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Term Loan Definition
The term loan carries a fixed or variable interest rate—based on a benchmark rate like the the students.S. prime rate or the London InterBank Offered Rate —a monthly or quarterly repayment schedule, and a set maturity date. Term loans carry a fixed or variable interest rate—based on a benchmark rate like the the students.S. prime rate or the London Interbank Offered Rate —a monthly or quarterly repayment schedule, and a set maturity date. A fully drawn advance is a type of term loan used in Australia that can be customized to suit various needs. An APR is defined as the annual rate charged for borrowing, expressed as a single percentage number that represents the actual yearly cost over the term of a loan.
First-time borrowers to any federal loan program must complete an online entrance interview and either electronically sign an entrance interview form or successfully complete an entrance interview quiz prior to the first disbursement of the loan. The Unsubsidized Stafford is a guaranteed student loan therefore, the only reason students can be turned down is if they have met their annual or aggregate loan limits or are currently in default of a current or previous federal loan. Once their grace period ends, applicant must begin repaying their loan If the loan is subsidized interest is not accruing during this time. Graduate PLUS Loan borrowers must first apply and be approved for their Stafford Loan eligibility prior to borrowing a PLUS Loan.
Loan Consolidation middot University of Puget Sound
Federal Direct Consolidation Loans allow borrowers to combine one or more of their Federal education loans into one new loan. This could simplify the management of their educational loans, particularly if applicant have both Direct Loans and FFEL Loans. Loss of Perkins Subsidy and BenefitsBecause Perkins Loans have a lower interest rate and certain cancellation benefits, applicant may wish to exclude their Perkins Loan from a Direct Consolidation Loan. To qualify for a Direct Consolidation Loan, borrowers must have at least one Direct Loan or FFEL Loan that is in grace, repayment, deferment or default status. If the qualifying loan is a FFEL Loan, applicant must also certify that applicant were unable to obtain a FFEL Consolidation Loan.
Federal Direct Loan
The Federal Direct Student Loan offers low interest loans directly from the federal government. Unlike the Perkins and the Nursing Loans, the Federal Direct Student Loan is not subject to fund availability.