Academic Year
September through May, when most schools are in session.
Accrual Date
The date when a loan's interest charges begin to accrue.
ACT
Standardized multiple-choice test administered to high school students.
Colleges may use ACT scores to determine admission eligibility. The ACT
is administered five times a year, and is designed to measure academic
proficiency in English, math, reading, and science.
Adjusted Available Income
The income remaining after taxes and basic living allowances have been
subtracted.
Advanced Placement (AP)
College Board program that offers students the opportunity to take
college-level courses while they are enrolled in high school. Students
may gain advanced standing and/or earn college credit through their
performance on the Advanced Placement examinations given each year in
May.
Amortization
Payments made over a period of time on a loan's principal and interest.
Assets
When calculating the Expected Family Contribution (EFC), all assets are
considered, including: bonds, checking and savings accounts, stocks,
trusts, other securities, real estate (this does not include a person's
home), income, business equipment, and inventory.
Asset Protection Allowance
The formula used by the U.S. Department of Education and a financial aid
office to determine which parental assets to exclude when calculating a
parent's financial contribution to a student's education (Expected Family
Contribution).
Assistantship
Student employment, usually referring to departmental research assistance
or student teaching.
Associate Degree
A two-year college degree.
Auto Debit
Loan payments deducted automatically from checking or savings account on
a monthly basis.
Award Letter
Separate, official notices sent to each student from the financial aid
office at (each) college(s) where the student has applied for admission.
They detail the student's financial need and the financial aid package
awarded (amounts awarded and sources of the awards).
Bachelor's Degree
A four-year college degree.
Bursar's Office
The college or university office responsible for billing and collections.
Campus-based Aid
Financial aid funds provided to a college from the government. Each
college determines financial aid applicants' eligibility to receive the
funding. Programs included in campus-based aid include Federal
Work-Study, Pell Grants and Federal Supplemental Education Opportunity
Grants (FSEOG).
Cancellation
Dismissal of a loan due to circumstances such as death or total and
permanent disability.
Central Processing System (CPS)
The U.S. Department of Education's computer system; matches and
calculates the Expected Family Contribution (EFC) and delivers The
Student Aid Report (SAR).
Citizen/Eligible Non-citizen
To receive federal aid, an applicant must be a U.S. citizen, a U.S.
national, or a permanent resident who has an I-151, I-551 or I-94.
Commercial Lender
Commercial institutions that loan money, including banks, credit unions,
mutual savings banks, savings and loan associations, stock savings banks,
or trust companies.
Commuting Student
A student that lives at home or off campus.
Compound Interest (Capitalization)
Interest paid on a loan's principal and on any unpaid interest. Compound
interest (or capitalization) increases the amount of money the borrower
must repay and increases monthly payments.
Consolidation Loan
Allows the borrower to combine a number of existing loans into one loan.
Borrowers typically consolidate loans to lower monthly payments.
Cooperative Education (Co-op)
Colleges and universities pay students to work in a professional setting
while attending school.
Co-signer (Co-applicant)
An individual who co-signs on a loan; if the first borrower on a loan
defaults, the co-signer (in most cases) is responsible for repayment on
that loan.
Cost of Attendance (COA)
A student's total cost of attending college. This figure includes books,
fees, room and board, supplies, transportation, tuition, and other
miscellaneous personal expenses. The COA also depends on marital and
residency status.
Credit Rating
A numerical score based on credit limits, balances, and personal
information assigned by credit bureaus and credit reporting agencies to
measure individual's creditworthiness. Federal Stafford Loans do not
require a credit score but credit checks are required for Federal PLUS
Loans and most private loans.
CSS Profile
College Scholarship Service (CSS) is an application required by some
private colleges and universities to determine eligibility for
non-federal financial aid.
Custodial Parent
The parent that the student lived with the prior 12 months, in situations
of divorce or separation.
Default
Non-payment or late payment of loan installments or failure to meet the
terms and conditions of a loan. Typically, payments are considered in
default after 270 days without payment. Lenders are entitled to all legal
means necessary for debt recovery. This can include wage withholding
(garnishing wages), withholding tax refunds, and even confiscation of
collateral if any is attached to the loan. Defaulting on a government
loan can eliminate future federal financial aid and will negatively
affect credit rating.
Deferment
When a lender allows a borrower to postpone loan payments. A borrower
must usually satisfy specific eligibility requirements for a loan
deferment. If a loan is in default, the lender will not allow deferments.
Delinquent
A loan becomes delinquent when payments are not made on time. When
delinquency occurs, the lender can add late fees to the loan payments.
Dependency Status
Whether or not the student is financially Dependent on his or her parents
based on federal guidelines. All students are considered Dependents
unless they are 24 years of age as of January 1, married, graduate or
professional students, responsible for a legal Dependent other than a
spouse, Veterans of the U.S. Armed Forces, or orphans or wards of the
court (currently or formerly).
Dependent
Someone who depends on another for more than half of his or her financial
support.
Direct Loans
Federal government funds loaned to students through institutions. This is
referred to as the Direct Loan Program. If a student attends a school
that participates in the Direct Loan Program, the student may not apply
for federal loans through private lenders.
Disbursement
When a student's federal loan funds are sent to the student. Loan
payments are co-paid to both the student and the school. These funds
cover educational costs (tuition, fees, etc.) and related living
expenses. Any excess funds are released to the student or applied to the
student's account.
Eligible Program
A course of study that leads to a degree or certificate and meets the
U.S. Department of Education's requirements for an eligible program.
Enrollment Status
A student's enrollment status indicates whether the student attends
school full- , half- , or part-time. Full-time refers to a minimum of 12
credit hours. Half time usually refers to at least six credit hours. In
most cases, a student must be enrolled at least half-time to qualify for
financial aid.
Exit Counseling (or Exit Interview)
Prior to graduating withdrawing, or dropping below half-time enrollment,
borrowers are required to complete exit counseling to help prepare them
for repayment. Exit counseling provides valuable information about
borrower's rights and responsibilities, as well as helpful money-saving
ideas.
Expected Family Contribution (EFC)
The government determines the amount of money a student and their family
must pay toward the student's education costs. The EFC depends on a
student's dependency status, the size of the student's family, whether or
not there are other family members in school, taxable and nontaxable
income, access to parent's assets, and other factors.
FAFSA (Free Application for Federal Student Aid)
The submission of the FAFSA is required to determine eligibility for
virtually all forms of government financial aid. The FAFSA form is
available from the U.S. Department of Education or any financial aid
office. Find the FAFSA online by visiting the U.S. D.O.E. FAFSA Web site
at http://www.fafsa.ed.gov/.
Federal Family Education Loan Program (FFELP)
This federal program allows private lenders to offer federal loans
including Federal Stafford Loans (Subsidized and Unsubsidized) and Parent
Loans for Undergraduate Students (PLUS). Since FFELP loans are guaranteed
against default by the federal government, they usually have low interest
rates.
Federal Direct Student Loan Program
(FDSLP)
A federal program in which certain institutions ("Direct Lenders") are
provided federal government funds to loan to students.
Federal Loan
A loan guaranteed by the federal government.
Federal Stafford Loan
A low-interest federally guaranteed loan for students. Stafford Loans are
either subsidized (need-based) or unsubsidized (non-need-based). The
government pays the interest on a subsidized loan while a student is in
school plus a six-month grace period after leaving school. Interest
accrues on unsubsidized Stafford Loans from the disbursement date. A
student can receive a subsidized loan and an unsubsidized loan for the
same enrollment period.
Federal Supplemental Educational Opportunity Grant (FSEOG)
A grant for undergraduates with exceptional financial need. Federal Pell
Grants recipients often get priority for a FSEOG, which has no repayment
requirement.
Federal Work-Study
A federal program that provides jobs for undergraduate and graduate
students with demonstrated financial need. The Federal Work-Study Program
allows the student to earn money while encouraging community service work
and often the employment relates to a student's course of study.
Fellowship
Free aid that covers full or partial tuition and reasonable living
expenses, usually awarded to students who display proven potential in
their field of study.
Financial Aid Administrator
Responsible for advising and counseling students regarding financial aid,
and overseeing their financial aid packages.
Financial Aid Package
The total amount and sources of financial aid (federal and non- federal)
a student receives.
Financial Need
The Cost of Attendance (COA) minus the Expected Family Contribution (EFC).
Fixed Interest
Loan interest rates that do not change over the loan's lifecycle.
Forbearance
Temporarily allows a borrower to postpone principal payments on a loan
due to financial hardship. However, the borrower is still responsible for
the interest that accrues during the forbearance period.
Free Application for Federal Student Aid (FAFSA)
The submission of the FAFSA is required to determine eligibility for
virtually all forms of government financial aid. The FAFSA form is
available from the U.S. Department of Education or from any campus
financial aid office. Find the FAFSA online by visiting
www.nextstudent.com.
Grace Period
The time lapsed between a student's graduation (or termination) and the
beginning of loan repayments (usually six to nine months).
Graduated Repayment
When a borrower's required monthly loan payments increase over time.
Grant
Need-based financial aid requiring no repayment.
Guarantee Fee
Usually one percent of the loan amount; paid to the guarantee agency to
insure against loan default.
Guaranty Agency or Guarantor
The fee paid to the loan guarantor to insure against loan default. For
federal loans, it is usually one percent of the loan amount.
Half-Time Enrollment
A student's enrollment status indicates whether the student attends
school full- , half- , or part-time. Half time usually refers to at least
six credit hours. In most cases, a student must be enrolled at least
half-time to qualify for financial aid.
HEAL
Health Education Assistance Loans are federally backed loans to students
in approved health education programs. New loans to students were
discontinued in 1998.
Home Equity
A mortgage's unpaid principal subtracted from the home's current market
value.
In-School Interest Rate
Rate at which interest accrues on Federal Stafford Loans while students
are enrolled at least half-time in school. The in-school rate is
typically lower than the rate at which interest accrues when the loan is
in repayment.
Income-sensitive Repayment
Loan repayment plan under which the borrower's monthly payment amount
adjusts annually, based solely on the borrower's expected total gross
monthly income.
Independent Status
A student is considered Independent if he or she: is 24 years or older
(as of 12/31 of the award year), is a graduate or professional student,
is married, has legal Dependents, is an orphan or ward of the court; or
is a veteran of the U.S. Armed Forces.
Institutional Methodology
The formula certain schools use in determining a student's financial need
for non-portable financial aid.
Interest
The amount of money charged for borrowing from a lender. Interest charges
are usually included in each month's payments.
Interest period
The contractual period of time during which interest accrues or is
charged.
Interest rate
The percentage of a sum of money charged to the borrower for its use.
Internships
Part- and/or full-time professional work opportunities for students.
Interns are usually paid or they gain college credits.
Lender
Any institution that loans money, such as banks, credit unions, savings
and loans associations, organizations like NextStudent, and schools
(under the Federal Direct Loan Program.)
LIBOR
London Interbank Offered Rate. LIBOR is a financial index used as a basis
for determining many private loan interest rates.
Line of Credit
A source of credit with a predetermined limit that can serve as a loan.
Once qualified, the lender allows the borrower to borrow up to that
predetermined limit. Lines of credit are usually activated when the
borrower writes a check against his/her line of credit.
Loan
The temporary use of money provided by a lender.
Maturity Date
The date a loan reaches its maximum payment period and must be paid in
full.
Merit-based Aid
Financial aid based on special talent or ability instead of financial
need. Money for education awarded through contests, competitions, or
certain scholarships is an example of merit-based aid.
National College Fair
A free program that allow students to interact with admission
representatives from a wide range of postsecondary institutions to
discuss course offerings, admission and financial aid requirements,
college life in general, and other information pertinent to the college
selection process. National College Fairs are held in the spring and in
the fall each year.
Need
The Expected Family Contribution (EFC) subtracted from the Cost of
Attendance (COA).
Needs Analysis
How much a student or a student's family can afford to pay towards the
student's college education, as determined by the financial resources
reported on the FAFSA form.
Need-based Aid
The cost of education compared to a student's (or a student's family's)
ability to meet those costs.
Need-blind Admissions
An admissions policy in which the ability or inability to pay college
costs is not considered when determining a student's eligibility for
admission.
Non-portable Funding
College funding that can't be transferred to another college or
university. For example, many colleges have scholarship funds that are
specific to that particular college. If a student leaves or transfers,
the money remains at that school.
Origination Fee
A fee paid by the borrower to the lender to cover administrative fees for
his or her loan.
Parental Contribution
An estimate of a parent's ability to contribute to a student's
educational expenses.
Pell Grant
Need-based financial aid awarded to undergraduate students completing a
four-year bachelor's degree. Repayment of these grants is not required.
Perkins Loan
A low-interest federal loan available to both undergraduate- and
graduate-level students demonstrating extreme financial need. To apply
for the Perkins Loan, a student must have already applied for the Federal
Pell Grant. Perkins Loans are administered by financial aid offices.
PLUS Loan (Parent Loan for Undergraduate Students)
A federal loan made available to parents of Dependent undergraduate
students. The parent may borrow up to the cost of education less the
student's financial aid package to cover the student's total educational
expenses.
Portable Funding
College funding that can be used at any college or university regardless
of whether a student transfers or remains at his or her original school.
Prepaid Tuition Plan
Savings plan that guarantees the same rate of increase on a student's
savings as college costs increase. Regardless of whether college costs
increase at a faster rate, it is guaranteed that a student's invested
money will be sufficient for college costs when he or she enters college.
Prepayment
Loan repayment ahead of schedule.
Principal
The unpaid or original dollar amount on a loan.
Private Loan
Sometimes called Alternative Loans, Private Loans are non-government
loans offered by banks, credit unions and other lenders. These loans are
not based on financial need, but rather on your creditworthiness and
ability to repay. Private loan are designed to supplement federal loan
programs and can be used for a wide range of education purposes,
including tuition, books, living expenses and computers.
Professional Judgment
When a financial aid administrator adjusts the EFC, COA, or dependency
status of a student or a family. It typically occurs in the event of
extreme changes in the student's personal situation, such as a death in
the family, unemployment, disability, etc.
Promissory Note
The legal binding contract the borrower signs. It states the terms,
details, and obligations of the borrower to repay the lender.
PSAT
The Preliminary SAT is a standardized test administered to high school
juniors and seniors each October. The PSAT has the same format as the
SAT, and serves as a rough predictor for SAT performance. PSAT scores
from the junior year count toward National Merit Scholarship.
Renewable Scholarships
Scholarships awarded over more than one year. Some renewable scholarships
are automatically renewed, which means a student need not resubmit
paperwork.
Repayment Schedule
The designated term and payment amounts for a loan, including interest
rates, monthly payments, and payment due dates. The repayment schedule is
documented in the promissory note.
Research Assistantship
A form of college funding typically reserved for graduate-level students
that allows participants to perform research duties for their supervisors
or professors. In exchange, students are usually awarded tuition
reductions. These positions are administered by colleges.
Satisfactory Academic Progress
Most federal aid requires satisfactory academic progress, which is based
on maintaining a specific grade point average set forth by the
institution. If the student does not show satisfactory academic progress,
federal aid can be denied.
SAT
The SAT is the standardized test that colleges and universities use to
predict how well a student might do at their college. The SAT tests math
and verbal reasoning abilities, and compares it to the abilities of
students from other high schools.
Scholarships
Free student aid based upon merit. Corporations, organizations,
foundations, etc., will typically award scholarships to students based on
grades, community involvement, extracurricular activities, athletics, and
arts.
Secondary Market
When the original lender sells an education loan to another lender, the
purchaser of the loan is in the secondary market. The terms of the loan
will not change in the secondary market and the borrower will be notified
whenever a sale has occurred.
Secured Loan
Loans secured by collateral such as houses, cars, or other assets. If the
borrower defaults on this type of loan, the lender reserves the right to
confiscate or sell the collateral used in acquiring the loan.
Servicer
The party paid by the lender to oversee the status of a loan, distribute
funds, collect payments, and handle deferments, forbearances, and other
related issues.
Simple Interest
Interest charged on the principal balance of a loan, but not charged on
interest that has accrued over time.
State Student Incentive Grants
Matching funds provided by the federal government to state governments to
help state residents with financial aid.
Stipend
Fixed or regular pay; salary often awarded to the student with a
fellowship, scholarship, or grant.
Student Aid Report (SAR)
The official summary of eligibility for financial aid sent to the student
by the government after needs analysis is performed.
Subsidized Loan
A need-based loan with interest paid by the federal government while the
student is in school, in the grace period and during authorized periods
of deferment.
Teaching Assistantship (TA)
A form of college funding that provides a partial/full tuition waiver and
a small stipend to supplement the cost of living. Teaching assistantships
are often reserved for graduate-level students.
Term of a Loan
The length of time allowed for repayment.
TERI
The Education Resources Institute is a private, nonprofit institution.
All NextStudent Private Loans are guaranteed by The Education Resources
Institute.
TERI-Approved
Educational institutions that have met the guidelines for participating
in lending and informational programs offered through The Education
Resources Institute.
Title IV Programs
Programs created by Title IV of the Higher Education Act of 1965 (as
amended), including Federal Pell Grants, Federal Supplemental Educational
Opportunity Grants (FSEOGs), Federal Work-Study, Federal Perkins Loans,
Federal Stafford Loans, Federal PLUS Loans, Direct Stafford Loans, and
Direct PLUS Loans.
Tuition
The enrollment fee charged by an institution.
Undergraduate Student
A student studying towards a four-year baccalaureate degree.
Unmet Need
Funding needed in addition to scholarships, grants, loans, or other
financial aid awards, to cover a student's total cost of attendance.
Unsecured Loan
A type of loan that does not require the borrower to provide the lender
with collateral. Typically, unsecured loans carry higher interest rates
and often require a co-signer.
Unsubsidized Loan
A student is responsible for paying the interest on an unsubsidized loan
while attending school or while the loan is in deferment.
Variable Interest
Interest that can fluctuate. Most variable-interest loans have an annual
or maximum cap, which prevents interest rates from exceeding a specified
amount within a specified period of time.
Verification
Proper documentation required by a financial aid officer to verify the
accuracy of information reported on a financial aid application.
Weighted GPA
A weighted GPA takes into account the credit hours of a class so such
that an A in a 3-credit hour class counts more toward the total GPA than
does an A in a 1-credit course.
A
American College Testing Program Assessment (ACT)
Test required by some colleges for admissions.
Application Status Report
School report containing the following information: student Social
Security Number (SSN), name, loan program, requested loan amount, school
certification amount, lender approved amount, application status and
status date.
Anticipated Disbursement Report
School report containing the following information: loan guarantor, loan
sequence, loan number, student Social Security Number (SSN), last name,
first name, middle initial, disbursement date, promissory note received,
disbursement type, source, guarantee amount, disbursement amount,
origination fee and guarantee fee.
Back to Top B
Borrower
A student or parent to whom a loan has been made. Students are the
borrowers under the Federal Stafford and SLS programs. Parents of a
legally dependent undergraduate student are the borrowers under the
current Federal PLUS loan program.
Back to Top C
Capitalized
An increase in the principal balance of a Stafford, SLS, PLUS, Federal
Consolidation, or alternative loan that occurs when a lender adds the
interest accrued on the loan to the outstanding balance.
College Board Scholastic Aptitude Test (SAT)
Test required by some colleges for admissions.
Combined Sub/Unsub Stafford
A long-term, low-interest loan designed to provide students with
additional funds for college. A portion of the loan may be subsidized,
meaning the interest is paid by the government while the student is
enrolled in school and during periods of grace and deferment.
Unsubsidized loans accrue interest at the cost of the borrower.
Consolidated Repayment Plan
The Federal Family Education Loan Consolidation Plan allows borrowers to
combine all eligible federal loans into a single new loan with one lower
monthly payment over an extended repayment period. Because the monthly
payment amount is reduced and the repayment period is extended, the total
amount repaid by the borrower will be greater than under the standard
repayment plan.
Consolidation
Combining federal student loans [i.e. Federal Stafford, Unsubsidized
Federal Stafford, Federal Insured Student Loans (FISL), Federal Perkins (NDSL),
Nursing Student Loans (NSL), Federal SLS, Health Professions Student
Loans (HPSL), Federal Direct, Federal PLUS (under certain conditions)]
into one repayment plan through one lender. The repayment period may be
extended (depending on the amount borrowed) and the interest rate may
increase.
Credit Check for PLUS Loans
Review of parent applicant's credit information. Wells Fargo makes it
easy to qualify.
Back to Top D
Default
A student’s loan is considered in default if the borrower does not honor
his or her repayment obligation for 270 days and the guarantor concludes
that the borrower does not plan on meeting his or her repayment
obligation. Legal action may be taken to collect on a defaulted loan.
Deferment
A period of time when a borrower is allowed to postpone student loan
repayment (under certain conditions) without cost or penalty. The
interest on unsubsidized loans continues to accrue during deferment at
the borrower's expense.
Delinquent
A loan is considered delinquent the day after a borrower fails to make
his or her full loan payment on the agreed upon due date.
Dependent Student
Any undergraduate student who does not meet the criteria for an
independent student.
Disbursement
The transfer of loan proceeds by check, master check, or electronic fund
transfer (EFT) from a lender for the borrower to the school the student
will attend
Back to Top E
Expected Family Contribution
The portion of a family's financial resources which should be available
to help pay for school. Used to determine Financial Need.
Back to Top F
Federal Family Education Loan Program (FFELP)
Loan programs authorized by Title IV, part B of the Higher Education Act
of 1965, as amended, that includes the Federal Stafford, Federal PLUS,
Federal SLS, and Federal Consolidation Loan Programs. These loan programs
are funded by lenders, guaranteed by guarantors, and reinsured by the
federal government.
Federal PLUS Loan Program
The Federal PLUS Loan Program (Parent Loan for Undergraduate Students) is
a loan for parents of students. They are made available to parents of
full-time or half-time dependent undergraduate students. Eligibility is
determined by the Financial Aid Administrator, and the amount borrowed
may not exceed the cost of education less any other aid received. This
loan can be used to pay the Expected Family Contribution.
Financial Aid Office
The 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.
Financial Need
The difference between the Expected Family Contribution (the portion of a
family’s financial resources which should be available to help pay for
school), and cost of education (includes tuition and fees, books and
supplies, room and board, transportation and personal expenses). This is
the amount of aid a student is eligible to receive.
Forbearance
A period of time during which the borrower is permitted to temporarily
cease making payments or reduce the amount of his or her payments. The
borrower is responsible for the interest that accrues on the loan during
the forbearance period.
Free Application for Federal Student Aid (FAFSA)
The application for federal student financial aid. Most schools also use
the FAFSA for State institutional aid. You can get a copy of the FAFSA
from most schools, or you can download a copy from the Department of
Education’s Web site.
S
Satisfactory Academic Progress
The 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.
Secondary Market
An organization that purchases loans from lenders in order to make more
of the lender's funds available for student loans. A lender may or may
not sell their loans to the secondary market.
Servicer
The organization that services your student loan. Servicing activities
include repayment billing, forbearance processing, deferment processing,
and collecting on delinquent loans. Some lenders and holders service
their own loans. Many others hire companies to do the servicing for them.
These companies are called loan servicers. If a lender or holder of a
loan uses a servicer, the borrower should send repayment checks,
deferment forms, and forbearance requests, along with other
correspondence to the loan servicer.
Standard Repayment Plan
A repayment schedule under which the borrower pays the same amount for
each installment payment throughout the entire repayment period or pays
an amount that is adjusted to reflect annual changes in the loan's
variable interest rate. For FFELP loans, the Standard Repayment Schedule
cannot exceed 10 years, excluding in-school, grace, deferment, or
forbearance periods. Private loans may have a shorter or longer repayment
term, depending on the loan program.
Student Aid Report (SAR)
A report that is sent to students who complete the paper or electronic
FAFSA. The SAR summarizes expected family contribution and other items
dealing with financial eligibility.
Subsidized Stafford
A long-term, low-interest federal loan designed to provide students with
additional funds for college. Subsidized means the interest on the loan
is paid by the government while the student is in school and during
periods of grace or deferment.
Supplemental Loan for Students (SLS)
A federal loan available before July 1, 1994 to independent
undergraduate, graduate, and professional students.
Back to Top T
Treasury Bill
Treasury bills (or T-bills) are marketable securities the U.S. government
sells in order to pay off maturing debt and raise the cash needed to run
the federal government. They are short-term obligations issued with a
term of one year or less. The U.S. Treasury Department sells Treasury
bills at auctions held throughout the year. For federal student loans,
the variable interest rate is based on the bond equivalent rate of the
91-day T-bills auctioned at the final auction prior to June 1 each year.
Back to Top U
Unsubsidized Stafford
A long-term, low-interest loan designed to provide students who do not
qualify for other financial aid, or who still need more money, with
additional funds for college. The unsubsidized Federal Stafford Loan can
be made in conjunction with a subsidized Federal Stafford Loan as long as
the maximum annual or aggregate loan limits for subsidized Federal
Stafford Loans have not been exceeded. Unsubsidized means the student is
responsible for the interest on the loan amount while in school; however,
payment can be postponed.
Back to Top V
There are no glossary terms that start with this letter.
Back to Top W
Wells Fargo Collegiate® Loan Program
A private, credit-based program designed to help eligible undergraduate
or graduate students meet the cost of education when the FFELP (Federal
Family Education Loan Program) isn't enough.
Wells Fargo Student Loan AdvantageSM Program
Repayment incentives given to borrowers for on-time and/or automatic
payments on federal and private student loans.
Back to Top X-Z
There are no glossary terms that start with these letters.
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