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Resources - Glossary:
Begins on summer term of the year to the end of the spring term of the following year.
Interest that accumulates on the unpaid principal balance of a loan
is defined as "the period of time from July 1 of one year through June 30 of the following year."
Person responsible for repaying a loan who has signed and agreed to the terms in the promissory note.
These are the Federal programs: Supplemental Educational Opportunity Grant (SEOG), Perkins Loan, and Federal Work-Study (FWS)
Adding unpaid interest to the loan principal. Capitalization increases the principal amount of the loan and its total cost.
Combining several loans into one by selling and transferring all loans to one lender.
Maintains your credit history, which reflects how well you repay your student loans, credit cards, car loans or any other credit you may have.
A compilation of information about a consumerï¿½s borrowing history, including payments on revolving credit accounts and outstanding balances on existing accounts; provides lenders with information that helps determine any risk involved in giving a potential borrower credit or a loan.
Failure to repay a loan according to the terms of the promissory note. This failure must persist for 270 days.
A one (1) percent fee charged on student loans; it may be deducted from the loan to help defray the cost of the student loan program.
A postponement of payment on a loan that is allowed under certain conditions and during which interest does not accrue for subsidized loans.
Failure to make an installment payment when it is due, or failure to meet other terms of the promissory note; may lead to default.
A student who does not meet any of the criteria for an independent student (see below).
A payment of loan money to the student or parent borrower.
The release of a borrower from the obligation to repay his or her loan.
Direct Loan Program:
The William D. Ford Federal Direct Loan Program provides loans to student and parent borrowers directly through the U.S. Department of Education rather than through a bank or other lender.
Direct Loan Servicing Center:
The U.S. Department of Education's agent contracted to collect Direct Loans and handle deferments, repayment options, and consolidation.
Direct Subsidized Stafford Loan:
A loan for students with financial need as determined by federal regulations. No interest is charged while you are in school at least half-time, during your grace period, and during deferment periods.
Direct Unsubsidized Stafford Loan:
A student loan that is not based on financial need. Interest is charged during all periods.
A statement that reflects the actual costs of the loan- including interest and financial charges- to a borrower.
Term that the student was enrolled
Expected Family Contribution (EFC):
The EFC is a measure of the financial strength of a student's family. The U.S. Department of Education calculates a student's EFC based on information provided on the Free Application for Federal Student Aid (FAFSA).
A postponement of payment on a loan, typically if the borrower doesn't qualify for a deferment and is unable to make payments for a reason such as poor health. Interest continues to accrue during forbearance.
A six-month period before the first payment must be made on a subsidized or unsubsidized Stafford loan. The grace period begins the day after the borrower ceases to be enrolled at least half time.
The agency that insures against defaulted loans made under the Federal Family Education Loan (FFEL) Program.
A student who is at least 24 years old, married, a graduate or professional student, a veteran or on active duty in the military for other than training or state purposes, an orphan, a ward of the court, or who has legal dependents other than a spouse.
An expense of borrowing money that is calculated as a percentage of the amount borrowed.
The actual source for borrowed money.
Money borrowed that must be repaid.
If a borrower meets federally mandated requirements, their federal student loan may be discharged (cancelled), releasing the borrower from all obligations to repay the loan.
An expense of borrowing deducted proportionately from each loan disbursement.
For a program that uses standard academic terms is a semester, trimester, or quarter.
Payment on a loan by a borrower sooner than it is due under the terms of the promissory note.
The amount owed on a loan or loans at any given time. The principal balance may include capitalized interest.
A legally binding contract between a lender and a borrower. The promissory note contains the terms and conditions of the loan, including how and when the loan must be repaid.
The period during which a borrower is obligated to make payments on his or her loan(s).
A statement provided by the Direct Loan Servicing Center to the borrower that lists the amount borrowed, the amount of monthly payments, and the date payments are due.
A private lending agency that buys loans from lenders.
Interest paid by the federal government while the borrower is in school, or during grace and deferment periods.
Interest paid by a borrower rather than the federal government.
Rate of interest on a loan that is tied to a stated index and changes annually every July 1 as the index changes.
East Los Angeles College - 1301 Avenida Cesar Chavez - Monterey Park, CA 91754-6099 - Campus Phone: (323) 265-8650
Last Updated: 12/15/09