The full amount you have borrowed, or that you have not yet repaid. Promissory note A document you, the borrower, sign before the loan is disbursed. This states that you will repay the loan and legally binds you to its terms and conditions. A document you will receive after you leave school that states how much you owe, what your monthly payment is and when your first payment is due. A company that buys loans from lenders.
Lenders often sell loans to secondary markets so they can continually replenish their lending funds.
If your loan is sold and the payment address changes, you will be notified by mail and given a new address for future loan correspondence. Many holders contract with an outside company, or servicer, to carry out these functions. The length of time you have to repay your student loan. All rights reserved.