An account will be either:
* in-School
* in-Military
* grace
* repayment-current
* repayment-delinquent
* deferment
* forbearance
* paid-in-full
* suspended
* default
Subsidized Loan
A loan for which a borrower is not responsible for the interest while in an in-school, grace, or deferment status. Subsidized loans include Direct Subsidized , Direct Subsidized Consolidation Loans, Federal Subsidized Stafford Loans and Federal Subsidized Consolidation Loans.
Total Education Indebtedness
Total Education Indebtedness is the sum of a Direct Consolidation Loan, and other eligible education indebtedness, up to an amount equal to the Direct Consolidation Loan. Total Education Indebtedness is used to calculate the number of payments under the Standard and Graduated Repayment Plans (for examples, click here).
Unsubsidized Loan
A loan for which a borrower is fully responsible for paying the interest regardless of the loan status. Interest on unsubsidized loans accrues from the date of disbursement and continues throughout the life of the loan. Unsubsidized loans include: Direct Unsubsidized Loans, Direct PLUS Loans, Direct Unsubsidized Consolidation Loans, and Federal Unsubsidized Stafford Loans, Federal PLUS Loans, and Federal Unsubsidized Consolidation Loans.
Variable Interest
The rate of interest charged on a loan that changes annually and fluctuates with a stated index.
Verification Certification
The process by which a consolidation lender requests that a loan holder certify a loan's payoff balance.
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