Financial aid can be an alphabet soup of acronyms like FAFSA, SAR, SAP and EFC and technical terminology. It is almost like speaking a foreign language. This glossary defines the terms and acronyms that are most frequently used in student financial aid.
Predatory lending involves making a loan with unfair or abusive terms and conditions, such as unusually high interest rates and fees that the borrower cannot afford, where the lender coerces or deceives the borrower into accepting the loan. Examples of predatory lending may include payday loans, overdraft loans, tax refund anticipation loans, high interest auto loans, title loans and subprime mortgages that exploit low-income borrowers. Most predatory loans involve secured loans, where the lender can profit from seizing a valuable asset such as a car or property if the borrower defaults. Warning signs of a predatory loan may include prepayment penalties, balloon payments, negative amortization, capitalization of interest, high interest rates and fees, and mandatory arbitration clauses.
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