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| Version | User | Scope of changes |
|---|---|---|
| Apr 11 2008, 6:55 PM EDT (current) | tjh005 | 85 words added |
| Apr 11 2008, 6:37 PM EDT | tjh005 | 2 words deleted |
Changes
Key: Additions Deletions
Adjusted Gross Income (AGI) – all taxable income minus its adjustments
College Cost Reduction and Access Act – congressional legislation passed in Sept. 2007, which created the new income based repayment program (IBR)
Default - when a loan borrower fails to make several payments on time. This can result in the loan holder takn legal action against the borrower to recover their lost money.
Direct loans – student loans handled directly by the school with the funding coming directly from the federal government
Discretionary income – the amount of income left after spending on taxes, food, shelter, etc.
Federal Direct Student Loan Program (FDSLP) - the program that provides direct student loans i.e. the Federal Direct Stafford Loan and the Federal Direct Parent Loan for Undergraduate Students (PLUS)
Federal Family Education Loan Program (FFELP) – these loans are backed by the federal government but provided by private lenders and include the Stafford, Perkins, and PLUS loans.
Forgiveness (loans) – remaining loan debt is written off as taxable income after 25 years. This is only currently available through Income Contingent Repayment (ICR) and the upcoming Income Based Repayment (IBR).
Garnishment - a stoppage of a specified sum from wages to satisfy a creditor or a legal obligation (such as child support). Consumers are protected from being fired for garnishment in the Consumer Credit Protection Act.
Gross Monthly Income (GMI) – monthly income before taxes, allowances, and allowances have been subtracted
Guaranteed (loans) – if the borrower fails to pay for the loan the federal government will pay in their place. This is not without consequence for the borrower.
HHS poverty level – a determined level of poverty that varies depends on the number of people in a household and the state of residence. It is a factor in determining payments for Income Based Repayment (IBR) and Income Contingent Repayment (ICR).
Income Based Repayment (IBR) – a new federal repayment program passed in Congress that goes into effect July 2009. Only those with Direct and Guarenteed Student Loans (Stafford and PLUS, specifically) are eligible. Monthly payments are determined by taking 15% of the income that is over 150% of the poverty level.
Income Contingent Repayment (Direct) –
Income Percentage Factor (IPF) –
Income Sensitive Repayment (FFEL) –
Lien- a legal word that is used to describe a charge upon real or personal property for the satisfaction of some debt or duty arising by operation of law. Consumers can cancel credit transactions that involve a lien on their homes, according to the Truth in Lending Act.
Perkins loans -
PLUS loans –
Principal (loans) –
Qualifying payment –
Stafford loans –
Subsidized/unsubsidized loans –
College Cost Reduction and Access Act – congressional legislation passed in Sept. 2007, which created the new income based repayment program (IBR)
Default - when a loan borrower fails to make several payments on time. This can result in the loan holder takn legal action against the borrower to recover their lost money.
Direct loans – student loans handled directly by the school with the funding coming directly from the federal government
Discretionary income – the amount of income left after spending on taxes, food, shelter, etc.
Federal Direct Student Loan Program (FDSLP) - the program that provides direct student loans i.e. the Federal Direct Stafford Loan and the Federal Direct Parent Loan for Undergraduate Students (PLUS)
Federal Family Education Loan Program (FFELP) – these loans are backed by the federal government but provided by private lenders and include the Stafford, Perkins, and PLUS loans.
Forgiveness (loans) – remaining loan debt is written off as taxable income after 25 years. This is only currently available through Income Contingent Repayment (ICR) and the upcoming Income Based Repayment (IBR).
Garnishment - a stoppage of a specified sum from wages to satisfy a creditor or a legal obligation (such as child support). Consumers are protected from being fired for garnishment in the Consumer Credit Protection Act.
Gross Monthly Income (GMI) – monthly income before taxes, allowances, and allowances have been subtracted
Guaranteed (loans) – if the borrower fails to pay for the loan the federal government will pay in their place. This is not without consequence for the borrower.
HHS poverty level – a determined level of poverty that varies depends on the number of people in a household and the state of residence. It is a factor in determining payments for Income Based Repayment (IBR) and Income Contingent Repayment (ICR).
Income Based Repayment (IBR) – a new federal repayment program passed in Congress that goes into effect July 2009. Only those with Direct and Guarenteed Student Loans (Stafford and PLUS, specifically) are eligible. Monthly payments are determined by taking 15% of the income that is over 150% of the poverty level.
Income Contingent Repayment (Direct) –
Income Percentage Factor (IPF) –
Income Sensitive Repayment (FFEL) –
Lien- a legal word that is used to describe a charge upon real or personal property for the satisfaction of some debt or duty arising by operation of law. Consumers can cancel credit transactions that involve a lien on their homes, according to the Truth in Lending Act.
Perkins loans -
PLUS loans –
Principal (loans) –
Qualifying payment –
Stafford loans –
Subsidized/unsubsidized loans –
