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After signing on the bottom line, it is important for students to remember that effective borrowing can mean the difference between $15,000 and $40,000 dollars in student debt. Effective borrowing begins with a thorough understanding of the terms associated with a loan and some well-informed tips. Common terms associated with student loans include: principal, fees and interest. Learn what these common terms mean for your loan as well as how they affect the overall amount you will owe after graduation.