Glossary of Terms
A promissory note is a binding legal document that you must sign when you get a federal student loan. It lists the terms and conditions under which you...
Mon, 15 Feb, 2016 at 7:39 AM
For the purposes of the Public Service Loan Forgiveness Program, a not-for-profit organization that is not tax-exempt under Section 501(c)(3) of the...
Mon, 15 Feb, 2016 at 7:43 AM
The Revised Pay As You Earn (REPAYE) plan is a repayment plan with monthly payments that are generally equal to 10% of your discretionary income, divided ...
Mon, 15 Feb, 2016 at 9:53 AM
Under a Standard Repayment Plan, your monthly payments are a fixed amount of at least $50 each month made for up to 10 years (not including periods of de...
Mon, 15 Feb, 2016 at 11:52 AM
A loan's status effective date is the date a current loan status became effective.
Mon, 15 Feb, 2016 at 7:44 AM
Forgiveness (also known as cancellation and discharge) your loan means that you are no longer expected to repay all or a designated portion of t...
Tue, 23 Feb, 2016 at 9:55 AM
A subsidized loan is a loan based on financial need for which the federal government pays the interest that accrues while the borrower is in an in-school, g...
Mon, 15 Feb, 2016 at 11:47 AM
The total borrowed is the the total amount of a loan that was disbursed (paid out) to a borrower.
Mon, 15 Feb, 2016 at 9:27 AM
An unsubsidized loan is a loan for which the borrower is fully responsible for paying the interest regardless of the loan status. Interest on unsubsidized l...
Mon, 15 Feb, 2016 at 11:47 AM
The U.S. Department of Education (ED) is a cabinet-level department of the United States government whose mission is to promote student achievement and p...
Fri, 12 Feb, 2016 at 10:36 AM