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P
Parent Contribution (PC)
The amount, as determined by the FAFSA, that a dependent student's parents can reasonably be expected to contribute toward that child's educational expenses.
PLUS Loans
See Federal PLUS Loans.
Principal
The original amount borrowed. Interest is computed as a percentage of principal. For example, if a student borrows $2,500 a year for four years of college, the principal would be $10,000. The borrower pays interest on the outstanding (or remaining) principal each month until the entire loan is paid off.
Priority Deadline
Northwest College's recommended priority deadline for having FAFSA results and requested information to us follows:
Fall Semester: March 1st
Spring Semester: October 1st
In order to meet these deadlines you should submit your online FAFSA at https://studentaid.gov prior to the above deadlines.
Professional Judgment
While the method for determining a student's need for federal financial aid is defined by federal law, it does give the financial aid administrator the opportunity to use his or her professional judgment in some limited circumstances.
Promissory Note
The legal document a borrower signs. The promissory note includes the conditions under which the money is borrowed, interest rates and other terms. Borrowers should retain copies of all promissory notes until the loans are fully paid.
