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Here are some handy Student Loan Consolidation terms, defined for your further edification.
Application Status Report: A school report containing the applicant’s name, Social Security Number, loan program, requested loan amount, lender approved amount, school certification amount, application status and status date.
Consolidation: Combining federal student loans into a single repayment plan through one lender; the repayment period may be extended and the interest rate may increase
Deferment: A period of time when a borrower is allowed to postpone student loan repayment without cost or penalty, though interest on unsubsidized loans continues to accrue at the borrower's expense.
Federal Family Education Loan Program: Federal loan programs that include the Federal Stafford, Federal PLUS, Federal SLS and Federal Consolidation Loan Programs.
Grace Period: The period before repayment initially begins on a Stafford loan: for most Stafford loans, this period is six months.
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