Student Loan Glossary
91-Day (or) 13-Week T-Bill
A short term loan backed by the U.S. government offered at a competitive weekly auction. These loans have a maturity of less than one year and are sold in small denominations. A borrower can take out several T-bills at once in denominations of $1,000. Typically, the borrower can take a maximum of $5 million. The most common maturity is 13 weeks (91 days) but they are available with maturities of four weeks or six months in addition. The T-bill is used as an index for variable rate loans such as the Stafford and PLUS loans.
ACS (Affiliated Computer Services, Inc.) Consolidation
ACS is well known for their facilitation of all aspects of student loans. They handle a number of different student loan programs and are capable of facilitating all aspects of the loan process. ACS student loans handle such student loan groups as the Campus Based Student Loan program which handles Perkins and Nursing Loans, and the Federal Family Education Loan Program which gives Stafford and PLUS Loans. In addition to issuing loans to students, they also consolidate loans for graduates and students who have terminated their studies. ACS has a reputation for making the loan and consolidation process simple and easy for the student to understand and repay.
AES Consolidation
The American Education Services is a lending institution that encourages college graduates (and their parents) who have Stafford or PLUS loans to consolidate their student loans from several loans that have varying interest rates and balances to one simple loan with a particular rate and low monthly installments. Application Consolidation – not found
Amortization
The payments made on the principal and interest of a loan over a given period of time.
Borrower Benefits
The benefits afforded the borrower when they consolidate their student loans. This can be in the form of low interest rates, cash rebates, interest rate reductions and grace period rate reductions.
CFS Consolidation
Collegiate Funding Services provides various education-based financial services which include debt management and loan consolidation. They help students create loan repayment programs to relieve the debt that can be brought on through higher education.
Capitalization
Interest accrued on a loan but is not paid over a certain period of time. This interest is added to the outstanding principle balance and tends to accrue during periods of deferment or forbearance when it is optional to repay interest and the borrower chooses not to do so.
Credit Consolidation – not found
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