Fellowship
A form of financial aid given to graduate students to help support his/her
education. Some fellowships include a tuition waiver or a payment to the
university in lieu of tuition. Most fellowships include a stipend to cover
reasonable living expenses. Fellowships are a form of gift aid and do not
have to be repaid.
Financial Aid
Money provided to the student and the family to help them pay for the student's
education. Major forms of financial aid include grants, scholarships and
self-help (loans and work).
Fixed Interest
In a fixed-interest loan, the interest rate stays the same for the life
of the loan.
Forbearance
During forbearance, the lender allows the borrower to postpone repaying
the principal, but the interest charges continue to accrue. Forbearance
is usually granted in cases of extreme financial hardship or other unusual
circumstances.
Grant
A grant is usually a type of financial need that the student does not have
to repay.
Gross Income
This is the income of an individual before tax deductions and allowances
have been subtracted.
Guarantor
The person who provides the guarantee that the applicant will repay the
loan as per the terms and conditions of the loan. He/she is liable to pay
the loan in case of failure of repayment by the applicant.
Holiday Period
The period between the date of completion of the course and the beginning
of actual loan repayment. For instance, if your course ends in March and
you start repaying the loan from October, then the period of six months,
i.e. from April to September, is your holiday period.
Income
Income is the amount of money received from employment, i.e. salary, wages,
etc., and profit from financial instruments, i.e. interest, dividends, capital
gains or from other sources.
Interest
Interest is an amount charged to the borrower for the privilege of using
the lender's money. Interest is usually calculated as a percentage of the
principal. The percentage rate may be fixed for the life of the loan, or
may be variable, depending on the terms of the loan. Nationalized banks
use variable interest rates that are linked to the Prime Lending Rate (PLR)
|
