Loans - Money you borrow that must be paid back (and then some!), Lender - The organization that made the loan initially (bank, your school, Dept. of Ed), Servicer - The company or organization that works with you and collects you loan payments on behalf of the lender., Principal - Amount that you originally borrow and is loaned to you. (i.e., If you take out a loan for 2,500, this is $2,500), Interest - A loan expense charged for the use of borrowed money. Calculated as a percentage., Loan Fee - Actual cost to loan money- current interest is 1.059% for federal student loans and rises each year., Loan Forgiveness - Targeted at individuals working in the public sector. Government entities, teachers, Not-for-profit organizations etc., Defaulting - Failure to repay a loan according to the terms agreed to in the promissory note., Consolidation - Designed to simplify repayment. Specifically for individuals who have multiple lenders., Deferment - A temporary postponement of payment on a loan; you MAY stop accruing interest during this time., Forbearance - During this, principal payments are postponed but interest continues to accrue.,

Loan and Repayment Terms Matching Game - FinWell Understanding Student Loans Presentation

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