An extension of credit from a financial institution that is guaranteed by a Federal or State government entity to assist with tuition and other educational expenses. The government entity is responsible for paying the interest on the loan and paying the lender to manage it. The government entity also is responsible for the loan if the student defaults.
- Browse Related Terms: Closed-End Loan, Collateral, Debit balance, Guaranteed Student Loan, Lienholder, Loan, Loan Contract, Loan Fee, Loan Modification Provision, Loan proceeds, Loan-to-value ratio (LTV), Payday Loans, PITI, Rehypothecation, Secured Loan, Student Loan, Terms
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