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► Glossary of Terms

APR (Annual Percentage Rate) - The real annual cost of a loan, such as a credit card bill, which includes fees, charges and interest. This can be higher than the interest-only rate.

Access to Learning Fund - Can provide extra help if you’re in hardship and need extra financial support.

Accrued interest - The interest that has accumulated since the last investment or interest payment, until the amount has been settled.

AER (Annual equivalent rate) - A rate generally quoted on the interest paid on savings or investments.

After-tax - Total amount after tax has been deducted. Also known as a 'NET' sum.

Balance - a) Amount in an account after all credits and debits have been added or deducted. b) Remaining debt.

Balance Transfer - Moving all funds from one account to another, often referring to an outstanding credit card loan moved from one card account to another with lower rates in order to cut interest payments.

Before-tax - Total amount before tax has been deducted. Also known as a 'GROSS' sum.

Budget - A plan of expected income and expenses during a fixed period.

Bursaries - Financial grant awarded to students in need.

Cardholder Agreement - Details the terms and conditions for a particular credit card.

Cash advance fee - A charge for withdrawing cash when using a credit card.

Cash flow - The movement of cash, understanding of which is crucial for creating a budget.

CCJ - If you get a letter telling you someone is making a County Court Claim saying you owe them money, don't be alarmed; Court will decide whether you have a debt to pay - and if so, how you should repay it.

Cheque - A written order directing money to be paid from an account.

Council Tax - The system of local taxation used in the UK to part-fund the services provided by local government in each county. Students are exempt from paying this.

Credit - The provision of finance on the promise that the sum will be repaid in due course, usually with added interest.

Credit card - A card account that allows you to borrow money up to a specified limit. The amount loaned is not linked to any specific purchase or purchases. Interest charges will be added to money borrowed on a credit card.

Credit limit - The total amount a customer can spend on a credit card at any one time.

Credit Score - A rating applied to an individual or company, showing how much of a lending risk he, she or it represents.

Current account - The most basic type of bank account. Deposits usually earn no or minimal interest. Funds can be withdrawn by a cheque, debit card or electronic transfer.

Debit - A deduction of money from a sum held in a bank or card account.

Debit Card - A card used to withdraw funds directly from a current account, either at retailers and other outlets, or from a cash machine.

Direct Debit - An instruction to a bank to allow money to be withdrawn from an account at specified intervals by someone other than the account holder. This is usually used to pay bills, and the amount withdrawn can vary with each payment.

Foreign currency surcharge - A fee charged when buying foreign currency or changing one currency for another.

FSA (Financial Services Authority) - The FSA is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000, that regulates the financial services industry in the UK. Not all lending schemes are regulated by the FSA, so choose wisely.

Grace Period - The length of time before any payment of interest on an outstanding loan becomes due. E.g. Credit cards

HC1 Form - Fill in one of these to get subsidised NHS prescriptions, NHS dental treatment, NHS wigs and fabric supports, sight tests, glasses and contact lenses, and travel for NHS treatment under the care of a consultant.

Interest-free period - See "grace period".

Introductory rate - A special rate of interest charged for a specified period at the opening of a savings or loan account. This can be a higher rate to boost a savings account or a lower rate on a loan.

ISIC (International Student Identity Card) - an internationally recognised student ID which gives members discounts and services world-wide.

Late payment fee - A charge made for late repayment of any form of loan.

Loan - An arrangement in which a lender gives a form of finance to a borrower, and the borrower agrees to return the money, usually along with added interest.

Loan term - A specified repayment schedule for a financial loan.

Minimum payment - The smallest proportion of a credit card loan that can be paid in one instalment. Usually expressed as the higher of a fixed amount or a percentage of the outstanding debt. Only making minimum payments on credit cards significantly increases your costs; always pay off as much as you can afford.

NUS - NUS is the national voice of students helping them to campaign, get cheap student discounts and provide advice on living student life to the full. NUS website.

Overdraft - a facility that can be made available to current account holders that enables them to spend up to a specified amount above their account balance. Interest may be charged if this loan facility is used.

Payee - A recipient of funds.

Payer - A giver or sender of funds.

Personal Identification Number (PIN) - A unique number used to authenticate a cardholder as a means to prevent card fraud. A PIN is used every time a cardholder withdraws cash from an ATM. PINs are increasingly used to authenticate cardholders when buying goods and services.

Pre-paid card - A card that is loaded in advance with a set amount of currency, which can be used as a gift or travel card. Using them requires forward planning, but they are a debt-free alternative to a credit card (unless you use a credit card to top them up of course).

Prescription Charges - The NHS prescription charge is a flat-rate amount which successive Governments have thought it reasonable to charge for those who can afford to pay for their medicines. (See HC1 for how to apply for charges exemption).

Scholarships - An award of financial aid to a student so as to attend an academic establishment.

Standing orders - An instruction to your bank to pay a fixed sum to a named beneficiary regularly. Similar to Direct Debits except you are able to specify the amount to be deducted from your account.

Statement - Report released by banks that lists deposits, withdrawals, cheques paid, interest earned, and service charges or penalties incurred on an account. All these things are totalled to create a "balance".

Tuition Fees - A fee due to an educational establishment in order to attend and fund your education. Capped at £3225 for 2009/10, a loan is available to enable students to pay this. FEES UPDATE!

Variable Interest - A rate of interest that rises or falls in line with the base rate of interest set by a national or central bank.

Withdrawal - Withdrawing cash from an account at an ATM or bank branch.