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Notification from the school of how much aid the student is eligible for in each of the Federal and State Financial Aid Programs.
A student or parent to whom a loan has been made. Students are the borrowers under the Federal Stafford and SELF programs. Parents of a legally dependent undergraduate student are the borrowers under the current Federal PLUS loan program.
Failure to repay your student loan. You are considered in default if you have made no payments for 180 days and are not in your grace period, deferment or forbearance. This will negatively affect your credit rating for many years.
A time when you are not required to make payments. During the deferment, interest continues to accrue on the loan. Deferments may be granted for reasons such as half-time study, unemployment, economic hardship, graduate fellowships and rehabilitation training.
topThe office at a college, university, vocational school, or community college that determines a student's eligibility for financial assistance. If a student has specific questions about his or her individual financial aid package, the student should contact his or her financial aid office.
A temporary end to or reduction of payments, which may be granted in cases of financial difficulty when you are not eligible for a deferment. Interest continues to accrue on your account.
The form is used to determine the amount each family is expected to contribute towards their student's educational expenses. To obtain a FAFSA, see your high school guidance counselor or contact the financial aid office at the college or university that you plan on attending.
topA period of time that starts when you cease to be enrolled at least half time and ends when the repayment period starts. You do not have to make loan payments during the grace period.
A repayment schedule under which the amount of the borrower's installment payment is scheduled to change (usually by increasing in two or more increments) during the course of the repayment period. The graduated Repayment Schedule cannot exceed 10 years, excluding in-school, grace, deferment, or forbearance periods.
The organization that insures Federal Stafford and PLUS loans for lenders. If you default on a loan, the guaranty agency will pay the lender and will then collect the loan directly from you.
A fee charged to the borrower by a guarantee agency for each loan that it guarantees. Usually, the lender reduces a borrower's disbursement by this amount and remits the fee to the guarantor. This fee can be no more than one percent of the loan's principal.
topMoney you must pay for the privilege of borrowing money, expressed as a percentage of the outstanding principal.
The period of time from the date a loan is disbursed until the loan enters repayment. The interim period may range from six months to seven years, depending on the type of loan and the student's educational program.
A company that provides funds for loan programs.
Lenders charge this fee to borrowers. Typically, the amount of the fee is a percentage of a borrower's disbursements.
topThe full amount you have borrowed, or that you have not yet repaid (this may include capitalized interest). Interest is calculated as a percentage of this amount.
A contract with the lender that you, the borrower, sign before the loan is disbursed. This states that you will repay the loan and legally binds you to its terms and conditions.
topThe period during which interest accrues on the borrower's loan and principal and interest payments are required. The repayment period excludes any period of authorized deferment or forbearance; however, interest continues to accrue for unsubsidized loans during this time.
A document you will receive shortly after you leave school that states how much you owe, what your monthly payment is and when your first payment is due.
topThe level of academic progress required of a student by the Higher Education Act in order to receive Federal Stafford, PLUS, or SLS loans. Each school has established a standard for evaluating a student's efforts to achieve an educational goal within a given period of time. If you are concerned whether your academic progress would be considered satisfactory, call the Financial Aid Office at your school.
This is a form of self-help financial aid where the student can earn up to their Work Study award amount by working on or off campus.
One of the types of Stafford loans. The U.S. government pays the interest on this loan for you while you are in school, during your six-month grace period, and during periods of authorized deferment.
topOne of the types of Stafford loans. This type of loan accrues (collects) interest while you're in school, during your six-month grace period after leaving school, and during authorized periods of deferment and forbearance.
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