| Debit Card (EFT Card) |
A plastic card, looks similar
to a credit card, that consumers may use to make purchases,
withdrawals, or other types of electronic fund transfers.
|
| Default |
Failure to repay a loan or
otherwise meet the terms of your credit agreement. |
| Default |
Failure to make scheduled
monthly payments according to the agreed-upon terms. Default
occurs at 180 days when the delinquency date is prior to
10/7/98, and 270 days when the delinquency date is on or
after 10/7/98. |
| Deferment |
A period during which a borrower,
who meets certain criteria, may suspend loan payments. For
some loans the federal government pays the interest during
a deferment. On others, the interest accrues and is capitalized,
and the borrower is responsible for paying it. |
| Delinquency |
Failure to make monthly loan
payments when due. Delinquency begins with the first missed
payment. |
| Dependent Student |
An undergraduate student whose
parents provide more than half of their financial support.
A dependent student is not married, is under 24 years of
age, has no legal dependents, is not an orphan or ward of
the court, nor a veteran of the U.S. Armed Forces. Parents
of a dependent student must submit parental information
on the FAFSA for their son or daughter to be considered
for financial aid. (See also Independent.) |
| Direct Repay |
Borrowers authorize automatic
transfers of funds from checking or savings accounts to
cover monthly education loan payments. Participants may
receive a 1/4% interest rate reduction on eligible loans.
|
| Disbursement |
The release of loan funds
to the school for delivery to the borrower. Disbursements
are usually made in equal multiple installments co-payable
to the borrower and the school. |
| Disclosure Statement |
Statement of the total cost
and amount of a loan, including the interest rate and any
additional finance charges. |
| Disclosures |
Information that must be given
to consumers about their financial dealings. |
| DNR |
In bankrate.com tables of
rates, this indicates that the institution did not report
the information requested. |
| Due Diligence |
If a borrower fails to make
payments on their loan according to the terms of the promissory
note, the federal government requires the lender, holder,
or servicer of the loan to make frequent attempts to contact
the borrower (via telephone and mail) to encourage him or
her to repay the loan and make arrangements to resolve the
delinquency. |
