Legal Dependent is a biological or adopted child, or a person for whom the applicant has been appointed legal guardian and for whom the applicant provides more than half support. Besides, a person who lives with applicant and receives at least half support from the applicant and will continue to receive that support during the award year.  

Loan – is the amount of money that is borrowed from the government, bank, credit union or other lender that must be paid back. Usually it has to be accompanied by interest charges. It is available under varying terms and conditions.

Loan Repayment Program is a special program available to qualified students who have attended college on federally-funded student loans and who subsequently enlist in the Army in any job specialty for at least three years. 

Loan Consolidation – is a repayment option for students with more than one outstanding loan. Loan consolidation lowers monthly payments and makes the repayment process easier.

Loan Default – is the failure to repay a loan according to the terms agreed to in the promissory note. Moreover, a lender may take legal action to return back his money.

Loan Deferment - is a postponement of a loan’s repayment. A lot of federal loan programs have a deferment program.

Loan Delinquency is a failure to make loan payments when they are due. It can cause loan default.

Loan Dismissal (or cancellation of forgiveness) – is a situation in which a loan, or portion of a loan, no longer needs to be paid back. It is almost always based on very specific and limited circumstances.

Lender is a provider of money to a borrower upon mutually agreeable eligibility and repayment provisions.