FAQ Archives

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What does it mean to be in forbearance?

May 11th, 2011 by Cara

Temporarily stop loan payments because of financial hardship.

What does loan consolidation mean?

May 11th, 2011 by Cara

Loan consolidation means combining outstanding loans into a single loan with one monthly payment. You will have more time to payoff debt, but in all likelihood, the total cost will be higher.

What is a Master Promissory Note?

May 11th, 2011 by Cara

A Master Promissory Note (MPN) is a legally binding contract you sign, agreeing to repay the loan money you borrowed.

What is a lender?

May 11th, 2011 by Cara

The bank, credit union, or other financial institution that provides funding for your loan.

What is a grace period?

May 11th, 2011 by Cara

A specified period of time (for student loans generally six months after you graduate, drop below 6 units, or leave college). You are not required to make payments during your approved grace period.

What is deferment?

May 11th, 2011 by Cara

A period of time when a borrower may suspend loan payments under specific conditions. Extensions granted for special circumstances.

What is default?

May 11th, 2011 by Cara

Failure to repay your loan in a timely manner, or in accordance of the terns of your Promissory Note.

What is Capitalization of Interest?

May 11th, 2011 by Cara

Unpaid accrued interest is added to the principal of your loan.

What is accrued interest?

May 11th, 2011 by Cara

Interest that accumulates on the unpaid balance of your outstanding loan principal.

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