|
| C |
Common Law Marriage
In some states, a man and woman are considered to be legally married if they live together, and consider themselves man and wife, even if they’ve never gone through a wedding ceremony.
Community Property
In states that observe the community property legal system, the husband and wife each have an equal share in all income and property acquired during the marriage, unless it’s been specifically excluded by contract.
Commuter Student
A student who attends school near his home and chooses not to use campus housing.
Compounded Interest
Interest is added to the remaining loan balance. Compounding it the process, when the total becomes the new principal, and interest is then figured on this amount.
Consolidation Loan
A consolidation loan is a loan that combines the debts from several different loans from different lenders into one single loan and one payment. The company providing the consolidation loan pays off the other debts, and the new debt is paid to them. Student borrowers can benefit from student loan consolidation, as it is often a money saving proposition.
Co-operative Education
Co-operative education is a structured program where a student divides their time between academic study in a classroom, and actual employment in a job related to their field.
Cosigner
If someone has little credit history, or bad credit, they may need someone else to vouch for them by promising to pay the loan if the borrower doesn’t. This is a cosigner, and he owe the debt if the other person defaults.
Cost of Attendance (COA)
The entire amount needed to get through school-tuition, room and board, books, lab fees, transportation, living expenses, etc. Every school will have a cost of attendance figured for students in different circumstances, and they will use that figure in coming up with a total financial aid package.
Credit Rating
A credit rating is an evaluation of a person’s income, past credit history, and likelihood of paying back or defaulting on a loan based on those and other factors. Credit rating are provided by credit bureaus and lenders use the rating to decide whether to make a loan and at what interest rates. A lot of entering college students won’t have a credit rating, but that won’t affect their chances of getting a federal student loan, as a student’s credit rating is not taken into account when making these loans.
Custodial Parent
If a student whose parents are divorced or separated, whichever one the student lived with for a greater amount of time over the last 12 months is the custodial parent, and their finances will be used in determining a student’s need and financial aid.
|
|
