Glossary of Student Loan Terms
The helpful gloassary for you to understand some student loan terms. 1. Disbursemen is the paying out of then money from a grant, scholarship, as well as other source. 2. Emergency loans are temporary, no- or low-interest loan aid awarded to students to assist them to cover their expenses until their financial help is received; typically granted at once and without any question. 3. Grace period is a time period after your college graduation – generally 6 to 12 months – in that a student doesn't have to start repaying a student loan. 4. Interest is a charge for the borrowed amount of money; often a postion of the amount that is borrowed. 5. Student loan consolidation is a loan repayment choice for students plus more than a single outstanding loan; it reduces monthly payments plus makes the student loan repayment process much simpler. 6. Loan default is the failure to pay a student loan back in accordance with the terms that are agreed to in a promissory note; and a lender can take legal action and get money back. 7. Loan deferment is a postponement of a student loan's repayment; a lot of federal loan programs provide a deferment program. 8. Loan delinquency is the failure to make student loan payments while they are due; and extended delinquency can cause loan default. 9. Loan forgiveness is the demand for payment of the student loan balance. It is waived due to extenuating circumstances on a student's part, for example, financial hardship or, in certain situations, in compensation for the community service. 10. Principal - regarding student loans, it represents the sum of money that is borrowed, not comprising any interest charges. 11. Subsidized student loan is a loan, which doesn't accrue interest unless the recipient gives up school. 12. Unsubsidized student loan is a loan, which accrues interest when a student is in school.
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