The total amount of a loan or loans, including both principal and interest, still to be repaid. Money given to students with the highest amount of financial need. Pell Grants do not have to be repaid. The original amount borrowed. Origination and guarantee fees are deducted from this amount before disbursement.
Interest is computed as a percentage of the principal.
A student's parents may borrow up to the difference between educational costs and other financial aid each year from a bank or other lending institution through this program. Written descriptions of exact terms, conditions, and requirements of repayment, including the interest rate and the monthly payment. Repayment disclosure statements are mailed to students by lenders before their loan goes into repayment. Borrowers should retain repayment disclosure statements until the loan is paid in full. Methods or special features of repayment offered by lenders and other holders of student loans.