Following is an excerpt from a hypothetical conversation between Janet Lane, a college person, her financial aid counselor, and Janet's parents, as they consider options for obtaining a loan to finance Janet's higher education Fill in the blanks to provide the correct information COUNSELOR: Janet, I understand that you need additional aid to pay for your higher education and that your parents are willing to help you. They can apply for a loan. JANET: I'm so relieved to hear that I have a but it just isn't enough COUNSELOR: Mr. and Mrs. Lane, let's review a couple of the loan's terms that are different from those of Janet's loan. First, you be subject to And, the interest rate on your loan will be than Janet's MRS. LANE: That's okay. We're willing to accept those terms, not only because we want our daughter to concentrate on her studies rather than get another job, but also because we like knowing that the borrowing limit is Instead or COUNSELOR: Good. Then let's talk about paying back the loan. Are you aware of the general terms regarding Interest and timing of repayment? We'll most likely be expected to begin repaying the MR. LANE: Yes. Interest will start to accrue loan loan. And remember, the interest payments may be tax COUNSELOR: Very good. Let's start completing the application for a deductible depending on JANET: Thank you for your help. I'm looking forward to starting the next phase of my education. And, thanks, Mom and Dad