Housing/ Loans
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rent
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cost of using someone else's property
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landlord
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owner of the rental property
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tenant
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person who rents the property
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property manager
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person whose duties include collecting rent, deposits, paying utilities bills, repairs and maintenance, tenant complaints
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lease
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contract between tenant and the landlord specifying the responsibilities and rights of both parties
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security deposit
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advance payment to cover anything beyond normal wear and tear on the unit
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equity
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value of what someone owns outright after mortgage debt
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mortgage
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home loan in which the real estate is the collateral
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collateral
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item promised to the lender if the borrower does not pay back the loan
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down payment
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amount of money paid on the home at the time of purchase
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1/4 net income
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the amount your payments should not go over of your total net income
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gross income
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the amount of money you make before taxes are taken out
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net income
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the amount of money that you make after taxes are taken out
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defer
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delay payments on a loan until after you graduate
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interest rate
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cost of borrowing money- a percentage of the principal amount of the loan
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principal
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the amount of money that you borrow
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need-based
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students who show financial need for government assistance
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subsidized
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government loan that the government pays the interest on until you graduate
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unsubsidized
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government loan that you are in charge of paying interest for as soon as you borrow the money
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Federal Perkins Loans
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students that prove they have the highest level need get this government loan
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Federal Direct Subsidized Loan
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interest-free loan from the government while you are in school with the ability to increase borrowing limits after each year completed
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Federal Direct Unsubsidized Loan
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interest charged to you on this type of government loan but you can add the fees to the amount you borrow for paying after you graduate- end up owing more.
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Federal Direct PLUS Loans
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parents, or graduate students, are allowed to take this loan out and you get the price of college given to you minus
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Private Loans
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loans taken out from banks, colleges, or foundations that have a lot higher interest rate than federal loans
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Residence halls
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college housing option that has a room using for living in- not just sleeping
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FAFSA
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Free Application for Federal Student Aid
