Glossary of Terms
Accreditation confirms that a college or career school meets certain minimum academic standards, as defined by an accrediting body recognized by th...
Mon, 15 Feb, 2016 at 7:56 AM
Your adjusted gross income (AGI) is your or your family's wages, salaries, interest, dividends, etc., minus certain deductions from income as re...
Fri, 12 Feb, 2016 at 10:02 AM
Administrative wage garnishment allows the federal government or your guaranty agency to have your employer withhold a portion of your earnings to ...
Mon, 15 Feb, 2016 at 7:57 AM
Capitalization is the addition of unpaid interest to the principal balance of a loan. When interest is not paid as it accrues during
periods of non-paym...
Mon, 15 Feb, 2016 at 11:46 AM
Collections costs are a possible consequence of defaulting on a student loan. These are expenses charged on defaulted federal student loans that are added t...
Mon, 15 Feb, 2016 at 11:51 AM
Consolidation is the process of combining one or more loans into a single new loan. There are both advantages and disadvantages to consolidation, and you sh...
Mon, 15 Feb, 2016 at 12:35 PM
Default is the failure to repay a loan as agreed. In most cases, a delinquent federal student loan is considered to be in default when it is 270 or more day...
Mon, 15 Feb, 2016 at 8:11 AM
A deferment is a postponement of loan repayment that is allowed under certain conditions. During deferment, interest does not accrue on Direct Subs...
Mon, 15 Feb, 2016 at 11:50 AM
Past due student loans are considered delinquent, even if
only by one payment. A loan will remain in delinquency until the borrower makes up any missing pa...
Mon, 15 Feb, 2016 at 8:14 AM
A Direct Consolidation Loan is a federal loan made by the U.S. Department of Education (ED) that allows you to combine one or more federal student loans int...
Mon, 15 Feb, 2016 at 11:55 AM