Glossary
There are 284 entries in this glossary.D
| Term | Definition |
|---|---|
| Default |
The failure of the borrower (or endorser, if any) to make payments when due or to meet other terms of the Promissory Note. By law, default occurs at day 270 of delinquency for FFELP Loans, Federal Stafford, PLUS, and Consolidation loans. |
| Deferment |
Happens when a borrower is allowed to postpone repaying the loan. If you have a subsidized loan, the federal government pays the interest charges during the deferment period. If you have an unsubsidized loan, you are responsible for the interest that accrues during the deferment period. |
| Delinquency |
If the borrower fails to make a payment on time, the borrower is considered delinquent and late fees may be charged. |
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