savings account

a financial institution deposit account that pays interest and allows withdrawals.


a person who makes himself or herself available to be engaged for work on particular assignments or projects, rather than being engaged on a long-term or permanent basis by a single employer.

simple interest

interest calculated periodically on loan principal or investment principal only, not on previously earned interest.

Social Security (FICA - Federal Insurance Contributions Act)

a federal government program that provides retirement, survivor's, and disability benefits, funded by a tax on income, which appears on workers' pay stubs as a deduction labeled FICA (for Federal Insurance Contributions Act, the enabling legislation).

state withholding

a portion of an employee's wages or salary withheld by the employer as partial payment of the employee's state income tax. Also called withholding tax.


an investment that represents shares of ownership of the assets and earnings of a corporation.

student grant

a form of money that is intended for a specific purpose, such as housing, tuition etc. The student is NOT required to pay the grant back.

student loan

a loan available to (undergraduate) students, frequently funded or administered by the State.

subsidized loan

a subsidized student loan is a loan in which in general terms there is no interest added to the loan until it comes due for payment. No principle payments are due until after leaving school.