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Federal employee

A person who works for the U.S. government in various capacities, including executive, legislative, and judicial branches.

Qualified education loan

A student loan that was created, insured, or guaranteed under the Higher Education Act of 1965, which includes most federal student loans.

Involuntary disruption of pay

A situation where a federal employee does not receive their regular paycheck because the U.S. government has temporarily stopped operations due to a lack of funding, also known as a government shutdown.

Interest accrual

The process by which the amount of money owed on a loan grows over time due to interest being added to the principal balance.

Adverse credit reporting

When information that could harm a person's credit score, such as missed or late payments, is sent to credit reporting agencies.

Retroactive application

When a new law or rule applies not only to future events but also to events that happened in the past, from a specified date.

Loan servicer

A company that manages student loans, handles billing, processes payments, and assists borrowers on behalf of the lender.