Matching Pairs Loan TermsOnline version Match the loan related terms with their definitions. by Stephanie Klocke 1 Principal 2 Federal Loans 3 Forbearance 4 Interest 5 Private Loans 6 Borrower 7 Grace Period 8 Deferment 9 Delinquent 10 Default 11 Lender Amount of money borrowed Individual or institution providing funding that must be paid back Percentage of balance, calculated monthly, charged to the borrower A set period of time after graduation, leaving school, or switching to part time status before repayment begins Financial agreements made and funded by banks or financial companies, often based on criteria such as credit score and income An account where payment(s) are one or more days past due A period when loan payments are suspended or reduced; interest may not accrue depending on eligibility Financial agreements made and funded by the government, based on eligibility criteria such as financial need A period when loan payments are suspended or reduced; interest continues to accrue Individual requesting or receiving a loan An account where payment(s) are severely overdue, triggering severe consequences
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