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| Illinois
Student Assistance Commission
(ISAC) |
A
guarantor of federal loans in
Illinois. |
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| Income-Sensitive
Repayment Schedule |
A
repayment schedule for some FFELP
loans under which the borrower's
monthly payment amount is adjusted
annually, based solely on the
borrower's expected total monthly
gross income received from employment
and other sources during the course
of the repayment period. |
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| Incomplete
Loan |
A
loan application submitted where
some or all of the necessary information
or backup paperwork is missing
or unacceptable, therefore an
approval or denial decision cannot
be made. |
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| Independent
Student |
A
student who meets one or more
of the following criteria:
- An individual who is at least
24 years old by December 31 of
the award year
- An orphan or ward of the court
- A veteran of the U.S. Armed
Forces
- A graduate or professional
student
- A married person
- An individual with legal dependents
other than a spouse
- A student for whom the school's
financial aid administrator determines
and documents the student's independent
student status based on the administrator's
professional judgment of the student's
unusual circumstances
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| Index |
An
index is a money market rate such
as the Prime Rate, LIBOR, or a
Treasury Bill that lenders use
to determine interest rates for
the loans they offer to customers.
An index is used almost exclusively
for variable rate loans. |
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| Ineligible
Loan |
A
loan or loan application that
does not meet federal guidelines
or lender requirements. |
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| Interest |
The
charge made to a borrower for
use of a lender's money. |
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| Interest
Rate |
The
actual rate of simple interest
paid by the borrower. Different
types include:
- Variable: Will adjust according
to economic and market conditions.
This could be monthly, quarterly,
or annually.
- Fixed: The interest rate will
remain the same for the entire
term of the loan.
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Federal Consolidation Loan
