A borrower who has no outstanding (unpaid) loan balances on the date (s)he signs the promissory note for a specific educational loan. New borrowers may be subject to different regulations than borrowers who have existing loan balances.

You are a "new borrower" if you have no outstanding Stafford, PLUS, SLS, or consolidation loans on the date you sign your promissory note or if you have never had a student loan. A new borrower can also have outstanding loans from previous institutions but is now borrowing money from our institution for the first time.

One who has no outstanding (unpaid) loan balances on the date the promissory note is signed.

A borrower who has no outstanding balance on a FFELP loan when they sign a promissory note for a FFELP loan.

One who does not have any outstanding student loans.