Any form of financial aid awarded on the basis of personal achievement or individual characteristics without reference to financial need. The U.S. Department of Education that has the responsibility for administering federal student financial aid programs and for developing aid policies and procedures. This fee, like the guarantee or insurance fee, is usually subtracted from the amount of a loan. A situation that occurs when a student's family contribution plus any financial aid awarded exceeds the cost of attendance at a given college. The fluctuating interest rate that banks charge to their best business customers.
Many commercial loans have interest rates that fluctuate based on the prime rate.
The legal authority of financial aid administrators to change a calculated Expected Family Contribution or any of the elements used in the calculation based on additional information or individual circumstances that would lead to a more accurate assessment of a family's financial condition. A contract that legally binds a lender and a borrower. The note details all the terms and conditions of a loan, including the amount, the interest rate, and repayment obligations. This practice provides more capital for lenders to make additional loans. If a loan is sold, the secondary market is responsible for managing and servicing it.