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Student Loan Center

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We believe that everyone has the right to pursue an education. Our goal is to make the financial aid process as simple and quick as possible.

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Important Student Loan Terminology

Default

Failure to repay a loan according to the terms agreed to when you signed a promissory note. Default also may result from failure to submit requests for deferment or cancellation on time. The consequences of default are severe. 

Deferment

The temporary postponement of loan payments. During a deferment period, interest is not charged on Direct Subsidized Loans, but it is charged on Direct Unsubsidized Loans. The borrower has the option to pay the interest or have it capitalized.

Delinquency

This occurs when payments are late or missed, as specified in the terms of the promissory note and the selected repayment plan.

Disbursement

Amount of loan proceeds paid by the school to the student or parent borrower or applied to the student's account. Generally, a loan is paid in two installments or disbursements.

Discharge (Cancellation)

The release of borrowers from their obligations to repay their Direct Loans. Borrowers must meet certain requirements to be eligible for discharges: if the borrower dies, or becomes totally and permanently disabled, or in certain cases if the borrower files for bankruptcy, or the school either closes or falsely certified a student's loan.

Disclosure Statement

Statement of the actual cost of a loan, including the interest costs, the loan fee, and other loan information.

Direct Loan Servicing Center

The U.S. Department of Education's agent contracted to collect Direct Loans and handle deferments, forbearances, and repayment options.

Federal Direct Loan Program

The William D. Ford Federal Direct Loan Program, also referred to as the Direct Loan Program, is a federal program that provides loans to student and parent borrowers directly through the U.S. Department of Education. The loans are Federal Direct Stafford/Ford (Direct Subsidized) Loans, Direct Unsubsidized Stafford/Ford (Direct Unsubsidized) Loans, Federal Direct PLUS (Direct PLUS) Loans, and Federal Direct Consolidation (Direct Consolidation) Loans.

Federal Direct Stafford/Ford Loan

Also referred to as a Direct Subsidized Loan, made on the basis of the student's financial need and other specific eligibility requirements. The federal government does not charge interest on these loans while borrowers are enrolled at least half-time, during a six-month grace period, or during authorized periods of deferment.

Financial Aid Package

The total amount of financial aid (federal and nonfederal) a student receives.

Forbearance

An arrangement to postpone or reduce a borrower's monthly payment amount for a limited and specified period. Interest is charged during a forbearance period, regardless of the loan type.

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