Business and Personal Finance Dictionary

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• BACCALAUREATE BOND
  
  These tax-free zero coupon bonds are issued by some states and are designed specifically to help families meet college tuition costs. They're usually sold in small denominations, so that you can buy several, with staggered maturity dates, so that they come due to meet a tuition payment schedule. In some states, baccalaureate bond holders receive a a small tuition discount if they use the bonds to pay for attending an in-state school.
  
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