What kind of questions are included on student loan applications?
Student loan applications ask for general contact information like your address, telephone number, and email address.
They also ask questions about your income and expected graduation date.
What is interest?
Interest is money that is added to a loan. It is the "cost" of borrowing money.
If a student borrows $10,000 for school, he or she will have to pay back the $10,000 plus interest.
What is the principal of a loan?
The principal is the amount borrowed.
Interest is computed only on the portion of the principal that is still owed.