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<strong>Default</strong> – Occurs when the borrower fails to make FFEL Program loan payments for 270 days or more or when the borrower fails to meet other terms of the promissory note.
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<strong>Common Account Maintenance (CAM)</strong> – The FFEL Program industry' s electronic data standard used by lenders, servicers, and guarantors. Created by the National Council of Higher Education Loan Programs (NCHELP), CAM specifies the type of content, record format, and file structure for sharing data on borrowers and their loans.
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dynamic economics (E1)<br />The study of the movement of an economy from a particular state at a particular date to another state later usually using lagged variables. Although classical economists such as Adam SMITH and John Stuart MILL were concerned to study the nature of economic progress, it was particularly ROBERTSON, HARROD, HICKS and the STOCKHOLM scHOOL in the 1930s who began the crea- tion of formal dynamic models of ECONOMIC GROWTH and change. The inclusion of time in the study distinguishes this approach from static models of economic systems. In dynamic models, at least one variable is measured at a different time from the others; subscripts are attached to each variable to indicate the date(s) to which they refer.<br /><em>See also:</em> comparative statics; static model <br /><em>Reference</em><br />Simonovits, A. (2000) Mathematical methods in dynamic economics, New York: St Martin's Press; London: Macmillan.
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