Interest Interest is an amount charged to the borrower for the privilege of using the lender's money. Interest is usually calculated as a percentage of the principal balance of the loan. The percentage rate may be fixed for the life of the loan, or it may be variable, depending on the terms of the loan. Internship An internship is a part-time job during the academic year or the summer months in which a student receives supervised practical training in their field. Internships are often very closely related to the student's academic and career goals, and may serve as a precursor to professional employment.
Some internships provide very close supervision by a mentor in an apprenticeship-like relationship.
Some internships provide the student with a stipend, some do not. Lender A lender is a bank, credit union, savings and loan association, or other financial institution that provides funds to the student or parent for an educational loan. Loan A loan is a type of financial aid which must be repaid, with interest. The Stafford Loans and Perkins Loans also provide a variety of deferment options and extended repayment terms. The financial aid package is based on the amount of financial need.