"L" Terms

Lender:
The financial institution that originally provides the loan.

Lender Refund:
This is the procedure of returning loan proceeds to the lender, which the University is required by Federal guidelines to follow, in cases where a student becomes ineligible for the loan after it was originally disbursed. This ineligibility may result from the student dropping all classes and therefore no longer being enrolled for the term in question, or withdrawing from a number of units such that he is no longer enrolled for the minimum required. There may also be academic qualification issues.

Letter of Standing (or Letter of Standing with Expense Estimate):
This form may be required in some countries for remittance of Foreign Exchange to USC and would indicate Student status or Tuition & Fees expected to be due.

Loan Cancellation:
Loan payments may be canceled only because of the borrower or student's death or permanent disability.

Loan Period:
The school year or academic term–such as a semester, trimester, or quarter–for which a loan is designated.

Loan Principal:
The total amount of money borrowed, including fees.

Loans:
Loans are borrowed money that must be repaid with interest. The low-interest private student loans have deferred repayment and subsidized interest provisions (students do not need to pay loans back or pay the interest until they are no longer enrolled.)