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College Prep

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Section 1

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Deferment

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7 years ago

Date created

Mar 1, 2020

Cards (15)

Section 1

(15 cards)

Deferment

Front

This allows you to temporarily stop making your federal student loan payments. You may not be responsible for the interest that accrues during this period depending on the type of loan.

Back

Unsubsidized Loan

Front

A type of loan in which the interest starts accumulating as soon as you or your school receive the funds.

Back

Cosigner

Front

Someone who signs with the primary borrower of a loan and can help them repay their loan.

Back

Direct PLUS Loan

Front

Federal loans that graduate or professional degree students and parents of dependent undergraduate students can use to help pay for education expenses. These loans have a fixed interest rate and are not subsidized, which means that interest accumulates while the student is enrolled in school.

Back

Stafford Loan

Front

Student loans that must be repaid and are available to both undergraduate and graduate students. Subsidized loans of this type are loans for which the government pays the interest while you are in school, during grace periods, and during any deferment periods. Unsubsidized loans of this type are loans for which you are responsible for paying all the interest that accrues from the date of the first disbursement until the loan is paid in full. Interest

Back

Interest

Front

Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.

Back

Default

Front

The failure to repay a loan according to the terms agreed to in the promissory note.

Back

Capitalization

Front

When your unpaid interest is added to your loan's current principal so that your interest is calculated from this new amount.

Back

Subsidized Loan

Front

A type of loan that doesn't require the borrower to pay interest but rather has the interest paid by a third party.

Back

Borrower

Front

A person o organization that takes out a loan from a bank under an agreement to pay it back later, typically with interest.

Back

Promissory Note

Front

A written promise to pay someone a definite sum of money.

Back

Accrual Date

Front

The date that interest begins to accumulate.

Back

Loan

Front

Money borrowed with the expectation that it will be paid back with interest, used to help pay for college.

Back

Forbearance

Front

This allows you to temporarily stop making your federal student loan payments, but you will still be responsible for the interest that accrues during this period.

Back

Disbursement

Front

Payment of funds (loan proceeds) to the borrower (the student) by the school.

Back