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| G |
| Georgia Higher Education Assistance Corporation
(GHEAC) |
A guarantor of federal
loans in Georgia. |
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| Grace Period |
A six (6) or nine (9) month
period granted to a student after a separation from school and before repayment begins. |
|
| Grade Level |
Designation of the student
as a first-year (freshman), second-year (sophomore), etc. undergraduate or
graduate/professional student by the school in accordance with the school's normal
standards. |
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| Graduate PLUS Loan |
As a result of the Higher Education Reconciliation Act (HERA) of 2005, graduate or professional students are eligible to borrow under the Federal PLUS Loan Program.
A graduate student enrolled at least half-time may borrow up to the total cost of education, less any other financial aid received through this federally-guaranteed program. |
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| Graduate or Professional Student |
A student who:
-
is enrolled in an institution of higher education and is pursuing a program or course
above the baccalaureate level leading to a graduate degree
- has a bachelor's degree and is enrolled in a program leading to a first professional
degree
- has completed the equivalent of at least three years of full-time study at an
institution of higher education before entering his or her graduate degree program, and
- is not receiving Title IV student financial aid as an undergraduate student for the
same period of enrollment.
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| Graduated Repayment |
A repayment plan where the
payment amount changes periodically, usually increasing at scheduled intervals during the
course of the repayment period. |
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| Graduation Date |
The date on which the
student ceases to be at least a half-time student, not the date of the commencement
ceremony. |
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| Guarantee |
A commitment by the
guarantor to reimburse a lender or subsequent holder of an approved loan when the borrower
fails to repay the loan due to the borrower's death, disability, default or bankruptcy. |
|
| Guarantee Fee |
Fee
paid to the guarantor by borrowers
to offset the costs of collection
and defaults. The fee is a percentage
of the loan amount. The lender
deducts the fee from the loan
amount and remits it to the guarantor.
Some guarantors may waive this
fee. |
|
| Guarantor (Guaranty Agency) |
A state or private,
non-profit organization that administers a student loan insurance (guarantee) program for
either federal or private loans. |
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Federal Consolidation Loan
