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13FinancialAidDictionaryLenderTheorganizationthatfundsprivateeducationloansforstudentsandparents.LIBORLoanLIBORistheinterestratethatbankschargeeachotherforone-monththree-monthsix-monthandone-yearloans.LIBORisanacronymforLon-donInterBankOfferedRate.ThisrateisthatwhichischargedbyLondonbanksandisthenpublishedandusedasthebenchmarkforbankratesallovertheworld.Thisratefluctuatesbasedoneconomicconditionsandisusedtoguidebanksinsettingratesforadjustable-rateloansincludingin-terest-onlymortgagescreditcarddebtandprivatestudentloans.Lenderstypicallyaddapointortwotocreateaprofit.LIBORiscompiledbytheBrit-ishBankersAssociationBBAandispublished11ameachdayincon-junctionwithReuters.Itiscomprisedfromapanelofbanksrepresentingcountriesineachcurrency.LoanAtypeoffinancialaidthatisavailabletostudentsandtheirparents.Studentloanprogramshavevaryinginterestratesandrepaymentpro-visions.Aneducationloanmustberepaid.LoanCounselingStudentswithfederaleducationalloansarerequiredtoreceivecounsel-ingbeforetheyreceivetheirfirstloandisbursementandbeforetheygraduateorwithdrawduringwhichtheborrowersrightsandresponsi-bilitiesandloantermsandconditionsarereviewedwiththestudent.ThesesessionsmaybeconductedonlinebyvideoinpersonwiththeFAAorFAOoringroupmeeting.SeealsoExitCounseling.LoanProceedsThemoneytheborrowerreceivesfromaloanortheamountborrowedminusfees.MasterPromissoryNoteMPNIsalegalcontractastudentsignswhentakingoutaFederalStudentLoan.TheMasterPromissoryNotecoversboththeFederalSubsidizedandUnsubsidizedStaffordLoansthestudentmayreceiveforthesameenrollmentperiod.TheMasterPromissoryNotecoversFederalSubsi-