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If one does not make his/her payments to repay student loans, he/she risks going into this, which can consist of serious consequences, such as losing eligibility to receive any financial aid in the future. |
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A legal document that students must sign in order to receive a federal student loan. This document explains the conditions that students agree to in how the loans will be repaid. |
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An expense of a loan that is charged to and paid by the borrower of the loan. This can greatly increase the amount of money a student actually repays to the lender over the course of repayment. |
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The party who initially produced and provided the loan. This can be the school, bank, or government. |
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An allowable postponement of repayment on loans due to unforseen circumstances of the borrower. During this time, interest does not accrue on subsidized, unsubsidized and Perkins loans. |
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A period of time when a borrower's monthly repayment amounts are lowered, due to unforseen circumstances in which the borrower cannot make the full payments. |
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Combining multiple student loans into one loan, which also reduces the amount of monthly payments to one. |
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