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Old 08-07-2011, 09:10 PM   #707
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<strong>Loan sale</strong> – The change in ownership of a loan from one eligible FFEL Program lender to another lender or holder.

endowment mortgage (G3)<br />A mortgage linked to an insurance policy that provides at the end of its term a sum to redeem the mortgage. The mortgagor pays both interest on the amount borrowed and insurance premiums. In times of falling property prices the problem of NEGATIVE EQUITY makes this form of house purchase unattractive.
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<strong>Academic Year (AY)</strong> – For the purposes of federal student aid, a period that begins on the first day of classes and ends on the last day of classes or examinations and that consists of at least 30 weeks of instructional time. The standard federal and state definition of an academic year is July 1 through June 30. (Note: the acronym “AY” may also refer to the Award Year.)

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