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Definitions (57)
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total due
The sum of the current due, late fees, and any prior amount past due.
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outstanding interest
The amount of interest that has not yet capitalized (been added to your principal balance).
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alternative loan
Also called a private or private education loan, this nonfederal loan is issued through a bank or credit union. An alternative student loan may have a variable interest rate and require a credit check [..]
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amount past due
Total amount unpaid since your last bill (also called Past Due).
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award letter
An award letter is a way to notify applicants of the financial aid being offered, including the type (grants, scholarships, loans, and other programs) and amount of aid. It also provides specific prog [..]
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borrower
This individual is responsible for repaying a loan. The borrower has agreed to the loan's terms and conditions by signing the promissory note.
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business office
Also called the bursar's, student account, student aid, or comptroller's office, this office is usually responsible for the billing and collection of the school's charges.
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capitalization
The addition of unpaid accrued interest to the principal balance of a loan increases the outstanding principal amount due on the loan. Since interest accrues on the capitalized interest, it adds an ex [..]
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consolidation
Through consolidation, you can combine numerous student loans into a single loan with a new first disbursement date, repayment schedule, and interest rate.
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co-signer
The need for a co-signer varies by type of loan and lender. You may benefit from a creditworthy co-signer if you do not meet the minimum credit criteria. Having a co-signer may increase your chances t [..]
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