Notice of Loan Guarantee and Disclosure - Notification from your lender acknowledging loan approval and listing the dates for loan disbursement, loan interest rate, amount of borrower fees and the net amount of the loan disbursement. Promissory Note - The binding legal document you sign when you get a student loan. It lists the conditions under which you are borrowing and the terms under which you agree to pay back the loan. It also includes information about your loan interest rate and about deferment and cancellation provisions. Secondary Market - An organization that buys student loans from lenders.
Most lenders sell their student loans.
OSLA sells its loans to OSLA so the loan continues to be administered by the same servicer. Servicer - An organization that administers and collects your loan either as a holder of your loan or as an agent acting for and on behalf of your loan lender. Some school require completion of additional financial aid forms. Remember, grants and scholarships are limited. Therefore, it is important to find out each school's financial aid application deadline and not miss it.