Prepayment Penalty A prepayment penalty is a fee charged for early payoff of a loan.
Students who apply to an early decision program commit to attending the school if admitted (thus, early decision can be applied to only one school).Is there a NUS or Unidays Currys Discount?Unsubsidized Loan A loan for which the government does not pay the interest.For more information, see College Board Online (CBO).Return to top In-State Student A student who has met the legal residency requirements for the state, and is eligible for reduced in-state student tuition at public colleges and universities in the state.If you default on a loan, the university, the holder of the loan, the state government and the federal government can take legal action to recover the money, including garnishing your wages and withholding income tax refunds.Bankruptcy When a person is declared bankrupt, he is found to be legally insolvent and his property is distributed among his creditors or otherwise administered to satisfy the interests of his creditors.Prime Lending Rate The Prime Lending Rate is the interest rate offered by lenders to their best credit customers.Usually a student is expected to contribute about 20 of his or her savings and approximately one-half of his summer earnings above 3,000.Reset A variable interest rate is said to 'reset' when it changes.Prime Prime borrowers have good to excellent credit histories, typically with a fico score of 650 or more.Did you know that there is a special hidden page weve found on that list all the current codes?Borrower The person who receives the loan.Selective Service Registration for the military draft.
Foreclosure A foreclosure is a legal proceeding in which a lender obtains title to the collateral the backed a defaulted loan.Grade Point Average (GPA) An average of a student's grades, converted to.0 scale (4.0 walmart gift card card balance is an A,.0 is a B, and.0 is a C).Parents may borrow up to the full cost of their children's education, less the amount of any other financial aid received.The FAT is not the same as an academic transcript.Guaranteed Student Loan (GSL) (Now called the Stafford Loan.) A guaranteed loan is insured against default.The Federal Methodology takes family size, the number of family members in college, taxable and nontaxable income and assets into account.Return to top Undergraduate Student A student who is enrolled in an Associate's Degree or Bachelor's degree program.Lenders these days are more likely to rely on the debt-service-to-income ratio, which is the ratio of the normal monthly payments on the borrower's loans to the borrower's gross monthly income.When a guardian is appointed by the court, the parent no longer has the authority to revoke the guardianship.Interest is then charged on the new balance, including both the unpaid principal and the accrued interest.
Perkins Loan Formerly the National Direct Student Loan Program, the Perkins Loan allows students to borrow up to 3,000/year (5 year max) for undergraduate school and 5,000/year for graduate school (6 year max).
Often a minor becomes a ward of the court when the court determines that the child will be subject to abuse or neglect if they remain with the parent or if both of the student's biological or adoptive parents are deceased.