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Glossary
 
A-E F-J K-O P-T U-Z
         
         

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)

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