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| Parental Contribution: An estimate of a parent's ability to contribute to a student's educational expense |
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Pell Grant: Need-based financial aid awarded to undergraduate students completing a four-year bachelor's degree. Repayment of these grants is not required. |
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Perkins Loan: A low-interest federal loan available to both undergraduate- and graduate-level students demonstrating extreme financial need. To apply for the Perkins Loan, a student must have already applied for the Federal Pell Grant. Perkins Loans are administered by financial aid offices. |
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PLUS Loan (Parent Loan for Undergraduate Students): A federal loan made available to parents of Dependent undergraduate students. The parent may borrow up to the cost of education less the student's financial aid package to cover the student's total educational expenses.
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| Portable Funding: College funding that can be used at any college or university regardless of whether a student transfers or remains at his or her original school |
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Prepaid Tuition Plan: Savings plan that guarantees the same rate of increase on a student's savings as college costs increase. Regardless of whether college costs increase at a faster rate, it is guaranteed that a student's invested money will be sufficient for college costs when he or she enters college.
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Prepayment: Loan repayment ahead of schedule |
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| Principal: The amount of money borrowed
or remaining unpaid on a loan. Interest is charged as a percentage
of the principal. Insurance and origination fees are deducted
from this amount before disbursement. |
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| Private Loan: Sometimes called Alternative Loans, Private Loans are non-government loans offered by banks, credit unions and other lenders. These loans are not based on financial need, but rather on your creditworthiness and ability to repay. Private loan are designed to supplement federal loan programs and can be used for a wide range of education purposes, including tuition, books, living expenses and computers. |
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Professional Judgment: When a financial aid administrator adjusts the EFC, COA, or dependency status of a student or a family. It typically occurs in the event of extreme changes in the student's personal situation, such as a death in the family, unemployment, disability, etc. |
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Promissory Note: The legal binding contract the borrower signs. It states the terms, details, and obligations of the borrower to repay the lender. |
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PSAT: The Preliminary SAT is a standardized test administered to high school juniors and seniors each October. The PSAT has the same format as the SAT, and serves as a rough predictor for SAT performance. PSAT scores from the junior year count toward National Merit Scholarship |
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