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| Glossary of Terms
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| Lendor: " Any institution that loans money, such as banks, credit unions, savings and loans associations" |
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Line of Credit: A source of credit with a predetermined limit that can serve as a loan. Once qualified, the lender allows the borrower to borrow up to that predetermined limit | |
| Loan:Borrowed money that must be repaid with interest.
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| Loan Forgiveness: Under certain circumstances, such as practicing medicine in a national shortage area or teaching in a rural region, the federal government will cancel all or part of an educational loan |
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| London Interbank: Offered Rate. LIBOR is a financial index used as a basis for determining many private loan interest rates |
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