Parent's Contribution (PC)		Amount parents can be expected to contribute each year to the cost of their student's education as determined by the Federal Methodology.
Parent Loans For Undergraduate Students (PLUS)		Federally-insured loans for parents of dependent students.
Pell Grant Program		The largest federal grant program. Eligibility and award amounts are determined by the college based on established federal guidelines.
Period of Enrollment		The period for which aid is made as determined by the school. A period of enrollment coincides with an academic term such as the academic year, semester, trimester, or quarter, and starts on the day classes begin.
Perkins Loans		Federally-insured loans funded by the federal government and awarded by the school. The loan features a low interest rate and are repayable over an extended period.
Post-Secondary		This term means "after high school" and refers to all programs for high school graduates, including programs at two and four-year colleges, and vocational & technical schools.
Prerequisites		Courses that must be completed before certain other courses can be taken.
Prepayment		Paying off all or part of a loan before it is due.
Principal Balance		Amount borrowed, which may increase as a result of interest capitalization, and the amount on which interest is calculated.
Private Loans		Private loans provide supplemental funding when other financial aid does not cover costs. These loans are offered by banks or other financial institutions to parents and students. These loans are not guaranteed/funded by the government and therefore are not subject to federal financial aid regulations. The provider of the loan determines the process/terms.
Promissory Note		Contract between a borrower and a lender that includes all the terms and conditions under which the borrower promises to repay the loan including the borrower's rights and responsibilities.
Proprietary School		Post-secondary schools that are private and are legally permitted to make a profit. Most proprietary schools offer technical and vocational courses.
PSAT/NMSQT		The Preliminary Scholastic Assessment Test and the National Merit Scholastic Qualifying Test. Help prepare students for the SAT and is part of the qualifying criteria for the National Merit Scholarship Program. A student usually takes this test as a high school sophomore or early in the junior year.