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Loan Glossary
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College Loans Consolidation
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Combining two or more student loans into one, with a new interest rate and payment schedule.
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Expected Family Contribution (EFC)
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A figure calculated for applicants via the FAFSA form, using guidelines approved by Congress to tally financial aid needs on an individual student basis.
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Federal Family Education Loan Program (FFEL)
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Low interest rate loans in which private lenders provide the funding under Federal guideline.
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Free Application for Federal Student Aid (FAFSA)
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Your first step in beginning the College Financial Aid process.
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Financial Aid Estimator
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Estimating calculators available to determine your EFC, based on models formulas used by the government to determine financial need.
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Graduate Student Loan Consolidation
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Graduate Student Loan Consolidation allows you to bundle all your big loans together at a low interest rate in one manageable monthly payment. Most Graduate Student Loan Consolidation have a minimum amount of $10,000 to get started, greatly reduce your interest rate and can stretch your repayment from the standard 10 years all the way to 30 years of repayment.
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Grants
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Financial aid awarded to students that does not need to be re-paid.
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Pell Grants
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Money given to students demonstrating the most financial need. Pell Grants are not expected to be repaid.
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Plus Loans for Parents
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Loans made for parents to help finance their child’s education.
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Section 529 Plans
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Prepaid Tuition and College Savings Plans available to anyone
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Student Aid Report (SAR)
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A report received after the submission of the FAFSA form. This form has complete personal information as well as the colleges chosen to get financial aid information. This report verifies your FAFSA form has been submitted and is being processed.
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Student Loan Consolidation Calculator
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A tool used to calculate the interest on your student loan consolidation.
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Student Loan Consolidation Interest Rate
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Interest rates for FFEL and Direct Consolidation Loans is a rate set by the Federal Government established on fixed statutes. The Student loan consolidation rate is also fixed for the life of the loan not to exceed 8.25%.
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Student Loan Consolidation Rebate
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Student loan consolidation rebates are usually given by a private company when student loans are consolidated equaling more than $20,000. The more student loans consolidation, the higher the student loan consolidation rebate.
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Subsidized Loans
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Loans in which the interest is paid by the government until the student enters the repayment period, including deferments.
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Unsubsidized Loans
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Loans in which the student is responsible for paying the interest on, from the date the loan is given to the student, until it is paid in full.
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