Cost of Attendance See Budget. Default Failure to repay a loan in accordance with the terms of the promissory note. Deferment The temporary postponement of loan payments. Delinquency Incidents of late or misssed loan payments, as specified in the terms of the promissory note and the selected repayment plan. The federal government lends funds to eligible borrowers through the school, eliminating the role of lenders and guaranty agencies.
Students repay their loans directly to the federal government.
Also see Federal Direct Loan Program. One or more federal education loans combined into a single loan under the Direct Loan Program. Only one monthly payment is made to the U.S. Department of Education. The place where Direct Loan borrowers send their loan payments. The Servicing Center can answer questions you might have about your Direct Loan.