Financial Aid, A to Z.
Found a word your’re not sure about? Here’s a list of some terms you might come
across along the way.
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Parent Contribution
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This is the amount of money parents are expected to be able to contribute to their child's education. |
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Pell Grant
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This federal program provides need-based educational grants for low-income students. Because they are grants, they do not have to be repaid. |
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Perkins Loan Program
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This federally funded, need-based loan program provides low-interest loans to both undergraduate and graduate students. |
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PLUS
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Parent Loan for Undergraduate Students. These federal guaranteed loans are available for parents of undergraduates. |
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Principal
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The amount of money borrowed by the student. Interest is charged on this amount. |
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Promissory Note
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A promissory note is a binding legal document you sign when you get a student loan. It lists the conditions under which you’re borrowing and the terms under which you agree to pay back the loan. It will include information on how interest is calculated and what deferment and cancellation provisions are available to the borrower. It’s very important to read and save this document because you’ll need to refer to it later when you begin repaying your loan or at other times when you need information about provisions of the loan, such as deferments or forbearances. |
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PSAT/NMSQT
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The Preliminary SAT/National Merit Scholarship Qualifying Test. Students hoping to receive a National Merit Scholarship must take and pass this test. |