Assignment 11 - Quiz 2: IRA Accounts, Savings, and Spending

Expected Family Contribution

The amount of money you and your family will contribute to your college education

Interest

A percentage of the amount loaned which is a charge for the use of the money

Grace period

A time when there is no obligation to repay your loan

Affinity card

Allows you to qualify for free travel or other bonuses

Federal Pell Grant

Assistance from the government which is not to be repaid

FFEL Stafford Loan

Assistance from the government which is to be repaid

"Rollover" IRA

Gets money from another qualified plan

Unsubsidized Loan

Not awarded on the basis of financial need and is not interest free; the government will charge interest from the start

Deferment

Official permission to postpone to payments of a loan

Tax-deferred

When no taxes are due until the required time and payments are held off

Subsidized

Will not charge any interest before beginning repayment

Proverbs 3:27-28

Withhold not good from them to whom it is due, when it is in the power of thine hand to do it. Say not unto thy neighbor, Go, and come again, and to morrow I will give; when thou hast it by thee.