PLUS Loan
PLUS Loans are available to parents of dependent graduate students and to students enrolled in graduate and professional programs. PLUS loans are unsubsidized loans that accrue interest from the date of disbursement.
Prepayment
A prepayment is an amount in excess of the amount due on a loan. If borrowers have more than one Direct Loan, they must specify which loan they are prepaying. Like all other Direct Loan payments, a prepayment first will be applied to any outstanding fees and charges, next to outstanding interest, and then to the principal balance of the loan(s). There is never a penalty for prepaying principal or interest on Direct Loan Program loans.
Principal Loan Balance Outstanding (principal balance)
The total principal amount outstanding on a borrower's Direct Loan(s). Principal balance will include the original amount(s) disbursed for the loan(s), any adjustments made to the loan disbursement amount, and any interest capitalized on the account(s).
Promissory Note
The binding legal document that borrowers sign when they obtain loans. Promissory notes define the conditions under which funds are provided and the terms under which borrowers agree to pay back the loan. Promissory notes include information about the interest rate and about deferment and cancellation provisions.
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