Glossary

Base Rate – The Bank of England interest rate for lending to other banks.

Grant – The act of providing a subsidy; monetary aid.

Interest rate – The yearly rate of interest on a loan, normally expressed as a percentage of 100.

LEA – Your local council education department. In England and Wales the Award Authority will be your LEA.

Overdraft –The amount by which a cheque or other payment orders exceeds the funds on deposit.

Student Overdraft – A common source of higher education student finance. Almost every high-street bank offers a student overdraft facility, which is part of a student bank account package.

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