| Campus-based Aid |
Financial aid programs administered
by the university. The federal government provides the university
with a fixed annual allocation which is awarded by the financial
aid administrator to deserving students. The Perkins Loan
Program, Supplemental Education Opportunity Grant (SEOG),
and Federal Work-Study are examples of campus-based aid.
|
| Capitalization of Interest |
Addition of unpaid interest
to the principal balance of a loan which increases the total
outstanding balance due. |
| Caps |
The maximum amount the mortgage
rate can change annually or over the life of the loan on
a one-year adjustable. For example, if the caps are 2% annual
and 6% life of loan, a mortgage whose first-year rate is
10% could rise to no more than 12% the second y |
| CD or Certificate of Deposit |
Time deposit, FDIC-insured
to $100,000 per person, requiring that either no withdrawals
be permitted for seven days, or that a minimum penalty of
seven days' interest be charged upon withdrawals within
the first six days after deposit. |
| CM |
Stands for compounding method
in bankrate.com tables. These include: S--Simple interest.
A--Compounded annually. H--Compounded semi-annually. Q--Compounded
quarterly. M--Compounded monthly. D--Compounded daily. |
| COFI |
Adjustable-rate mortgage with
rate that adjusts based on a cost-of-funds index, often
the 11th District Cost of Funds |
| Collateral |
Property offered to support
a loan and subject to seizure if you default. |
| Collections account |
When an account cannot be
collected, it is referred for collection, i.e.; given to
a bill collector. Once this happens, it will appear on your
credit history whether paid or not. Obviously, the ramifications
are more serious if the account remains unpaid. Any collection
item, whether paid or not, is considered negative by all
credit grantors. |
| CommonLine Network |
Provides framework for an
open, standardized student loan delivery system by using
common file formats to transfer loan information. |
| Consolidation |
Refinancing multiple education
loans into one new loan with a new repayment term, monthly
payments, and interest rate. |
| Cooperative Work-Study Education
|
A program in which the student
alternates between full-time college study and full-time
paid employment related to the student's area of study.
Under this plan, a bachelor's degree often requires five
years to complete. |
| Cosigner |
A person who also signs your
loan and assumes equal responsibility for it. |
| Cosigner |
A person who signs the promissory
note in addition to the borrower and is responsible for
the obligation if the borrower does not pay. |
| Cost of Attendance |
The total cost of attending
a post-secondary institution for one academic year. The
student's budget usually includes tuition, fees, room, board,
supplies, transportation, and personal expenses. |
| Court record |
Civil Court records include
bankruptcies, judgments, liens, divorce, satisfied judgments,
and satisfied liens. All court records, including satisfactions,
will probably be considered negative by most credit grantors.
|
| Credit |
The right granted by a creditor
to pay in the future in order to buy or borrow in the present.
|
| Credit Bureau |
An agency that keeps your
credit record. |
| Credit Card |
Any card, plate, or coupon
book used from time to time or over and over again to borrow
money or buy goods or services on credit. |
| Credit History |
The record of how you've borrowed
and repaid debts. |
| Credit Scoring System |
A statistical system used
to rate credit applicants according to various characteristics
relevant to creditworthiness. |
| Credit-ready |
A credit-ready borrower is
one who has no credit history OR a credit history with no
excessive number of delinquencies on consumer loans or revolving
charge accounts; no prior education loan defaults; no derogatory
credit items such as charge offs, foreclosures, open judgments,
bankruptcy, etc. |
| Credit-related Insurance |
Health, life, or accident
insurance designed to pay the outstanding balance of debt.
|
| Credit-scoring |
A method, based on statistical
analysis of applicant characteristics, through which lenders
determine the applicant's qualification for credit. |
| Credit-worthy |
An individual with no negative
credit history per the criteria established by the lender.
|
| Creditor |
A person or business from
whom you borrow or to whom you owe money. |
| Creditworthiness |
A persons past and future
ability to repay debts. |
