7.3 Vocab Flashcards
private student loans
loans made by banks, credit unions, or other organizations with terms and conditions set by the lender, including higher or variable interest rates
loans made by banks, credit unions, or other organizations with terms and conditions set by the lender, including higher or variable interest rates
Private student loans
federal student loans
loans made by the government with terms and conditions set by law; often have a lower fixed interest rate
loans made by the government with terms and conditions set by law; often have a lower fixed interest rate
federal student loans
subsidized loans
federal students loans that are based on a student’s financial need and don’t accrue interest for a set period of time
federal students loans that are based on a student’s financial need and don’t accrue interest for a set period of time
subsidized loans
deferred
when debt payments are held off for or until a certain time and no intereset accrues
when debt payments are held off for or until a certain time and no intereset accrues
deferred
unsubsidized loans
federal student loans that aren’t based on a student’s financial need and start accruing interest immediately
federal student loans that aren’t based on a student’s financial need and start accruing interest immediately
unsubsidized loans
forbearance
debt payments are held off for or until a certain time but interest continues to accrue
debt payments are held off for or until a certain time but interest continues to accrue
forbearance
