It is based on their income, the number of parents earning income, assets, family size, and the number of family members currently attending a university. Students who qualify as independent are not expected to have a parental contribution. PJ PJ stands for Professional Judgement. In some federal aid programs the financial aid administrator can adjust the EFC, adjust the COA, or change the dependency status when extenuating circumstances exist. Principal Principal is the amount of money borrowed under the loan.
Interest is charged as a percentage of the principal.
Professional Student A student pursuing advanced study in law, medicine, or education. A promisory note is the binding legal document signed by the student borrower before loan funds are disbursed by the lender. The promisory note states the terms and conditions of the loan, including repayment schedule, interest rate, deferment policy, and cancellations. The student should keep this document until the loan has been repaid. A form of financial aid given to graduate students to help support their education.