Your Finances; Your Future

Financial Glossary

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A legal agreement that provides for the use of something -- typically real estate or equipment -- in exchange for payment.  A lease is usually legally binding, which means you are help to its terms until it expires.  If you break a lease, you could be held liable in court.

Life Insurance

A contract you sign with an insurance company, obligating it to pay a death benefit of a certain value to the beneficiaries you name.

Lifetime Learning Credit

The lifetime learning credit is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution.  The credit is worth up to $2,000 and you may not claim this credit for a student, if you already claimed the American Opportunity Tax Credit for that student.

Line of Credit

A revolving credit arrangement you establish with a lender.  The lender sets the credit limit, which is the most you can borrow under the arrangement.


A sum of money provided temporarily on the condition that the amount borrowed be repaid, usually with interest.