Personal Finance unit 1
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For profit college
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educational institutions, privately owned, not affiliated with the government, typically significantly higher priced
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FAFSA
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free application for federal student aid, apply for financial aid, if you are a dependent: your parents must complete the parent section
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scholarships
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students apply to: organizations, companies, colleges & universities
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promissory note
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a signed document containing a written promise to pay a stated sum to a specified person or the bearer at a specified date or on demand.
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university
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2 year and 4 year degrees, associates, bachelors, masters, or doctorate, consist of colleges
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college
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2 or 4 year, associate, bachelors, masters, or doctorate, usually consist of one major
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grant
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state, federal, private: based on financial need, funds available, aid the student is already receiving
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work study
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student help, off campus part - time jobs
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board
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meal plan included in billing with tuition, grocery shopping
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community college
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2 year, offer associate degrees
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technical/vocational
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usually 2 years, focus on career prep (ex: culinary arts, nursing, graphic design) credits earned may not transfer to 4 year colleges
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health insurance
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stay on parents plan (currently until age 26), college/university health insurance plans, college/university dental plans
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automobile insurance options
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1. get great grades 2. take a drivers ed class 3. consider getting on your parents insurance 4. mileage discounts 5. choose vehicle wisely
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college textbooks
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bookstore ,online at amazon or chegg.com, school book trades
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529 savings plan
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operated by the state, invests in mutual funds, tax incentives
