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Words Starting with Q-T

Repayment

A loan in repayment status, after the expiration of the grace period, is being billed by the loan holder and the borrower must begin to make payments on the loan.

Repayment Schedule

A repayment schedule is a statement provided by the lender or loan servicer that lists the amount borrowed, the amount of monthly payments, and the date payments are due.

Repayment Term

The repayment term of a loan is the period during which the borrower is required to make payments on the loan. When the payments are made monthly, the term is usually given as a number of payments or years.

Satisfactory Academic Progress

The Office of Student Aid is required by federal regulation to monitor student progression toward completion of degree and certificate programs at both the undergraduate and graduate levels. This Satisfactory Academic Progress Standard requires that a specific number of completed credits are necessary each academic year to remain eligible for student financial aid, and an academic degree needs to be completed in a timely fashion.

Separation

The date when a student ceases being enrolled at least half-time. This is the time when a loan officially ends its initial "in-school" period, which can occur because of graduation, withdrawal, termination, or enrollment of less than half-time.

Subrogation

Subrogation is the substitution of one lender for another. The current lender assumes the terms and conditions of the previous lender. See also assignment.

Subsidized, Subsidy

If you are borrowing a subsidized Federal Direct Loan, the interest on the loan is paid by another party on your behalf while you are in school. Once you graduate or leave school and your grace period has expired, you will begin making monthly payments on both the interest and the principal (the amount borrowed). See also unsubsidized.

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