Guaranty AgencyThe company that administers the Federal Stafford Loan and Federal PLUS Loan programs in a state. The government sets loan restrictions and interest levels, but each state can set its additional recommendations, within federal regulations.
Guaranty FeeAn insurance coverage premium deducted through the borrower’s loan proceeds just before disbursement and paid to the guaranty agency that guarantees the mortgage. For legal reasons, the cost cannot meet or exceed 1 per cent regarding the loan quantity.
InterestA fee charged for the utilization of lent cash. Interest percentage is calculated as a share of this loan amount that is principal. Continue reading GrantA variety of educational funding honor predicated on need or merit that isn’t paid back because of the pupil.