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<strong>Secondary market</strong> – An entity that purchases education loans from eligible lenders. The secondary market obtains funds from investors or public bonds and uses those funds to purchase existing education loans from lenders.
<strong>Gift aid</strong> – Financial aid that does not have to be repaid, including grants and scholarships.
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building society (G2)<br />A UK financial institution primarily concerned with raising, through members' deposits, a stock or fund for making advances to them secured on land and buildings for residential use, according to the BUILDING SOCIETIES ACT 1986. As they stand between those who save and those who ultimately borrow money, they act as financial intermediaries. All of them were founded as local non-profit-making institutions, the earliest dating from the 1840s. Through mergers some societies acquired a power rivalling that of the major banks and, like the latter, offering a wide range of financial services. In 1900, there were 2,286 building societies; in 1990, 105; in 2000, 67. The recent decline in their numbers occurred through mergers with banks or insurance companies. The 1986 Act freed them from many restrictions, changing their character from organizations with social aims to competitive firms with a commercial orientation.<br /><em>See also:</em> thrift
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