Student Loans



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Terms A - B

Academic Year The period of time each year when the school is open and people are studying - either semesters or quarters. These vary school by school, and even by educational program at the same school.
Accrued Interest The amount of money to be repaid on a loan in addition to the original principal amount borrowed.
Aggregate Limit The maximum amount a student can borrow under a certain loan program during all their years in school.  
Amortization A gradual reduction of a loan debt through periodic installment payments of principal and interest.
Annual Limit The maximum amount a student can borrow from a certain loan program in a given academic year. (Once the maximum annual limit is met, the student cannot borrow any more funds for that academic year).
Annual Percentage Rate (APR) The yearly cost of the loan to the borrower. It reflects all finance charges, and may include interest, a guarantee fee and an origination fee.
Application and Solicitation Disclosure (ASD) Disclosure provided with an application or solicitation which contains information about the interest rate, fees, repayment terms, cost estimates, Federal loan alternatives, eligibility criteria and other key information about the private student loan.
Approval Disclosure (AD) Disclosure, provided at the time of approval, which contains the specific terms such as the interest rate, fees, repayment terms, cost estimates, Federal loan alternatives and other key information about the private student loan. The disclosure explains the steps the borrower must take to accept the terms of the loan. The consumer has 30 calendar days after receipt of the disclosure to accept the terms of the loan.
Assets Things that make up your (or your family's) financial worth - valuable possessions that can be used to pay back your loan. This can include real estate, stocks, bonds, cash savings and college savings plans.  
Award Letter A letter notifying you of the types and amounts of aid being offered by the college you applied to, as well as your responsibilities for the money and the “fine print” (terms and conditions) of each award. It may also be called a financial aid package or a school aid package.
Award Year The period between July 1st of a given calendar year and June 30th of the following calendar year, for the purposes of determining federal Pell grant and campus-based program awards.
Borrower A person who agrees to repay money received, plus interest, according to the terms of a promissory note they signed. Another way to look at it - are you borrowing money? Then you're a borrower.
Borrower Authorization Statement The borrower's written authorization for the release of disbursements of FFEL program loan proceeds disbursed on behalf of the borrower by electronic funds transfer (EFT) or master check to an account of the school.

Important Legal Disclosures and Information

You are encouraged to explore all scholarship, grant and federal borrowing options before applying for a private loan. Private loans are subject to credit approval. Certain restrictions and conditions apply. 

PNC does not provide accounting, tax or legal advice. Financial literacy content and interactive calculators are provided for educational, informational and illustrative purposes only. The utilization of calculators and any results displayed do not represent an offer or solicitation for a product or service by PNC Bank or its affiliates. PNC does not guarantee the accuracy or applicability of these resources to your circumstances. Please consult a financial, tax or legal advisor regarding your specific situation. 

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