CFR > Title 34 > Subtitle B > Chapter VI > Part 681 > Subpart B – The Borrower
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§ 681.5 | Who is an eligible student borrower? |
§ 681.6 | Who is an eligible nonstudent borrower? |
§ 681.7 | The loan application process |
§ 681.8 | What are the borrower’s major rights and responsibilities? |
Terms Used In CFR > Title 34 > Subtitle B > Chapter VI > Part 681 > Subpart B - The Borrower
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Forbearance: A means of handling a delinquent loan. A
- Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.