Last Payment Amount		The amount of the last payment received by SSSC. This does not reflect the principal, interest, and fee application of the payment.
Last Payment Received Date		The date of the last payment received by SSSC. This is the effective date of the payment.
Late Charges		Charges SSSC may require the borrower to pay if the required monthly installment amount is not paid on time. This charge will not exceed 6% of the total payment due. Payments are applied 1st to fees, then interest, then principal.
Lender		A financial institution, agency, or school that provides the money to make a loan to a borrower.
Level Repayment Schedule		A repayment schedule where the monthly payments remain the same throughout the life of the loan. This monthly payment can be adjusted to reflect changes in the loan's variable interest rate and capitalized interest. A level repayment schedule cannot exceed 10 years, excluding periods of deferment or forbearance.
Liberal Arts		Generally, this encompasses a wide variety of subjects including the social sciences, humanities, fine arts, and natural sciences.
Load		The total number of credit hours taken in one semester.
Loan		A type of financial aid that is available to students and their parents. Student loan programs have varying interest rates and repayment provisions. A loan can have single or multiple disbursements and must be repaid.
Loan Balance		The total unpaid amount of the specified loan. This figure includes outstanding principal, capitalized interest, accrued interest, and fees.
Loan Period		The period of enrollment for which a loan application is certified.
Loan Proceeds		The amount of loan funds that have been guaranteed.
Loan Program		The type of loan a borrower received or is eligible to receive. Loan programs are either government-backed (FFELP) or private (Alternative), and they can be subsidized or unsubsidized.
Loan Status		Describes the current status of a borrower's loan. It can be one of the following: In School: The period of time in which you are enrolled on at least a half-time basis and have never gone into repayment on the loan. In Grace: The period of time from when you leave school until you begin repayment. On Stafford loans, this time period is 182 days (6 months). Repayment: The time during which a borrower actively pays back an education loan. Deferment: Monthly payments are suspended when the loan is in any type of deferment. Forbearance: Monthly payments are suspended when the loan is in forbearance. Claim: The loan is > 270 days past due and is in 'default'. A request for reimbursement has been filed with the guarantor. Derogatory credit reporting occurs. Paid By Claim: The loan has been purchased by the guarantor. All inquires will need to be directed to the guarantor of record for the loan. Paid In Full: The loan obligation has been satisfied.
LSAT		The Law School Admission Test - required by most law schools as part of the application process.