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Simple English definitions for legal terms
aging-out
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A quick definition of aging-out:
Aging-out is when a foster child or minor ward reaches the age where they are no longer legally entitled to care. This usually happens when they turn 18, but some states allow them to stay in foster care until they are 21 if they are still in school or cannot live on their own. Aging-out means that the child is no longer eligible for foster care and must find a way to support themselves.
Agio is a fancy word for the extra money you might have to pay when you exchange one kind of money for another. For example, if you want to exchange paper money for coins, you might have to pay a little extra. The same thing can happen when you exchange money from one country for money from another country.
A more thorough explanation:
Definition: When a foster child or minor ward reaches the age at which they are no longer legally entitled to care.
Usually, this happens when the child reaches the age of majority and becomes ineligible for foster care. However, some states allow an extension of eligibility up to age 21 if the child is still in school or cannot live independently, or if it is otherwise in the child's best interests to remain in foster care and the child consents.
For example, if a foster child turns 18 and is no longer eligible for foster care, they may have to leave their foster home and live on their own. However, if they are still in high school and need support, they may be able to stay in foster care until they graduate.
Related term: INDEPENDENT-LIVING PROGRAM
Example: AGIO
Definition: The premium paid for exchanging one type of money for another.
For example, if you exchange US dollars for Euros, you may have to pay a small fee or premium for the exchange. This fee is called an agio.