An act that lifts loan payment obligations; often occurs for borrowers in high demand jobs (teachers, public service, etc) that can not cover loan payments effectively. (lendedu.com)
But the customer pays interest on the loan if the refund isn't issued in a certain amount of time or the refund doesn't cover the loan amount. (policygenius.com)
The bank's title insurance policy will cover its loan amount in the event that there's a problem with the collateral. (aboutfloridalaw.com)