Glossary of Terms
Loan rehabilitation is the process of bringing a loan out of default and removing the default notation from a borrower's credit report. To rehabili...
Fri, 12 Feb, 2016 at 12:24 PM
A loan servicer is a company that collects payments, responds to questions and maintains a federal student loan on behalf of a lender.
The most common...
Fri, 12 Feb, 2016 at 9:37 AM
The My Federal Student Aid website, available at https://studentaid.ed.gov, provides access to information on federal grants and loans as stored in...
Mon, 15 Feb, 2016 at 1:03 PM
The National Student Loan Data System (NSLDS) is the U.S. Department of Education's (ED) central database for student aid. NSLDS receives data from scho...
Tue, 25 Feb, 2020 at 1:06 PM
The MyStudentData Download function on the National Student Loan Data System (NSLDS) website (https://studentaid.gov/ /) makes your education-related data a...
Tue, 25 Feb, 2020 at 1:09 PM
Partial financial hardship is an eligibility requirement for the Income-Based Repayment (IBR) and Pay As You Earn (PAYE) plans.
For IBR...
Mon, 15 Feb, 2016 at 10:36 AM
The Pay As You Earn plan is a repayment plan with monthly payments that are limited to 10 percent of your discretionary income divided by twelve. To initi...
Mon, 15 Feb, 2016 at 10:34 AM
A PLUS Loan is a loan available to graduate students and parents of dependent undergraduate students for which the borrower is fully responsible fo...
Mon, 15 Feb, 2016 at 11:48 AM
The principal is the total sum of money borrowed for a loan plus any interest that has been capitalized.
Mon, 15 Feb, 2016 at 11:47 AM
A private loan is a nonfederal loan made by a lender such as a bank, credit union, state agency, or school.
Mon, 15 Feb, 2016 at 7:40 AM