| Late Payment |
A payment made later than
agreed upon in a credit contract and on which additional
charges may be imposed. |
| Laureate |
Sallie Mae's new solution
to managing and delivering student loan information. Laureate
is designed to simplify the financial aid process for students,
schools, guarantors and lenders. |
| LAWLOANS |
A private loan for law students
and law school graduates studying for the bar exam. |
| Lender |
A financial institution, agency
or school that provides the money to make a loan to a borrower.
|
| Lessee |
A person who signs a lease
to get temporary use of property. |
| Lessor |
A company that provides temporary
use of property usually in return for periodic payment.
|
| Liability on an Account |
Legal responsibility to repay
debt. |
| LineSS |
Sallie Mae's electronic loan
information and management system for FAAs. |
| Loan |
A type of financial aid that
is available to students and their parents. Student loan
programs have varying interest rates and repayment provisions.
An education loan must be repaid. |
| Loan Interviews |
Students with educational
loans are required to meet with a financial aid administrator
before they receive their first loan disbursement and again
before they graduate or otherwise leave school. During these
counseling sessions, called entrance and exit interviews,
the FAA reviews the repayment terms of the loan and the
repayment schedule with the student. |
| Loan-to-Value Ratio |
Proportion of a home's value
upon which an institution will issue a loan. It is calculated
by dividing the loan amount by the lesser of the sales price
or appraised value of a property |
| Lock |
Lender's guarantee that the
mortgage rate quoted will be good for a specific number
of days. |
