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| O-P |  Origination Fee - is a fee that a lender may charge in order to subsidize the cost of a low-interest loan. It is taken out as a percentage of the loan when it is originally issued.
Packaging – is the process of combining various types of student aid, such as grants, loans, scholarships, and employment, to attempt to meet full amount of student's need.
Parental Contribution – is the amount expected to be contributed by your parents toward your college expenses.
Parental Loans for Undergraduate Students or PLUS loans – are loans given by the same financial institutions that give Stafford Loans.
Pell Grant is a need-based type of federal financial aid that does not need to be paid back. It is available only to undergraduate students.
Pell Grant Index Number – is an index number appearing on one’s Student Aid Report that determines the amount of Pell Grant money to be included in student’s financial aid package. The number is the result of a series of calculations based on the Aid Report.
Perkins Loan – is a low-interest, need-based loan given by schools. Its payback begins nine months after a student’s graduation.
PIN (Personal identification number) is provided by the U.S. Department of Education for both students and parents. It serves as student’s e-signature on the electronic FAFSA.
Pre-Scholastic Aptitude Test or National Merit Scholarship Qualifying Test is taken during junior year of high school as a preparation for the SAT and a qualifying test for the National Merit Scholarship.
Principal – the amount of money borrowed through a loan; does not include interest or other charges, unless they are capitalized.
Promissory Note – is a legal document which binds a borrower to the repayment obligations and other terms and conditions which govern a loan program.
Professional Judgment - aid administrator discretion, based on special circumstances of the student, to change data elements used in determining eligibility for federal student aid.
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