Occurs when the lender sends the loan funds to the school or borrower.
Statement sent by the lender to the borrower describing the estimated costs of a loan, the interest rate and any additional finance charges.
Electronic Funds Transfer (EFT)
Any transfer of funds that is initiated through electronic means,
such as a wire transfer from a bank to a school.
An individual who meets all criteria required for loan approval.
A special arrangement between a borrower who has experienced certain hardships (such as severe medical problems) and the lender in which the lender allows the borrower to
temporarily stop making payments or to make smaller payments than would otherwise be required.
The cost of borrowing money, expressed as a percentage, over a period of time.
A payment that covers only interest that accrues on the loan and does not result in reductions in the principal balance.
The bank, credit union, or other financial institution from which you have borrowed your student loan funds.
The minimum and/or maximum amount of money an applicant may borrow from a lender under a specific loan program during a specific time period.
A fee charged to the borrower by the lender for processing the loan application and originating the loan.
Amount borrowed plus any capitalized fees. Principal may increase as a result of interest capitalization.
The period during which a loan must be repaid.