What is a "Student Loan"?

The question itself has the answer built in to it.  It is a credit, an "advance", a "mortgage".  It is money lent to pay for college, medical school, law school or any other professional training or education.  Typically a student loan is a school loan.  Money that is borrowed to pay various expenses resulting from attending educational institutions.

What is "Consolidation"?

To consolidate is to merge, to combine, unite, join, coalesce, mingle, come together, amalgamate, combine, and a mixture.  Loans do not always require consolidation, especially when it is the first loan being acquired.

What is a "Student"?

This is the easiest of all to answer.  A student can be defined in any of the following terms: a scholar, an undergraduate, a learner, apprentice, trainee, beginner, novice and, of course, a pupil.

What is "Collateral"?

This is a security, such as a stock, bond or real property that is pledged to secure a loan.  The purpose is to assure that the loan will be repaid or the collateral will be forfeited. 

Assets pledged as security under a loan to assure repayment of debt obligations.

What is "APR"?

"APR" means Annual Percentage Rate.  It is different from the "note" rate and commonly used to compare loan programs from different lenders. The Federal Truth in Lending act requires mortgage (loan) companies to disclose the APR when they advertise a rate. Typically the APR is found next to the rate.  It is a Federal compliance regulation under the scope of Consumer Protection.

More Glossary Terms Will Be Here Soon