Student Loan Definitions
Posted on January 17, 2007
Filed Under Student Loan Consolidation |
Student Loan Definitions
- Amount Paid to Date The dollar amount of financial aid you have received to date.
- Award Amount The Amount of Pell Grant the school expects to pay you based on your enrollment and your school’s cost of attendance.
- Award Year The school year for which the financial aid is to be used to fund your education.
- Canceled Amount The portion of a loan, in dollars, that was canceled and not disbursed by the lender. A Perkins loan may be entirely or partially canceled if you serve in any the following areas: (1) teaching, (2) military, (3) law enforcement, or (4) volunteer (i.e.,VISTA, Peace Corps). A loan may also be fully or partially canceled if you die, become disabled, or declare bankruptcy.
- Cancellation Date The date (month, day, and year) on which all or part of a loan was canceled. Contact Current status of agency holding the overpayment.
- Current Guaranty Agency The three-digit numeric identification code of the agency guaranteeing a Stafford Program loan.
- Current Lender The six-digit code identifying the current holder of a Stafford Program promissory note.
- Current Servicer The code identifying the specific organization currently servicing a loan for a lender or school. This organization is responsible for computing interest and mailing billing statements.
- Date Entered Repayment The date on which you begin repaying your student loan.
- Date of Birth Your Date of Birth. You must enter a valid Date of Birth to use the NSLDS Student Access system. The Date of Birth is also used to verify that your loan is recorded in the NSLDS database.
- Deferment The temporary postponement of your loan payments.
- Deferment Start Date The date when a deferment starts.
- Deferment Stop Date The date when when a deferment stops.
- Disbursement Amount The dollar amount of each disbursement of a Stafford Program loan.
- Disbursement Date Date on which each disbursement was made.
- Enrollment Effective Date The date you first entered your enrollment status.
- Enrollment Status Your academic workload as determined by your school (e.g., full-time, part-time).
- First Name Your First Name. The First Name is used to verify that your loan is recorded in the NSLDS database.
- Grant Amount The dollar amount of the grant
- Guaranty Agency Agencies that guarantee Title IV loans for lenders. These agencies also aid in the collection and reinsurance of defaulted loans.
- Interest Balance The dollar value of the accrued interest balance on a loan.
- Interest Rate The interest rate shown on the signed promissory note.
- Last Date Status Change The date on which the current Loan Status Code became effective.
- Last Name Your last name. You must enter a valid Last Name to use the NSLDS Student Access system.
- Loan Amount The amount that an agency or school approved for your loan. Not all this amount may have been disbursed.
- Loan Date The date the Lender approved the loan.
- Loan Period Begin Date The date classes are (or were) scheduled to begin for the period covered by your loan.
- Loan Period End Date The date classes are (or were) scheduled to end for the period covered by your loan.
- Loan Status A code representing the current status of your loan, as determined by the loan’s current holder. See Status Description.
- Maturity Date The loan’s maturity date. This is the date on which the you must start repaying the loan.
- Outstanding Interest Balance The dollar value of the interest balance on a loan.
- Outstanding Principal Balance The dollar value of the balance due on a loan, including capitalized interest.
- PIN Your electronic Personal Identification Number. You must enter a valid PIN to use the NSLDS Student Access system. You can obtain a PIN by filling out a FAFSA online.
- Principal Balance The dollar value of the declining balance due on a loan, including capitalized interest.
- Remaining Amount to be Paid The portion of the Pell Grant the school expects to give you for the remainder of the year.
- Repayment Date The month and year in which repayment of a Stafford, Perkins or ICL is scheduled to begin; also the month and year of the first day after the expiration of a grace period. This Repayment Date is valid whether or not you actually begin making payments. It is not affected by deferments.
- Reporting School The school reporting the overpayment.
- Scheduled Amount Scheduled amount of the Pell Grant award.
- School The name of the school you attended while receiving this loan.
- SSN Your Social Security Number. You must enter a valid SSN to use the NSLDS Student Access system. The SSN is also used to verify that your loan is recorded in the NSLDS database.
- Status The status of the overpayment.
- Status Description AL Abandoned loan BC Bankruptcy claim—discharged BK Bankruptcy claim—active CA Canceled DA Deferred DB Defaulted then bankrupt, Chapter 13—active DC Defaulted—compromise DD Defaulted then died DE Death DF Defaulted, unresolved DI Disability DK Defaulted then bankrupt, Chapter 13—discharged DL Defaulted—in litigation DN Defaulted then paid in full through a consolidated loan DO Defaulted then bankrupt—active, other DP Defaulted—paid in full DR Defaulted loan included in rolled-up loan DS Defaulted then disabled DT Defaulted—Collection terminated DU Defaulted—Unresolved DW Defaulted—Write-off DX Defaulted—Six consecutive payments DZ Defaulted-six consecutive payments, then missed payment(s) FB Forbearance FC False certification discharge IA Loan originated ID In school or grace period IG In grace period IM In military grace IP In post-deferment grace period OD Defaulted then bankrupt—discharged, other PC Paid in full through consolidation loan PF Paid in full PM Presumed paid in full PN Non-defaulted, paid in full through consolidated loan RF Refinanced RH Loan transferred by Debt Collection System to Sallie Mae RP In repayment UA Temporarily uninsured-no default claim requested UB Temporarily uninsured-default claim denied UC Permanently uninsured/unreinsured-no default claim requested UD Permanently uninsured/unreinsured-default claim denied UI Unreinsured XD Defaulted, six consecutive payments
- Total All Grants The sum of all your Pell Grant amounts.
- Total All Loans The sum of all your loan amounts, regardless of the loan type.
- Total By Grant Type The sum of all your grant amounts, summarized by grant type.
- Total By Loan Type The sum of all your loan amounts, summarized by loan type.
- Type The Title IV assistance funds type for which you received an amount in excess of what you were eligible to receive.
- Type of Loan
- CL FFEL Consolidated
- D1 Direct Stafford Subsidized
- D2 Direct Stafford Subsidized
- D3 Direct PLUS for Graduate or Professional Students
- D4 Direct PLUS
- D5 Direct Consolidated Unsubsidized
- D6 Direct Consolidated Subsidized
- D7 Direct PLUS Consolidated
- DU National Defense Loan
- EU Perkins Expanded Lender
- FI Federally Insured Student Loan—FISL
- GB FFEL PLUS for Graduate or Professional Students
- IC Income Contingent Loan—ICL
- NU NDSL PL FFEL PLUS PU Federal Perkins
- RF FFEL Refinanced
- SF FFEL Stafford Subsidized
- SL Supplemental Loan—SLS
- SN FFEL Stafford Non-Subsidized
- SU FFEL Stafford Unsubsidized
We hope this list of student loan definitions will aid in in apply for and understanding terms on the student loan applications.
student loan definitions
Comments
Leave a Reply