Private Student Loans definition
Examples of Private Student Loans in a sentence
The parties understand and agree that they each may enter into other agreements in connection with the servicing of Private Student Loans in the future.
The Servicer understands and agrees that FMC may enter into other agreements for the servicing of Private Student Loans in the future.
Unless otherwise noted, and on and after the effective date of the Agreement for Servicing Private Student Loans as executed by First Associates Loan Servicing, LLC and others, First Associates (Servicer) will be responsible for the loan servicing functions contained in these Program Guidelines.
If a Borrower has not yet exhausted the Interim Period for one or more PEAKS Private Student Loans and subsequently re-enrolls in an ITT ESI School on at least a half-time basis, whether or not the Borrower obtains another PEAKS Loan, the Borrower will return to an in-school status and all of the Borrower’s Loans will enter Repayment together at the earliest of the Interim Period end dates outlined in section 16(a).
Servicer acknowledges that FMC (including its affiliates), may enter Lender Participant Servicing Agreements from time to time with Servicer and Lender Participants to act as Program Administrator with respect to Private Student Loans.
Upon the execution and effectiveness of a Lender Participant Servicing Agreement, Servicer shall (a) perform all services set forth in such Lender Participant Servicing Agreement for the Private Student Loans owned by the Lender Participant (the “FMC Administrator Loans”), and (b) where appropriate, communicate with Program Administrator on behalf of the Lender Participant for the Student Loans so owned and identified.
With respect to Private Student Loans, immediately prior to the transfer and sale of each Student Loan to Buyer, the Seller owned each Student Loan, free and clear of any lien, charge, encumbrance, or other interest therein and immediately upon the transfer and sale of such Student Loan to the Buyer, the Buyer will own such Student Loan free and clear of any lien, charge, encumbrance, or other interest therein.
The parties intend that the conveyance of the Transferor's (right, title and interest in and to the beneficial interest in the Initial Student Loans that are FFELP Student Loans and the legal and beneficial interest in the Initial Student Loans that are Private Student Loans pursuant to this Agreement {and any New Loans and Serial Loans pursuant to a related Subsequent Transfer Agreement} shall constitute a valid purchase and sale and not a loan.
Seller shall cause each Servicer to service the related Purchased Student Loans in accordance with the servicing agreements and in compliance with all applicable federal and state laws, including, in the case of Purchased Federal Student Loans, the Higher Education Act and in the case of the Purchased Private Student Loans the servicing guidelines of ▇▇▇▇ or those applicable to TuitionGuard Loans, as applicable.
For the avoidance of doubt, the Buyer and the Seller hereby acknowledge and agree that at any time that the sublimit for Private Student Loans set forth in Section 12(i)(viii) is equal to 0%, the provisions of this agreement with respect to Private Student Loans and Purchase Private Student Loans shall have no effect.