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loan terms

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Easy To Understand Glossary of Loan Terms (Loan Terms Part 6)

Thu, 04/23/2009 - 03:13 | by kcblank67

Satisfactory Academic Progress: A policy determined by schools, in conjunction with federal guidelines and regulations. This policy sets the level of academic progress required of a student by the Higher Education Act of 1965, to receive or to continue receiving financial aid, including loans.

Secondary Market: Secondary markets buy student loans from lenders. When this transaction takes place, the secondary market becomes the holder of the loan instead of the original lender. The holder of the loan owns the right and title of the promissory note until the loan has been paid in full. One reason lenders choose to sell their loans is to free up funds to make additional student loans.