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B
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| P |
| Parent Loan For Undergraduate Students (PLUS) |
A federal education loan
program that allows parents of dependent undergraduate students to borrow guaranteed
loans. |
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| Partial Cancellation |
Cancellation of a
disbursement or a portion of a disbursement rather than of an entire loan. |
|
| Partially Disbursed |
The transfer of some but
not all of the designated installments of the loan proceeds from the lender to the
recipient. |
|
| Pell
Grant |
A
federal need-based grant. |
|
| Pending |
The status assigned to a
loan application that has not completed the origination process and for which an approval
or denial decision has not yet been made. |
|
| Pending Certification |
The status assigned to a
loan application that has not yet been certified by the school's financial aid officer. |
|
| Perkins Loan |
A low interest federal loan
program administered by the school. |
|
| Pre-Approval (Prequalification) |
The application process by
which a potential PLUS or private loan borrower can seek faster credit approval results. |
|
| Prime Rate |
The
rate at which banks borrow money
from each other. The Prime Rate
is an index used by some variable-rate
loan programs. |
|
| Principal |
The amount of a loan that
must be repaid upon maturity and the amount upon which interest will be charged. |
|
| Principal Balance |
The outstanding amount of
the loan on which the lender charges interest. As the loan is repaid, a portion of each
payment is used to satisfy interest that has accrued, and the remainder of the payment is
used to reduce the outstanding principal balance. |
|
| Promissory Note |
The legally binding
document or "promise to pay" that a borrower signs before receiving loan
proceeds. The promissory note includes information about the terms and conditions of the
loan. |
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Federal Consolidation Loan
