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FAQ: Borrower Bill

EXPLANATION OF YOUR BILL

Page 1

  • Current Amount Due: Total current payment that is due and payable on your Federal Perkins Loan(s). Includes principal and interest.
  • Past Due Amount: Total payment that is past due on your Federal Perkins Loan(s). Includes principal and interest.
  • Total Amount Due: Total current due plus past due amount.
  • Due By: Date when the Total Amount Due must be paid.

Page 2

  • Important Information About Your Student Account(s): Special message that apply to all of your Federal Perkins Loans.

Loans on This Statement Section

  • Account Type: Type of student loan.
  • Interest Rate: Annual percentage rate you pay on your Federal Perkins Loan.
  • Payment Frequency: Frequency with which your Federal Perkins Loan payment is due.
  • Original Amount: Original amount of your Federal Perkins Loan. Includes principal only.
  • Current Balance: Current balance of your Federal Perkins Loan. Includes principal and interest.
  • Payoff Amount Thru: Amount that you will need to pay if you want to pay your Federal Perkins Loan in full. Includes principal and interest.
  • Total Principal Paid/Canc to Date: Amount of principal that you have paid on your Federal Perkins Loan or that has been cancelled through an eligible cancellation entitlement.
  • Total Interest Paid/Canc to Date: Amount of interest that you have paid on your Federal Perkins Loan or that has been cancelled through an eligible cancellation entitlement.
  • Total Paid/Canc to date: Amount of principal and interest that you paid on your Federal Perkins Loan or that has been cancelled through an eligible cancellation entitlement.
  • Current Principal Due: Amount of principal that is currently due and payable on your Federal Perkins Loan.
  • Current Interest Due: Amount of interest that is current due and payable on your Federal Perkins Loan.
  • Past Principal Due: Amount of principal that is past due on your Federal Perkins Loan.
  • Past Due Interest: Amount of interest that is past due on your Federal Perkins Loan.
  • Total Payment Due: Total payment that is due on your Federal Perkins Loan. Includes Current Principal Due, Current Interest Due, Past Principal Due, and Past Due Interest.
  • Payment Due Date: Date when the Total Payment Due must be paid.
  • Notes Applicable to This Account: Messages that apply to this Federal Perkins Loan.

If your payment exceeds the amount due on your account, the balance of the payment will be applied to principal. This practice can shorten the repayment time of your loan and reduce the total amount of interest over the life of your loan.