Salary will be at least the current federal minimum wage, but it may be higher. A type of financial aid award based on need that is not required to be repaid by the student. Letter from the Office of Financial Aid requesting documents or information to complete the student's financial aid file. Also known as a Tracking Letter. A fee charged for the use of borrowed money.
Interest is calculated as a percentage of the principal loan amount.
If you default, your school, the organization that holds your loan, the state, and the federal government can all take action to recover the money, including notifying national credit bureaus of your default. Deferments are available while borrowers are in school at lease half time, enrolled in a graduate fellowship program or rehabilitation training program, and during periods of unemployment or economic hardship. Other deferments may be available depending on when the student borrowed and the amount borrowed. Contact the lender for additional details. Disbursements for most loans are made in equal multiple installments, and made co-payable to the borrower and the school.