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Borrower - The person who takes a loan.
Guaranty Agency - An organization that has an agreement with the U.S. Secretary of Education to administer the Federal Family Education Loan Program. The agency may be either part of a state government or a private nonprofit agency.
Lender - The party that provides the student loan, such as a bank, a college, or another organization.
Subsidized Stafford Loan - The government pays the interest on the loan while the student is enrolled in six credit hours, during the six-month grace period and during any deferment periods.
Unsubsidized Stafford Loan - A loan for which the government does not pay the interest. The borrower is responsible for the interest on an unsubsidized loan from the date the loan is disbursed, even while the student is still in school. |
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