Eligible Student Loan definition

Eligible Student Loan means a recipient’s total subsidized, unsubsidized, and consolidated Federal Stafford Loan amount under the Federal Family Education Loan Program, Federal Direct Loan Program, federal Graduate PLUS Loan, or federal Perkins Loan, including principal and interest. Only the outstanding portion of a federal consolidation loan that was used to repay an eligible subsidized or unsubsidized Federal Stafford Loan qualifies as an eligible student loan.
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Eligible Student Loan means a Student Loan, on any date of determination:
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Eligible Student Loan means an education loan eligible for consolidation as described in the Act.
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Examples of Eligible Student Loan in a sentence

  • Each Student Loan included as an Eligible Student Loan in the calculation of the Coverage Condition, is an Eligible Student Loan.

  • Each Student Loan, as of the date of its inclusion in the Collateral, is an Eligible Student Loan.

  • Benefit AmountEligible crew members can receive Vanguard-paid student loan repayments up to $100 per month, not to exceed $1,200 per calendar year, in the form of a payment made directly to the student loan servicer on behalf of the crew member, provided that their student loan is an Eligible Student Loan (defined below) and is not in deferred or default status.

  • Vanguard paid loan repayments made under the Program will be in addition to the crew members’ required monthly payments and are intended to help reduce the principal amount of the Eligible Student Loan as well as interest due.

  • Eligible crew members are required to make their regular, required monthly payment toward the Eligible Student Loan as required by the terms of the student loan.

  • The Repayment Program has a lifetime cap of $7,200, assuming the Eligible Student Loan has not been fully repaid before reaching the $7,200 lifetime cap.

  • Each Student Loan included as an Eligible Student Loan in the calculation of the Coverage Condition is an Eligible Student Loan.

  • Each Student Loan included as an Eligible ---------------------- Student Loan in the calculation of the Coverage Condition, is an Eligible Student Loan.

  • Each Student Loan transferred by Seller (or, if applicable, by the Seller Trustee on behalf of Seller) to Purchaser hereunder was an Eligible Student Loan as of the applicable Sale Date for such Student Loan.

  • Each Student Loan sold by Seller to ---------------------- Purchaser hereunder was an Eligible Student Loan as of the applicable Sale Date for such Student Loan.


More Definitions of Eligible Student Loan

Eligible Student Loan means an education loan eligible for federal reinsurance as described in the Act, applicable Regulations, and the Policies.
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Eligible Student Loan means an educational loan used by a workforce voucher graduate to pay the tuition and related expenses required to earn the qualifying degree, certification, or license for which the workforce voucher was awarded. A loan is not an "eligible student loan" if it is combined with noneducational debt.
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Eligible Student Loan or “Eligible Loan” means any fixed or variable interest rate Student Loan made to finance or refinance post-secondary education that is (i) transferred, acquired or purchased into this Trust Estate from a Prior Indenture, (ii) satisfies the administrative rules of the NJCLASS Loan Program as in effect from time to time or (iii) is made pursuant to a pilot program authorized by the Authority and, in each case, that is made in accordance with the credit criteria set forth in the Supplemental Indenture applicable to the disposition of the proceeds of Bonds and Subordinate Obligations issued pursuant to such Supplemental Indenture to finance or refinance such Student Loan and which may be made by the Authority to an eligible borrower, the proceeds of which Student Loan are used to finance or refinance education costs, including accrued, capitalized or deferred interest on such Student Loan, pursuant to the Act and which may be purchased or otherwise financed or refinanced by the Authority pursuant to the Act; provided however, that any Supplemental Indenture may restrict the ‘Eligible Loans’ which may be purchased or acquired with the proceeds of Bonds or Subordinate Obligations issued pursuant to such Supplemental Indenture to certain specified types of Student Loans satisfying the administrative rules of the Authority’s NJCLASS Loan Program (or any successor thereto) as in effect from time to time or pursuant to an authorized pilot program in effect from time to time.
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Eligible Student Loan means a Private Student Loan that is eligible to be consolidated into a Program Loan according to the eligibility rules set forth in the Guidelines.
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Eligible Student Loan means a FFELP Loan which (i) has been or will be made to a borrower for post-secondary education; (ii) is Guaranteed; (iii) is a consolidation loan authorized under Section 428C of the Higher Education Act, (iv) qualifies the holder thereof to receive Interest Subsidy Payments and Special Allowance Payments to the extent applicable; (v) which is denominated and payable only in United States dollars and payable in the United States or one of its territories; (vi) which, at the time such Student Loan is sold to Purchaser, is not considered in default under the Higher Education Act; (vii) which, on the date of sale, is not more than 90 days delinquent; (viii) which is or was originated or acquired in the ordinary course of business; (ix) which is beneficially owned by the Seller; (x) which is evidenced by a promissory note of which there is only one original executed copy; (xi) which is not subject to any right of cancellation or rescission (after 120 days from reimbursement thereof), set-off, counterclaim, or other defense of the related obligor; (xii) the obligor of which, at the time such Student Loan is sold to Purchaser, is not the subject of an event of bankruptcy and is not deceased or permanently and totally disabled within the meaning of the Higher Education Act; (xiii) which together with the contract related thereto, does not contravene in any material respect the Higher Education Act or any other laws, rules, or regulations applicable thereto; (xiv) the obligor of which is required to make payments to the Servicer; (xv) which is assignable without the consent of the related obligor; (xvi) which bears interest at a rate not in excess of that applicable rate of interest permitted by the Higher Education Act at the time originated for such type of loan; (xvii) which provides or, when the payment schedule with respect thereto is determined, will provide for payments on a periodic basis that will fully amortize the principal balance thereof during the repayment period, as such payment period may be modified in accordance with applicable deferral and forbearance periods granted in accordance with the Higher Education Act and the applicable Guarantee Agreement; (xviii) the payment terms of which have not been altered or amended except in accordance with the Higher Education Act; and (xix) as of the applicable Sale Date, is not more than 180 days past its origination date.
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Eligible Student Loan. Forbearance Status"; "Initial Financed Student Loans"; "Realized Losses"; and "Student Loan."
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Related to Eligible Student Loan

  • Eligible student means a student who is eighteen years or older.

  • Eligible Loan means a Loan offered for sale or substituted by SLM ECFC under a Purchase Agreement which as of the Statistical Cutoff Date, in the case of the Initial Loans, or as of the related Subsequent Cutoff Date, in the case of any Additional Loan or Substituted Loan, is current or not more past due than permitted under such Purchase Agreement in payment of principal or interest and which meets the following criteria as of the Statistical Cutoff Date, in the case of the Initial Loans, or as of the effective date of the related Xxxx of Sale, in the case of any Additional Loan or Substituted Loan: (i) is a Consolidation Loan; (ii) is owned by SLM ECFC and is fully disbursed; (iii) is guaranteed as to principal and interest by the applicable Guarantor to the maximum extent permitted by the Higher Education Act for such Loan; (iv) bears interest at a stated rate of not less than the maximum rate permitted under the Higher Education Act for such Loan; (v) is eligible for the payment of the quarterly special allowance at the full and undiminished rate established under the formula set forth in the Higher Education Act for such Loan; (vi) if not yet in repayment status, is eligible for the payment of interest benefits by the Secretary or, if not so eligible, is a Loan for which interest either is billed quarterly to Borrower or deferred until commencement of the repayment period, in which case such accrued interest is subject to capitalization to the full extent permitted by the applicable Guarantor; (vii) is current or no payment of principal or interest shall be more than 210 days past due as of the Statistical Cutoff Date, in the case of the Initial Loans, or in relation to any Additional Loan or Substituted Loan, the related Subsequent Cutoff Date; (viii) the last disbursement was before the Statistical Cutoff Date, in the case of the Initial Loans, or before the Subsequent Cutoff Date, in the case of any Additional Loan or Substituted Loan; (ix) is supported by the following documentation: 1. loan application, and any supplement thereto, 2. original promissory note and any addendum thereto (or a certified copy thereof if more than one loan is represented by a single promissory note and all loans so represented are not being sold) or the electronic records evidencing the same, 3. evidence of guarantee, 4. any other document and/or record which Funding may be required to retain pursuant to the Higher Education Act, 5. if applicable, payment history (or similar document) including (i) an indication of the Principal Balance and the date through which interest has been paid, each as of the Statistical Cutoff Date, in the case of the Initial Loans, or the related Subsequent Cutoff Date, in the case of any Additional Loan or Substituted Loan, and (ii) an accounting of the allocation of all payments by the Borrower or on the Borrower’s behalf to principal and interest on the Loan, 6. if applicable, documentation which supports periods of current or past deferment or past forbearance, 7. if applicable, a collection history, if the Loan was ever in a delinquent status, including detailed summaries of contacts and including the addresses or telephone numbers used in contacting or attempting to contact Borrower and any endorser and, if required by the Guarantor, copies of all letters and other correspondence relating to due diligence processing, 8. if applicable, evidence of all requests for skip-tracing assistance and current address of Borrower, if located, 9. if applicable, evidence of requests for pre-claims assistance, and evidence that the Borrower’s school(s) have been notified, and 10. if applicable, a record of any event resulting in a change to or confirmation of any data in the Loan file.

  • Eligible Substitute Mortgage Loan With respect to a Mortgage Loan substituted by the Transferor for a Deleted Mortgage Loan, a Mortgage Loan which must, on the date of such substitution, (i) have a Principal Balance, (or, in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Principal Balance), not in excess of, and not more than 10% less than the Principal Balance of the Deleted Mortgage Loan; (ii) be accruing interest at a rate no lower than and not more than 1% per annum higher than, that of the Deleted Mortgage Loan; (iii) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (iv) have a remaining term to maturity no greater than (and not more than one year less than that of) the Deleted Mortgage Loan; (v) comply with each representation and warranty set forth in Section 2.03 hereof; (vi) be the same credit grade category as the Deleted Mortgage Loan; (vii) have the same prepayment penalty term; and (viii) not be a Cooperative Mortgage Loan unless the Deleted Mortgage Loan was a Cooperative Mortgage Loan.

  • Eligible Loan Asset means, at any time, a Loan Asset in respect of which each of the representations and warranties contained in Section 4.02 and Schedule III hereto is true and correct.

  • student loan means a loan towards a student’s maintenance pursuant to any regulations made under section 22 of the Teaching and Higher Education Act 1998, section 73 of the Education (Scotland) Act 1980 or Article 3 of the Education (Student Support) (Northern Ireland) Order 1998 and includes, in Scotland, a young student’s bursary paid under regulation 4(1)(c) of the Students’ Allowances (Scotland) Regulations 2007.

  • Purchased Student Loan means a Trust Student Loan which is, as of the close of business on the last, day of a Collection Period, purchased by the Servicer pursuant to Section 3.05 of the Servicing Agreement or repurchased by the Depositor pursuant to Section 6.01 of the Sale Agreement or purchased by the Sellers pursuant to Section 6.01 of the Purchase Agreements.

  • Liquidated Student Loan means any defaulted Trust Student Loan liquidated by the Servicer (which shall not include any Trust Student Loan on which Guarantee Payments are received) or which the Servicer has, after using all reasonable efforts to realize upon such Trust Student Loan, determined to charge off.

  • Eligible Loans has the meaning specified in any of the Purchase Agreements or the Sale Agreement, as applicable.

  • Eligible Mortgage Loan means a Mortgage Loan (including a Wet Funded Loan) with respect to which each of the following statements shall be accurate and complete (and Borrower, by including such Mortgage Loan in any computation of the Borrowing Base, shall be deemed to so represent and warrant to the Lenders as of the date of such computation):

  • Student Loans means education loans to students and parents of students under the Federal Family Education Loan Program.

  • Eligible Portfolio Investment means any Portfolio Investment held by any Obligor (and solely for purposes of determining the Borrowing Base, Cash and Cash Equivalents held by any Obligor) that, in each case, meets all of the criteria set forth on Schedule 1.01(d) hereto; provided, that no Portfolio Investment, Cash or Cash Equivalent shall constitute an Eligible Portfolio Investment or be included in the Borrowing Base if the Collateral Agent does not at all times maintain a first priority, perfected Lien (subject to no other Liens other than Eligible Liens) on such Portfolio Investment, Cash or Cash Equivalent or if such Portfolio Investment, Cash or Cash Equivalent has not been or does not at all times continue to be Delivered (as defined in the Guarantee and Security Agreement). Without limiting the generality of the foregoing, it is understood and agreed that any Portfolio Investments that have been contributed or sold, purported to be contributed or sold or otherwise transferred to any Financing Subsidiary, or held by any Financing Subsidiary, or which secure obligations of any Financing Subsidiary, shall not be treated as Eligible Portfolio Investments until distributed, sold or otherwise transferred to the Borrower free and clear of all Liens (other than Eligible Liens). Notwithstanding the foregoing, nothing herein shall limit the provisions of Section 5.12(b)(i), which provide that, for purposes of this Agreement, all determinations of whether an Investment is to be included as an Eligible Portfolio Investment shall be determined on a settlement-date basis (meaning that any Investment that has been purchased will not be treated as an Eligible Portfolio Investment until such purchase has settled, and any Eligible Portfolio Investment which has been sold will not be excluded as an Eligible Portfolio Investment until such sale has settled), provided that no such Investment shall be included as an Eligible Portfolio Investment to the extent it has not been paid for in full.

  • Eligible Servicer means a Person which, at the time of its appointment as Servicer, (i) has a net worth of not less than $50,000,000, (ii) is servicing a portfolio of motor vehicle retail installment sale contracts and/or motor vehicle loans, (iii) is legally qualified, and has the capacity, to service the Receivables, (iv) has demonstrated the ability to service a portfolio of motor vehicle retail installment sale contracts and/or motor vehicle loans similar to the Receivables professionally and competently in accordance with standards of skill and care that are consistent with prudent industry standards and (v) is qualified and entitled to use pursuant to a license or other written agreement, and agrees to maintain the confidentiality of, the software which the Servicer uses in connection with performing its duties and responsibilities under the Sale and Servicing Agreement or obtains rights to use, or develops at its own expense, software which is adequate to perform its duties and responsibilities under the Sale and Servicing Agreement.

  • Purchased Loan means each motor vehicle retail installment loan relating to the sale of an automobile or light-duty truck originated by a Dealer, purchased by the Originator from such Dealer and evidenced by a Purchased Loan Contract; provided, however, that the term “Purchased Loan” shall, for purposes of this Agreement, include only those Purchased Loans identified from time to time on Schedule A hereto.

  • Trust Student Loan means any student loan that is listed on the Schedule of Trust Student Loans on the Closing Date, plus any Additional Loan, plus any Substituted Loan that is permissibly substituted for a Trust Student Loan by the Depositor pursuant to Section 6(B) of the Sale Agreement or pursuant to Section 6(B) of an Additional Sale Agreement, or by the Servicer pursuant to Section 3.5 of the Servicing Agreement, but shall not include any Purchased Loan following receipt by or on behalf of the Trust of the Purchase Amount with respect thereto or any Liquidated Student Loan following receipt by or on behalf of the Trust of Liquidation Proceeds with respect thereto or following such Liquidated Student Loan having otherwise been written off by the Servicer.

  • Mortgage Loan shall have the meaning assigned to such term in the recitals.

  • Ineligible Loan Each Loan other than an Eligible Loan.

  • Loan Combination Custodial Account means the “Loan Combination Custodial Account” or analogous account established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.

  • Nonrecoverable Servicing Advance Any Servicing Advance previously made or proposed to be made in respect of a Mortgage Loan or REO Property that, in the good faith business judgment of the Master Servicer, will not or, in the case of a proposed Servicing Advance, would not be ultimately recoverable from related Late Collections, Insurance Proceeds or Liquidation Proceeds on such Mortgage Loan or REO Property as provided herein.

  • Subserviced Mortgage Loan Any Mortgage Loan that, at the time of reference thereto, is subject to a Subservicing Agreement.

  • PMI Advance As defined in the related Servicing Agreement, if applicable.

  • Performing Serviced Mortgage Loan A Serviced Mortgage Loan that is not, and is not part of, a Specially Serviced Loan or REO Loan.

  • Eligible advance means an advance made before August 19, 1993.

  • Servicing Advance shall have the meaning given thereto in the Lead Securitization Servicing Agreement.

  • Whole Loan As defined in the Introductory Statement.

  • Wet-Ink Mortgage Loan means a Mortgage Loan which Seller is selling to Buyer simultaneously with the origination thereof.

  • MERS Eligible Mortgage Loan Any Mortgage Loan that has been designated by the Servicer as recordable in the name of MERS.