Key Terms & Participants

Below are a list of key terms and participants in the Direct Loan Program: 

• The US Federal Government - Acts as lender and manages the legislative requirements for the program.
• The Student (borrower) – is the person who borrows the funds from the Direct Loan Program.
• The Financial Aid Office – Bond's Financial Aid Office is located in the Office of Student Administration.
• The School (Bond University) – determines and certifies student’s eligibility for Direct Loan loans and monitors and reports enrolment and other information about Direct Loan program borrowers, as required by US law. The school must also comply with US laws and regulations governing the Direct Loan program.
• A Servicer – is a company contracted by the US Government to handle the administrative aspects of the loan such as collection of payments and correspondence with borrowers.
• An Award Year– is the period for which a loan is calculated. The award year is a maximum of three semesters at Bond University.