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Glossary
 
A-E F-J K-O P-T U-Z
         
         
Parent Contribution

The parent contribution is an estimate of the portion of your educational expenses that the bank/financial institution believes the parents can afford. It is based on their income, the number of parents earning income, assets, family size, the number of family members currently attending a university, and other relevant factors. Students who qualify as independent are not expected to have a parent contribution.
Principal

Principal is the amount of money borrowed under the loan. Interest is charged as a percentage of the principal.

Professional Courses

Courses such as M.B.B.S., M.B.A., Fashion Designing, and Computer Programming are termed as professional courses.

Repayment Schedule

The period during which the applicant actually starts repaying the principal loan amount and the interest.

Scholarship

A form of financial aid given to students to help pay their education expenses. Most scholarships are restricted to paying all or part of the tuition expenses, though some scholarships also cover room and board expenses. A scholarship is a form of gift aid and does not have to be repaid. Many scholarships are restricted to students in specific courses of study or for those with academic, athletic or artistic talent.

Security

Security is some form of providing comfort to the lending institution against default or failure of repayment. It could be by way of a collateral or guarantee.

Term

The term of a loan is the number of years (or months) during which the loan is to be repaid.

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