Academic Year: A period of at least 30 weeks (1 semester) of instructional time beginning the first day of classes and ending on the last day of classes usually with examinations. During this time a full-time student is expected to complete at least 24 semester hours (depending on the institutional regulations) equal to 8 classes of 3 credit hours, 36 quarter hours or 90 clock hours.

Automatic Draft (or Direct Repay): The borrower authorizes automatic transfer of funds from checking or savings account to make monthly loan payments.