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Financial WELLNess GLOSSARY

Education and Loans

Financial terms covering student loans, repayment plans, scholarships, and strategies for managing education costs.

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Forbearance

Forbearance

A temporary postponement or reduction of loan payments granted under special circumstances like financial hardship.

Education and Loans

Income-Driven Repayment Plans

Income-Driven Repayment Plans

Loan repayment plans that cap monthly payments based on the borrower’s income and family size.

Education and Loans

Loan Servicer

Loan Servicer

A company that handles the billing and other services on a federal student loan on behalf of the government.

Education and Loans

Parent PLUS Loan

Parent PLUS Loan

The Direct PLUS loan is a federal student loan program. One type of Direct PLUS loan is the Parent PLUS loan, made to the biological parent or adoptive parent of a dependent undergraduate student to help cover the cost of the student's education.

Education and Loans

Private Student Loans

Private Student Loans

Education loans that are provided by private lenders. These loans tend to have the highest interest rates and are the least flexible with options for repayment.

Education and Loans

Public Service Loan Forgiveness (PSLF)

Public Service Loan Forgiveness (PSLF)

A program that forgives the remaining balance on federal student loans for borrowers who make qualifying payments while working for a qualifying employer.

Education and Loans

Subsidized vs. Unsubsidized Loans

Subsidized vs. Unsubsidized Loans

Federal student loans where the government pays the interest on subsidized loans while the borrower is in school, whereas unsubsidized loans accrue interest.

Education and Loans