- Loans
- financial aid awards that the student (or other party like a parent, for
example) borrows from a lender, the school or other third party. Loans must
be repaid by the borrower according to the terms of a promissory note,
usually with interest.
- Loan Consolidation
- Student loans can be consolidated to allow students to combine different
loans (subsidized and unsubsidized) from different lenders or schools
to make repayment more manageable. The lender pays off the borrower's
existing student loans, and creates a new loan with a single monthly payment
and an extended repayment term of up to 30 years.
- Loan Forgiveness
- The federal government can cancel all or part of an educational loan
because the borrower meets certain criteria (performing military or
volunteer service)
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- Lower Division
- The freshman and sophomore years at a college or university. The courses
taught primarily for freshmen and sophomores are called lower division
courses.
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