Planning for faculty finances could be tricky enough, even without all the letter-scrambling acronyms thrown in the mix. ?So we’ve compiled the common education loan acronyms to help break things down a bit, and make the complete process easier—you should definitely consider our other post about college finance and application acronyms in addition!
While seeking education loans should really be a final resort procedure for payment—behind scholarships, money for college packages (with the schools or perhaps the government), and federal work study opportunities—young children and can it’s an option lots of people must take. Wonderful decisions, it’s extremely important to learn approximately it is possible to to be able to quite possibly the most informed choices in order to avoid mistakes which will hurt you in time.
So stay with me to master even more concerning the arena of student loans!
Anticipated Graduation Date. Graduation begins the grace period on repaying student loans.
Administrative Wage Garnishment. Whenever a person defaults on his or her loan, component of their wages are withheld.
Cohort Default Rate. A portion of federal loan borrowers who enter repayment after which default on their loans from a certain timeframe.
Default Aversion Assistance. Encouragement for borrowers to get rid of delinquent school loans. A lender can share a DAA request whenever a borrower is 60-100 days delinquent.
Direct Loan Program. An american Department of Education program that promises four different types of loans:?subsidized Direct Loans, unsubsidized Direct Loans, Direct PLUS Loans, and Direct Consolidation Loans.
Federal Fiscal Year. October 1st—September 30th.
FFELP / FFEL Program
Federal Family Education Loan Program. Federal put in which lenders offer four forms of loans:?subsidized Federal Stafford Loans, unsubsidized Federal Stafford Loans, Federal Parent Loans for Undergraduate Students (PLUS), and Federal Consolidation Loans.
Fiscal Operations Report and Application to join from the Federal Perkins Loan.
A replace the Federal PIN.
Guaranteed Student Loan program. Recently changed names into the Federal Stafford Loan.
Health Professions Education loan program.
Income-based Repayment. A federal loan repayment program that caps required monthly installment based on income.
Federal Student nurse Loans
National Education loan Clearinghouse.
Online Education loan Counseling.
School Notice of Loan Guarantee