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<strong>Principal balance</strong> – The outstanding amount of a loan, on which the lender charges interest.
<strong>Financial aid package</strong> – The total amount of financial aid that a school awards a student for any given aid year. Also referred to as “financial aid award.”
European Community (FO)<br />The name given to the EUROPEAN COMMUNITIES since 1967. The original six member states (France, West Germany, Italy, Belgium, the Netherlands and Luxemburg) were joined, in 1973, by the UK, Ireland and Denmark, followed by Greece in 1982, and Spain and Portugal in 1986. The signatory countries of the European Community hoped to promote a greater equality of incomes between nations and regions, to raise the rate of economic growth, to help Third World countries and to establish a major economic power, rivalling the USA and the USSR. By 1987, the European Community had a population of 323 million inhabitants, making it
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private cost (DO)<br />The cost to an individual person, or a firm, of the resource(s) used, measured at market prices. In many cases, private cost approximates to the OPPORTUNITY COST of employing such inputs.<br /><em>See also:</em> social cost
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