Glossary

If this is your first time dealing with private student loan debt, you may be a little confused about some of the terms. Don't sweat it, try using our glossary section to get familiar with some of the private student loan debt terms:

Accrual Date

The date when the interest rate of the loan accrues.

Adjusted Available Income

Adjusted available income refers to the remaining income after taxes and when basic living costs are subtracted.

Amortization

Payments that you will make over a period of time that include interest added to the principal.

Bursar's Office

The college or university office responsible for billing and collections.

Delinquent

Generally, a loan is delinquent when payments are not made on time. When a loan is considered delinquent, the lender may charge extra late fees on top of the monthly payments.

Grace Period

The time period inbetween graduation and when you have to start repaying loans. This usually lasts around six months.

Loan Term

A loan's term is the amount of time you have to repay the loan.

Maturity Date

The date the loan must be fully paid off.

Repayment Schedule

The designated term and payment amounts for a loan, including interest rates, monthly payments, and payment due dates.

Unsubsidized Loan

This is when a student most pay the interest on a loan either during their time attending classes or when the loan is being defered.

Get the rest of your questions answered on our FAQ page.