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Qualified Student Loan Bonds

Special bonds issued by state or local governments, or certain non-profit organizations, to provide money for student loans. The interest paid to investors on these bonds is typically not taxed by the federal government.

Volume Cap

A federal limit on the total dollar amount of certain tax-exempt bonds (called 'private activity bonds') that a state can issue in a given year.

Alternative Minimum Tax (AMT)

A separate federal income tax system designed to ensure that wealthy individuals and corporations pay at least a minimum amount of tax, even if they have many deductions or tax credits under the regular tax system.

Private Activity Bonds

Tax-exempt bonds issued by state or local governments where more than a certain percentage of the bond proceeds are used by or for a private business or entity, such as bonds that fund private student loan programs.

Pooled Financing Bonds

Bonds issued by a government entity that then lends the money to multiple other smaller borrowers, often for a common purpose like student loans, rather than directly funding a single large project.

Ultimate Borrower

The final individual or entity who benefits from the funds provided through a bond issue, such as a student receiving a loan.