| In-School
|
The period that borrowers
are enrolled at least half-time. |
| In-School and Grace Interest Subsidy
|
Interest the federal government
pays on certain loans while borrowers are in school, during
authorized deferment, or grace periods. |
| Income
|
The amount of money received
from employment (salary, wages, tips), profit from financial
instruments (interest, dividends, capital gains), or other
sources (welfare, disability, child support, Social Security,
and pensions). |
| Income-Based Repayment
|
(Income Sensitive/Income Contingent)
Repayment schedule where the amount of the monthly payments
is based on the income earned by the borrower. |
| Independent student
|
A student who is either married,
24 years of age or older, enrolled in a graduate or professional
education program, has legal dependents other than a spouse,
is an orphan or ward of the court, or a veteran of the U.S.
Armed Forces. |
| Index
|
A floating index lenders use
to calculate the rate on a one-year adjustable-rate mortgage.
The most common indexes are the one-year Treasury Constant
Maturity Yield and the FHLB 11th District Cost of Funds.
|
| Indexed rate
|
The sum of the published index
plus the margin. For example if the index were 9% and the
margin 2.75%, the indexed rate would be 11.75%. Often, lenders
charge less than the indexed rate the first year of an adjustable-rate
mortgage. |
| Inquiry
|
An "inquiry" is a listing
of the name of a credit grantor, or authorized user who
has accessed your credit file. Each inquiry is posted to
the credit file so you know who has obtained a copy of it.
Credit grantors post an inquiry before offering you a pre-approval
credit card application. These are listed as "promotional"
inquiries on your credit file because only your name and
address were accessed, not your credit history information.
They are NOT sent to credit grantors or businesses for reasons
of credit reporting. They are listed for your informational
purposes only. |
| Institutional Methodology
|
When a college or university
uses its own formula to determine financial need for allocation
of the school's own financial aid funds, the formula is
referred to as the Institutional Methodology. |
| Insurance Fee
|
A fee charged by guarantee
agencies, which is deducted from loan proceeds and used
to insure against defaulted loans. |
| Int rate, or "interest rate" |
(Loans) The amount charged
per year on a home loan. The rate varies according to the
type of loan. This chart shows 15-year and 30-year mortgages,
which are typically used to shop around for loans from various
institutions; or percentage of interest paid |
