Student Loan Money

STUDENT LOAN CONSOLIDATION GLOSSARY

S

SAR (Student Aid Report)

The form a student receives after filing a FAFSA. The SAR notifies the student of his/her eligibility for federal student aid.

Scams

To obtain money from somebody by dishonest means, A fraudulent business scheme; a swindle.

Scholarship

An award of financial aid that typically does not have to be paid back. A scholarship is usually awarded to students who demonstrate or show promise of high achievement in an area such as academics, athletics, or a special discipline.

Service

Work done by one person or group that benefits another.

Social Security Number

The number of a particular individual's social security account individual’s reference number: in the United States, a unique reference number assigned to everyone within the Social Security system. It remains the same throughout each person’s life.

Stafford federal loan

A low interest and long term loan (normally lasts for 10 years) with many benefits to the student. Interest may vary but there’s a limit to how much it can grow: 8.75 %. Interest is reviewed on July 1st every year, and it’s guaranteed by the federal government through the education department.

Student loan

Student loans are loans offered to students to assist in payment of the costs of professional education. These loans usually charger lower interest than other loans, and are also usually issued by the government.

Subsidized loan

The government pays the interest on the loan while the student is in school, during the six-month grace period, and during any deferment period. Subsidized loans are awarded based on financial needs and may not be used to finance the family contribution. The Perkins Loan and the Subsidized Stafford Loan are subsidized loans.

Subsidy

Help with expenses: a monetary gift or contribution to somebody or something, especially to pay expenses.