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| Garnishment: The practice of withholding a portion of a defaulted borrower's wages to repay his or her loan, without their consent |
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| Gift Aid: Is financial aid, such as grants and scholarships, which does not need to be repaid.
Grace Period: The time period after
graduation or separation from school and before student loan
repayment begins. The length of a grace period is dependent
upon the loan type. Stafford Loans have a six month grace period;
Perkins Loans have nine months. Federal Consolidation Loans
do not have a grace period. |
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| Graduate Student: A student who is enrolled in a post-baccalaureate, masters, or Ph.D. Program |
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| Graduated Repayment: When a borrower's required monthly loan payments increase over time. |
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| Grant: Need-based financial aid requiring no repayment. |
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| Gross Income: The income calculated before taxes, deductions, and allowances have been subtracted. |
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| Guarantee Fee: Usually one percent of the loan amount; paid to the guarantee agency to insure against loan default |
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Guaranty Agency: State and private
nonprofit agencies responsible for approving student loans and
insuring them against default. Guaranty agencies also oversee
the student loan process and enforce federal and state rules
regarding student loans.
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