a tenant's possessions within a rental property.

Mortgage

A loan used to purchase real estate, where the property serves as collateral.

Home Equity

The difference between the market value of a home and the amount still owed on the mortgage.

Home Value

The monetary worth of a property based on market conditions.

Appreciation

The increase in the value of a property over time.

5 Year Rule

A guideline suggesting that individuals should consider living in a home for at least five years before selling.

Home equity loan

A loan based on the equity accumulated in a home.

Foreclosure

The legal process where a lender takes possession of a property when the borrower fails to make mortgage payments.

FHA Loans

Loans insured by the Federal Housing Administration aimed at low-to-moderate income borrowers.

FHA Guaranteed Loan

An FHA loan which provides lenders with insurance to minimize their risk.

Closing costs

Fees due at the closing of a real estate transaction, including loans and insurance.

Homeowners Insurance

Insurance that provides financial protection for homeowners against damages to their property.