The effective date for the principal, interest and fee balances on a loan.
The effective date for the principal, interest and fee balances on a loan.
The person who receives loan funds and is legally obligated to repay those proceeds, with interest, at a future date according to the conditions established in a promissory note.
The portion of a loan (other than Perkins), in dollars, that was canceled, either before or after disbursement.
Releasing a borrower from the obligation to repay all or a portion of his or her loan. This generally involves the discharge or forgiveness of the balance, including unpaid interest.
A process in which interest that has accrued but has not been paid is added to the loan principal. Interest then accrues on the new loan amount, which includes the principal and capitalized interest. By increasing the amount of the principal, capitalization increases the total amount that must be repaid over time.
A company or organization that receives defaulted loan accounts from lenders and attempts to collect on those accounts.
Consolidation combines multiple education loans into one new loan with a new repayment term, monthly payments, and interest rate from a single lender. This can simplify repayment since there is only one lender and may allow for access to alternative repayment terms.
The date on which you begin repaying your student loan(s). This typically occurs six months after you cease attendance. (See Grace Period)
Your date of birth. A valid date of birth, along with your Social Security Number (SSN) and Federal/National Student Loan Data System (NSLDS) PIN enables Loanlook to obtain your loan information from the NSLDS Student Access system.
Default is due to the failure to repay a student loan according to the agreed-upon terms of a promissory note. If a borrower is 270 days late on a Federal education loan, it is considered to be in default. This causes the loan to become due in full immediately and the school, lender, state and Federal government may take legal action against the borrower to recover defaulted loan funds. This may involve garnishing your wages or withholding income tax refunds. Defaulting on Federal loan makes the borrower ineligible for future Federal financial aid unless an acceptable repayment schedule is arranged. Defaulted loans may adversely affect your credit rating.
A period during which a borrower, who meets certain criteria, may suspend loan payments. For subsidized loans, the Federal government pays the interest during a deferment. On unsubsidized loans, the interest continues to accrue and is capitalized (unless the borrower pays the interest as it accrues) and the borrower is responsible for paying it.
When a borrower fails to make a monthly loan payment on time, the loan is delinquent and late fees may be charged. Delinquency begins with the first missed payment. A series of missed payments causes the loan to go into default.
A Federal program, also called the William D. Ford Federal Direct Loan Program, where the U.S. Government is the lender. There are four types of Direct Loans to student and parent borrowers: Subsidized and Unsubsidized Stafford Loans for students, PLUS Loans for parents, and Consolidation Loans for all borrowers.
The release of a borrower from the obligation to repay their loan, usually due to circumstances beyond the borrower's control. See also Cancellation.
The dollar amount of each disbursement of a loan. Disbursements are the release of loan funds to the school for delivery to the borrower and are generally made in at least two equal installments.
Date on which a loan disbursement was made.
Sometimes also referred to as Entrance Interviews. First-year, first-time students borrowing Federal educational loans are required to receive counseling before they receive their first loan disbursement. The counseling is intended to ensure borrowers understand their rights and responsibilities as well as the loan terms and conditions.
Sometimes referred to as Exit Interviews. All borrowers with Federal education loans are required to be provided exit counseling by their Institutions to ensure borrowers understand their rights and responsibilities as they approach repayment of their loans.
Under the extended plan, you'll pay a fixed annual or graduated repayment amount over a period not to exceed 25 years. If you're a FFEL borrower, you must have more than $30,000 in outstanding FFEL Program loans. If you're a Direct Loan borrower, you must have more than $30,000 in outstanding Direct Loans. This means, for example, that if you have $35,000 in outstanding FFEL Program loans and $10,000 in outstanding Direct Loans, you can choose the extended repayment plan for your FFEL Program loans, but not for your Direct Loans. Your fixed monthly payment is lower than it would be under the Standard Plan, but you'll ultimately pay more for your loan because of the interest that accumulates during the longer repayment period.
The Federal Family Education Loan (FFEL) Program was similar to the Direct Loan Program but the source of funds came primarily from private sources such as banks, credit unions and other financial institutions. These loans are guaranteed by the Federal government. All Federal education loans, other than Perkins loans, are now issued under the Direct Loan program.
Financial assistance in the form of scholarships, grants, work-study, and loans for education.
The amount of Federal financial aid the school expects to remit to you based on your grant eligibility, enrollment, Expected Family Contribution (EFC) and your school's cost of attendance. This is typically communicated to you in an award letter or financial aid notification letter.
On a fixed interest loan, the interest rate remains the same for the life of the loan.
A temporary delay or reduction of loan payments agreed to by the lender and borrower. Interest continues to accrue during forbearance. Interest will accrue while you are in forbearance. Your loan servicer can grant forbearance periods up to 12 months at a time.
Loan forgiveness releases the borrower from their obligation to repay the loan. This is usually due to circumstances within the borrower's control. The most common loan forgiveness programs cancel all or part of the debt for working in a particular field or performing military or volunteer service. See also Cancellation.
Specified period of time between the date a student graduates or drops below half-time status and the date loan repayment begins. Depending on the loan type, the grace period is six months (Stafford Loans) or nine months (Perkins Loans) before you must start making payments on your loans. PLUS Loans have no grace period. A borrower cannot use their grace period multiple times.
With this plan, your payments start out low and increase every two years. The length of your repayment period will be up to ten years. If you expect your income to increase steadily over time, this plan may be right for you. Your monthly payment will never be less than the amount of interest that accrues between payments. Although your monthly payment will gradually increase, no single payment under this plan will be more than three times greater than any other payment.
State or private non-profit agencies that ensure student loans against default for lenders and administer the student loan insurance program for the federal government.
The institution that owns a loan, usually a bank, school, guarantor, or the Federal government.
Under IBR, the amount of the monthly payments depends on the income earned by the borrower. As the borrower's income increases, the payments increase. IBR is available in both the FFEL and Direct Loan programs but is not available for PLUS loans. Monthly payments are capped at 15% of discretionary income; discretionary income is defined as the amount by which income exceeds 150% of the poverty line.
Under ICR, the amount of the monthly payments depends on the income earned by the borrower. As the borrower's income increases, so do the payments. ICR is available only in the Direct Loan program but is not available for PLUS loans. Monthly payments are capped at 20% of discretionary income; discretionary income is defined as the amount by which income exceeds 100% of the poverty line.
A fee charged to the borrower for use of a lender's money. Interest is charged as a percentage of the outstanding principal amount.
Under ISR, the amount of the monthly payments depends on the income earned by the borrower. As the borrower's income increases, so do the payments. Income-sensitive repayment is available only in the FFEL program. Monthly payments are between 4% and 25% of gross monthly income and must be at least cover the interest that accrues.
A financial institution that provides funds to a borrower. The lender can be a bank, credit union, other financial institutions or the Federal government.
The amount that an agency or school approved for your loan. Unless you are in repayment, not all of this amount may have been disbursed.
For Direct Loans, the loan date is the date of the first disbursement. For FFELP Program loans, the loan date is usually the date the loan was guaranteed.
The date classes are (or were) scheduled to begin for the period covered by your loan.
The date classes are (or were) scheduled to end for the period covered by your loan.
A code representing the current status of your loan, as determined by the loan's current holder. See Status Description.
The legal document that requires a student loan borrower to repay the funds borrowed under the Direct Loan Program or under the Federal Family Educational Loan (FFEL) Program. Use of the MPN form simplifies the loan process by eliminating the need for eligible students to complete a promissory note every year they borrow.
The date when a loan comes due and must be repaid in full.
The National Student Loan Data System (NSLDS) is a Department of Education system that collects and reports information about the financial aid history of students who receive federal student. The database stores information about loans, grants, students, borrowers, lenders, guaranty agencies (GAs), schools and loan servicers.
The dollar value of the accrued interest balance on a loan.
The effective date for the interest balance on a loan.
The current principal or loan balance that you borrowed and still owe on a loan. The dollar value of the balance, which may include capitalized interest.
A campus-based loan program provides low-interest student loans to undergraduate and graduate students with financial need. Perkins Loans have one of the lowest interest rates and are awarded by the financial aid administrator to students with exceptional financial need. The student must have applied for a Pell Grant to be eligible. The interest on the Perkins Loan is subsidized while the student is in school.
A Perkins loan may be entirely or partially canceled if you serve in any the following areas: (1) teaching, (2) military, (3) law enforcement, (4) volunteer (i.e., VISTA or Peace Corps), (5) Head Start, (6) public service (i.e., librarian, firefighter, faculty at a Tribal College or University, speech pathologist). A loan may also be fully or partially discharged due to death, disability or declared bankruptcy
Your electronic Personal Identification Number. In order for Loanlook.com to retrieve your most up-to-date loan information, you must enter a valid PIN. If you have forgotten your PIN, please click here.
PLUS loans enable parents to borrow federal funds to pay the education expenses of each child who is a dependent undergraduate student. The parent is the borrower in the case of PLUS loans.
The poverty guidelines are published annually by the Department of Health and Human Services. Also referred to as the poverty line, it is used in federal student aid in evaluating qualifications for income-based repayment and income-contingent repayment plans, as well as economic hardship deferment. See also Income Based Repayment and Income Contingent Repayment.
A repayment schedule is a plan that indicates the total principal and interest due, a monthly payment amount, the number of monthly payments required to pay the loan in full, the interest rate, payment due dates and the total repayment obligation.
The period during which payments are required. The repayment period excludes any period of authorized deferment or forbearance.
A servicer is a business that maintains a loan portfolio. Loan servicers monitor loans while the borrowers are in school, update borrower contact information, send out bills and statements, collect payments, process repayment plan changes, process deferments and forbearances, respond to borrower questions and ensure that loans are administered in compliance with Federal regulations and Guaranty Agency requirements.
Interest that is paid only on the principal balance of the loan. Most Federal student loan programs use simple interest.
Your Social Security Number (SSN). In order for Loanlook to retrieve your most up-to-date loan information, you must enter a valid SSN.
A need-based Federal government loan made to students rather than their parents. The amount of the Stafford loan is determined from the expected family contribution (EFC). Repayment is not required until after graduation. Unsubsidized Stafford loans accrue interest before graduation while subsidized Stafford loans do not. See also Subsidized Loans and Unsubsidized Loans.
A repayment schedule under which the borrower pays the same amount for each installment payment throughout the entire repayment period, or pays an amount that is adjusted to reflect annual changes in the loan's variable interest rate. The length of repayment for a loan being repaid using a Standard Repayment Schedule cannot exceed 10 years, excluding in-school, grace, deferment, or forbearance periods.
AL - Abandoned loan
BC - Bankruptcy claim-discharged (loan was discharged due to bankruptcy, borrower was able to prove undue hardship)
BK - Bankruptcy claim-active (loan is being reviewed for the bankruptcy claim)
CA - Canceled (the loan has been cancelled and is no longer active)
CS - Close school discharge (borrower was unable to complete their program of study due to the closing of the school)
DA - Deferred (temporary suspension of loan payments due to economic hardship, unemployment, or enrolled at least half time in school. See Deferment
DB - Defaulted then bankrupt, Chapter 13-active
DC - Defaulted-compromise
DD - Defaulted then died
DE - Death
DF - Defaulted, unresolved (loan is in default status and will be placed with a private collection agency (PCA) for collection of the total balance)
DI - Disability
DL - Defaulted-in litigation
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 (temporary postponement or reduction of payments for a period of time because the borrower is experiencing financial difficulty. See Forbearance
FC - False certification discharge
FD - Defaulted-Fraud
FR - Fraud
FX - Fraud-Resolved
IA - Loan originated (loan has been created and disbursed)
ID - In school or grace period
IG - In grace period (borrower is in the six month grace period, allotted to all students that take Title IV student loans, and do not have to start making payments until the grace period expires. See 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 (loans have been consolidated into another loan. Loans in this status are no longer active and your consolidation loan(s) takes on the remaining balances of loans in this status)
PD - Permanent Disability
PF - Paid in full (loan is paid in full)
PM - Presumed paid in full
PN - Non-defaulted, paid in full through consolidation loan
PX - Identity theft discharge loan
PZ - PLUS loan-student died
RF - Refinanced
RP - In repayment (loan is currently in repayment period)
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 - Uninsured/Unreinsured
XD - Defaulted, six consecutive payments (Defaulted, six consecutive payments - loan is defaulted and placed with a private collection agency (PCA) and is on the path to rehabilitation pending additional payments from the borrower and any additional documentation needed before the loan can complete the rehabilitation program)
The date on which the current Loan Status code became effective.
A FFEL or Direct Loam that is eligible for interest benefits paid by the Federal government. The Federal government pays the interest that accrues on subsidized loans while you are in school and during grace, authorized deferment, and (if applicable) post-deferment grace periods if the borrower meets certain eligibility requirements.
An unsubsidized (unsub) loan is a loan given to a student not eligible for (or who has exhausted his/her eligibility for) a subsidized loan. Interest is charged on these loans from the date of disbursement. While the student is in school, in the grace period, or in deferment, students may elect to pay the interest or have it capitalized and added to the principal. Note that allowing interest to capitalize increases the total amount that will have to be repaid.
An interest rate that is recalculated on a periodic basis, usually based on the prime rate or the T-bill rate. For Federal loans, this rate changes yearly on July 1. If you don't know your variable interest rate, contact the current lender, servicer, or guaranty agency to learn the actual interest rate.