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Federal Warranty Act: Purpose of the Act is to make warranties on consumer products more readily understood and enforceable and to provide the Federal Trade Commission with means to better protect consumers.
Finance Charge: The cost of interest and other charges involved in borrowing money.
Financial Aid: Money awarded in the forms of loans or grants for the purpose of covering the cost of higher education; usually awarded based on financial status and need.
Forbearance: Student loan payments are reduced or postponed for a period of time.
Garnishment: A means of collecting a monetary judgment against a defendant by ordering an individual to pay money directly to the plaintiff; the most common type of garnishment is the process of deducting money from an employee's monetary compensation (including salary) as a result of a court order.
General Education Development (GED) Certificate: A certificate stu- dents receive if they’ve passed a specific, approved high school equiva- lency test; students who have a GED may still qualify for federal student aid.
HIPAA: Health Insurance Portability and Accountability Act; regu- lates the availability and breadth of group and individual health insurance plans.
Home Equity Loan: A form of open-end credit in which the home serves as the consumer’s collateral.
Home Mortgage Disclosure Act (HMDA): An act established by Congress in 1975 and implemented by the Federal Reserve Board’s Regulation C that requires lending institutions to report public loan data.
Implied warranties: The seller promises that the product will do what it is supposed to do.
Glossary