Alternative Loans definition
Examples of Alternative Loans in a sentence
If there is an additional credit balance made up of non-Title IV funds, it will be refunded in the following order, up to the amount received for the term of withdrawal: Federal Unsubsidized Direct Loans, Federal Subsidized Direct Loans, Federal ▇▇▇▇▇▇▇ Loans, Federal PLUS Loans, Alternative Loans, other loans, other aid (if required), and student.
If there is additional money to be refunded from federal funds after calculating the Return of Title IV formula and the refund policy, the refund will be made to the student or, with the student’s authorization, to the federal loan program(s) in the following order, up to the amount received for the term of withdrawal: Federal Unsubsidized Direct Loans, Federal Subsidized Direct Loans, Federal ▇▇▇▇▇▇▇ Loans, Federal PLUS Loans and Alternative Loans.
In the case of defaulted Financed Alternative Loans, take all steps necessary to recover on such defaulted Financed Alternatives Loans in accordance with the requirements of the applicable Alternative Loan Program.
The Servicer shall give Lenders (in the case of FFELP Loans) or SLFC (in the case of Alternative Loans), as appropriate, a reasonable opportunity (but in no event longer than 30 days or such greater period of time as the Trustee shall consent to in writing) to correct any exceptions or problems identified by the Servicer and to provide such documentation and information to the Servicer as shall be necessary to correct such exceptions or problems.
If the Servicer at any time becomes aware of an event which would (i) allow the Issuer to reject a Student Loan under the applicable Student Loan Purchase Agreement, or (ii) allow the Issuer to require a Lender (in the case of FFELP Loans) or SLFC (in the case of Alternative Loans) to repurchase a Financed Eligible Loan or Financed Student Loan or to substitute an Eligible Loan under the applicable Student Loan Purchase Agreement, then the Servicer shall so notify the Issuer.
To the extent permitted by the Higher Education Act and the Guarantee Program regulations or the Alternative Loan Program, as appropriate, the Servicer may, on behalf of the Issuer, waive this requirement of any Lender (in the case of FFELP Loans), SLFC (in the case of Alternative Loans) or GOAL Funding (in the case of Financed GOAL Funding Student Loans) if the notice is sent by the Servicer on behalf of such Lender, SLFC or GOAL Funding.
Maintain the original promissory note pertaining to each Financed Student Loan (other than Financed Alternative Loans held by the Trustee or a custodian designated by the Trustee) to be maintained in secure storage facilities to protect, to the extent reasonable and possible under the circumstances, such original file concerning such Financed Student Loan.
If on any Monthly Payment Date the Balance in the Alternative Loan Guarantee Fund exceeds the Principal Balance of Alternative Loans held under this Indenture, the Trustee shall transfer to the Revenue Fund an amount equal to such excess.
For so long as any Series [ ] Notes shall be Outstanding, the Issuer covenants and agrees that the amounts transferred from the Collection Fund to the Acquisition Fund during the Revolving Period for the acquisition of Financed Student Loans shall not be used to acquire Alternative Loans unless the Issuer delivers to the Trustee a Rating Agency Confirmation with respect to the acquisition of such Alternative Loans.
As to Alternative Loans, SL shall provide SRT or its documents custodian with the originals of all Mortgage Loan Documents within the possession or control of SL within five (5) Business Days of receipt thereof.