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| Total Student Loans | |
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| Current Payment: | $350.49 |
| Your New Payment: | $232.59 |
| Monthly Savings: | $117.90 |
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Glossary of Terms
Accrued Interest Amortization Borrower Benefits Capitalization College Financial Aid College Funding College Loan Combination Billing Consolidation Cosigner Cost of Education Debt Consolidation Default Deferment Delinquency Dependent Student Disbursement Disclosure Statement Education Financing Education Loan EFC Electronic Funds Transfer (EFT) Entrance Counseling Exit Counseling Expected Family Contribution (EFC) FAFSA Federal Family Education Loan Program (FFELP) Federal Financial Aid Federal Stafford Loan Federal Student Aid Federal Student Loan FFELP Financial Aid Fixed Interest Rate Forbearance Free Application for Federal Student Aid (FAFSA) Government Student Loan Grace Period Graduated Repayment Guarantee Fee Guaranty Agency (Guarantor) HOPE Tax Credit Income-Sensitive Repayment Independent Student Interest Interest-Only Payment Internship Lifetime Learning Tax Credit Loan Principal Master Promissory Note Origination Fee Payment Incentives Payment Schedule Pell Grant Perkins Loan PLUS Loan Principal Promissory Note Private Education Loan Private Student Loan Repayment Schedule SAR Scholarship School Loan Secondary Market SEOG Servicer Stafford Loan Standard Repayment Student Aid Report (SAR) Student Financial Aid Student Loan Subsidized Loan Supplemental Educational Opportunity Grant (SEOG) Unsubsidized Loan Variable Interest Rate Work-Study Program| Accured Interest |
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Unpaid interest that collects on the principal balance of a loan is called accrued interest.
Some loans such as the Subsidized Stafford and Perkins Loans let the student defer repayment of principal and interest while still in school. If you are eligible for federal interest subsidy, the interest may be paid by the federal government during this period. In case your loan does not qualify for the federal interest subsidy, or if your loan is in forbearance, the unpaid interest amount that accrues while you are not making payments will be added to your loan balance. To limit the growth of your loan balance, you can make some payments toward the accrued interest even when they are not required. |
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| Amortization |
| Repayment of a loan in a series of installments over a period of time; for example, monthly payments of principal and interest for the term of the loan. |
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| Borrower Benefits |
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These are benefits that lenders offer borrowers, generally as payment incentives, in order to reduce the borrower's interest rate and save his/her money.
A .25% rate reduction is currently offered by Medical School Loans if you use auto-debit to make payments. The 1% rate is reduced even farther after 36 consecutive on-time full payments (principal and interest) are made. |
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| Capitalization |
| When unpaid interest is added to the loan principal, it is called capitalization. In this case, the borrower pays interest on the loan principal as well as on the outstanding unpaid interest. |
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| College Financial Aid |
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All grants, scholarships, loans, and work-study programs given to students to cover their tuition fees and living expenses for college are considered financial aid.
Medical School Loans helps you to better understand the college financial aid process and offers you complete solutions to your college financial aid needs. |
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| College Funding |
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All monies distributed are to be used to help with college costs, including tuition, board and lodgings, books, transportation, and other expenses.
Medical School Loans helps you in understanding the college funding process and offers you solutions that best suit your needs-whether you are student financing your own studies or a parent supporting your child's education. |
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| College Loan |
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All monies distributed are to be used to help with college costs, including tuition, board and lodgings, books, transportation, and other expenses.
Medical School Loans gives you a complete solution to college loans. We give Federal Family Education Loans as well as a variety of private loans which cover any of the college financial needs that you may have - whether you are student financing your own studies or a parent supporting your child's education. |
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| Combination Billing |
| This repayment plan combines all of your loans into one payment and a single statement each month. However, the terms of the loans, interest rates and payment installments do not change. |
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| Consolidation |
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Merges multiple loans into a single loan, frequently with a lower monthly payment and a longer payback period.
With Medical School Loans's federal loan consolidation program, you can effectively merge either all or some of your outstanding college loans into a single new loan, even if your present loans are held by more than one lender or are of different types. |
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| Cosigner |
| A cosigner is a signer in addition to the principal borrower who is jointly responsible for the repayment of loan(s); usually necessary when additional security is needed to obtain a loan. |
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| Cost of Education |
| Cost of Education is the net annual cost of attending a particular school. It includes tuition fees, books, boarding and lodging, food, transportation and personal expenses. |
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| Debt Consolidation |
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Also termed consolidation loan, means the replacement of multiple loans with a single loan which may carry a lower monthly installment and a longer payback period.
With our federal loan consolidation program, you can merge all or some of your outstanding loans into one, even if they are held by more than one lender, or are of different types. |
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| Default |
| Default is failure to repay a loan according to its terms and conditions. The school, the lender, the state and the federal governments can resort to legal action in order recover the loans. |
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| Deferment |
Deferment is the postponement of loan payments for a given period of time. Deferment can be granted under any one of the following conditions:
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| Delinquency |
| Delinquency refers to a loan that is 30 to 60 days past due with no payments being made. |
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| Dependent Student |
| A student who, for federal financial aid purposes, is dependent upon his or her parents for support and must provide parental information on the FAFSA. |
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| Disbursement |
| Disbursement is payment of funds, in this case, to a school on behalf a student to pay education expenses. |
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| Disclosure Statement |
| Disclosure Statement is a statement of the total cost of your loan, which includes the principal as well as the interest. |
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| Education Financing |
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Education Financing includes all scholarships, grants, loans, and work-study programs offered to a student to cover his or her tuition fees as well as college living expenses.
Come to Medical School Loans for complete educational loan solutions. We offer Federal Family Education Loans, plus a variety of private loans to meet any college financial aid need. |
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| Education Loan |
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Education Loan is used to meet the cost of college- tuition, boarding and lodging, transportation, and other expenses.
Medical School Loans offers a complete solution for your educational loans. We offer Federal Family Education Loans and a number of private loans to meet your college finance needs. |
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| EFC |
| Refer "Expected Family Contribution." |
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| Electronic Funds Transfer (EFT) |
| EFT is an automated electronic transfer of funds from the bank or the lender. |
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| Entrance Counseling |
| Mandatory counseling for students before receiving a student loan; covers how to manage educational expenses and understand loan responsibilities. |
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| Exit Counseling |
| Required counseling before graduating or leaving college; explains students' rights and responsibilities as a Direct Loan borrower. |
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| Expected Family Contribution (EFC) |
| The amount of money your family is expected to contribute to your college education for one year. It is not just your parent's contribution; you and your parents share the responsibility for paying for college. |
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| FAFSA |
| Free Application for Federal Student Aid, the official application students must use to apply for federal aid. |
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| Federal Family Education Loan Program (FFELP) |
The largest federal source of financial aid for college. It is made up of the following parts:
Subsidized Stafford loans are available to students who demonstrate financial need. Unsubsidized Stafford loans are available to students regardless of their financial need. Parents can borrow up to the total cost of their children's undergraduate education, less financial aid from other sources. Borrowers can consolidate their federal education loans into one loan with a single monthly payment and, depending on their outstanding loan balance, extend their repayment period. |
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| Federal Financial Aid |
| All federal scholarships, grants, loans, and work-study given to students to meet their cost of study and living expenses. |
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| Federal Stafford Loan |
| A federally guaranteed loan program that allows students to borrow funds from lenders. Stafford loans allow the student to defer payments while he/she is in school. The interest rate for new Stafford Loans is variable but will not exceed 8.25%. |
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| Federal Student Aid |
| Student financial aid provided through the federal government. Federal student aid can be in the form of grants, loans, and work-study aid. |
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| Federal Student Loan |
| Federal Student Loan is a federal financial aid given to college students and their parents. These are offered through the Federal Family Education Loan Program (FFELP). |
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| FFELP |
| The largest federal source of financial aid for college. |
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| Financial Aid |
| A general term that includes all types of money, loans, and work-study programs offered to a student to help pay tuition costs and living expenses. |
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| Fixed Interest Rate |
| An interest rate the borrower locks into at the origination of the loan and does not change during the term of the loan. |
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| Forbearance |
| Forbearance grants a break from making payments, or a reduced payment amount. Interest continues to accrue during any period of forbearance. |
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| Free Application for Federal Student Aid (FAFSA) |
| Free Application for Federal Student Aid, the official application students must use to apply for federal aid. |
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| Government Student Loan |
| Student financial aid provided through the federal government. |
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| Grace Period |
| A specified period of time after a student leaves school or drops below half-time status during which he or she is not required to make payments on either principle or interest. The grace period is typically six to nine months, depending on the type of loan. |
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| Graduated Repayment |
| Repayment terms calling for gradual increases in the payments on a closed-end obligation. |
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| Guarantee Fee |
| A fee paid to the guaranty agency to insure the loan. The amount of the fee is deducted from the dollar amount of the loan. |
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| Guaranty Agency (Guarantor) |
| An organization that insures student loans for banks and administers the student loan insurance program for the federal government. |
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| HOPE Tax Credit |
| A tax credit subtracted directly from the tax owed, instead of being subtracted from taxable income like a tax deduction. You cannot get a refund for the Hope credit if you do not pay taxes. |
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| Income-Sensitive Repayment |
| Method of repayment in which the amount of monthly payments is based on the borrower's income. Payments must cover at least the interest, which accrues between payments. |
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| Independent Student |
| Someone who is one of the following: twenty-four years of age or older; an orphan; a ward of the court; a veteran of the US Armed Forces; is married; has a child; is a graduate or professional student; or has serious family circumstances. |
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| Interest |
| The price paid by a borrower for the use of a lender's money. The original amount lent is called the principal, and the percentage of the principal which must be paid annually as interest is called the interest rate. |
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| Interest-Only Payment |
| Payment that covers only accrued interest owed on a loan and none of the principal balance. |
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| Internship |
| A work-related learning experience for individuals who wish to develop hands on-work experience in a certain occupational field. |
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| Lifetime Learning Tax Credit |
| A federal income tax credit of as much as $1,000 per household annually; available to eligible taxpayers based on "out-of-pocket" tuition and fee expenditures, according to income eligibility guidelines. |
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| Loan Principal |
| Is the amount of money given by the lender as a loan. |
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| Master Promissory Note (MPN) |
| The promissory note the student signs when borrowing a loan from the Federal Direct Stafford Loan program. |
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| Origination Fee |
| A fee charged by the federal government and deducted from the proceeds of a loan before disbursement. This fee partially offsets the administrative costs of the Federal Family Education Loan Program. |
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| Payment Incentives |
| Presently, a 0.25% reduction in interest rates is offered by Medical School Loans for using auto-debit and an additional 1.0% interest rate reduction is given after 36 consecutive full payments have been made on time. |
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| Payment Schedule |
Payment Schedule is the schedule of a borrower which lists the monthly installment, interest rate, total repayment obligation, and the length of time for the repayment.
In this option an equal monthly installment is paid over the term of the loan. In this option interest only payments are made over the first two years. From the third year onwards the installment increases to interest plus principal over the remaining term of the loan. In this option interest only payments are made over the first two years. From the third through the fifth year, interest plus a part of the principal is paid. From the sixth year onwards, payments include interest plus principal over the remaining term of the loan. In this option payments are adjusted every year on the basis of the student's total monthly gross income from employment as well as other sources. For spousal consolidation loans, the total combined monthly gross income is taken into consideration. Initially the loan is disbursed according to the Select 2 plan. After the disbursal of the consolidation plan the student must get in touch with his servicer in order to qualify. Once his eligibility is ascertained, his servicer will calculate his new adjusted payment installments. In this option repayments can be done over a period of 25 years. In this option repayment can be done upto a term of 25 years with a Select 2/ Graduated Payment Plan. In this option repayment can be done upto a term of 25 years with a Select 5/ Graduated Payment Plan. |
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| Pell Grant |
| Pell grants are awarded solely on demonstrated financial need to every eligible undergraduate student who hasn't already earned a bachelor's or professional degree. The amount of the Pell grant will depend on financial need, college costs, and whether enrollment is full time or part time. |
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| Perkins Loan |
| Formerly the National Direct Student Loan Program, the Perkins Loan allows students to borrow up to $3,000/year (5 year max) for undergraduate school and $5,000/year for graduate school (6 year max). The Perkins Loan has one of the lowest interest rates and is awarded to students with exceptional financial need. The student must have applied for a Pell Grant to be eligible. The interest on the Perkins Loan is subsidized while the student is in school. |
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| PLUS Loan |
| The Parent Loans for UnderMedical Students loans are available to parents of dependent students, regardless of financial need. Parents are responsible for interest that accrues during any period. |
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| Principal |
| Principal is the amount of money lent. |
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| Promissory Note |
| A legally binding contract between a lender and a borrower. The promissory note contains the terms and conditions of the loan, including how and when the loan must be repaid. |
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| Private Education Loan |
| Medical School Loans Private Loans are offered for a student's private education solution. They offer relaxed terms, competitive rates, simplified procedures, and a prompt pre-approval credit decision. |
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| Private Student Loan |
| Medical School Loans Private Loans are offered for a student's private education solution. They offer relaxed terms, competitive rates, simplified procedures, and a prompt pre-approval credit decision. |
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| Repayment Schedule |
Repayment Schedule is the schedule of a borrower which lists the monthly installment, interest rate, total repayment obligation, and the length of time for the repayment.
In this option an equal monthly installment is paid over the term of the loan. In this option repayment can be done up to a term of 25 years with a Select 2/ Graduated Payment Plan. In this option repayment can be done up to a term of 25 years with a Select 5/ Graduated Payment Plan. In this option payments are adjusted every year on the basis of the student's total monthly gross income from employment as well as other sources. For spousal consolidation loans, the total combined monthly gross income is taken into consideration. Initially the loan is disbursed according to the Select 2 plan. After the disbursal of the consolidation plan the student must get in touch with his servicer in order to qualify. Once his eligibility is ascertained, his servicer will calculate his new adjusted payment installments. This is an opportunity which allows up to a 25-year repayment term of equal payments. This is the option which allows to a 25-year repayment with the select 2/Graduate payment plan. Repayment term with the Select 5/Graduated Payment plan. |
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| SAR |
| A Student Aid Report (SAR) is a document a student receives after his or her FAFSA is processed. The SAR lists all of the answers provided on the FAFSA. |
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| Scholarship |
| Financial aid provided to a student on the basis of academic merit. |
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| School Loan |
| A loan which includes transportation, room and board, books and additional expenses. |
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| Secondary Market |
| A market that provides for the purchase or sale of loans thereby providing the original lender with additional monies to make additional loans. |
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| SEOG |
| A need based financial aid program funded by the federal government. Colleges receive an annual allocation of SEOG and, within certain guidelines, develop an awarding policy for this fund. The SEOG or FSEOG is a grant reserved for college students with the greatest need for financial aid to attend school. |
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| Servicer |
| An organization which maintains the records of billing notices, loan accounts and also collects the loan. The lender also can be the servicer. |
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| Stafford Loan |
| Loans under the FFELP awarded on the basis of financial need. The Federal Stafford Loan can be either subsidized or unsubsidized or a combination of both. These loans can be made from a bank, credit union or other eligible lender. |
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| Standard Repayment |
| A repayment schedule where the borrower pays the same amount for each payment for the entire repayment period. |
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| Student Aid Report (SAR) |
| A Student Aid Report (SAR) is a document a student receives after his or her FAFSA is processed. The SAR lists all of the answers provided on the FAFSA. |
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| Student Financial Aid |
| Funds awarded to a student to help meet post-secondary educational expenses. These funds are awarded on the basis of financial need and include scholarships, grants, loans, and employment. |
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| Student Loan |
| Student loans are loans offered to students to assist in payment of the costs of professional education. These loans usually charge lower interest than other loans, and are also usually issued by the government. |
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| Subsidized Loan |
| The government pays the interest on the loan while the student is in school, during the six-month grace period, and during any deferment period. Subsidized loans are awarded based on financial needs and may not be used to finance the family contribution. |
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| Supplemental Educational Opportunity Grant (SEOG) |
| A need based financial aid program funded by the federal government. Colleges receive an annual allocation of SEOG and, within certain guidelines, develop an awarding policy for this fund. The SEOG or FSEOG is a grant reserved for college students with the greatest need for financial aid to attend school. |
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| Unsubsidized Loan |
| A loan on which the student is responsible for paying the interest that accrues on the loan from the date of disbursement until the loan is paid in full, regardless of enrollment or deferment status. |
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| Variable Interest Rate |
| An interest rate that changes based on an index, such as the prime rate. |
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| Work-Study Program |
| A financial aid program in which students work while they attend school. Usually work-study is part of students' financial aid "package." The work may be related to students' course of study, or credited toward payment of tuition, or simply a job to help pay expenses. |
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The Healthcare Career Resources column is presented by HealthcareCrossing, America's leading job search site dedicated to getting jobs for healthcare professionals.
Save Money with a Private Student Loan Consolidation from Medical School Loans By Brooke Heath Even as a young child practicing medicine on your stuffed animals, you knew that you were destined to become a physician. But the road to obtaining your medical degree takes more than just the ability to mend the imaginary wounds of a teddy bear. + read more |
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