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The individual who signed and agreed to the terms in the promissory note and is responsible for repaying a loan. This refers to the person that owes for the loan: who it belongs to. Generally the student is the borrower, however in some cases, a parent may cosign on the loan (Parent Plus Loan) or the spouse may consolidate the loans under both names, (Spousal Consolidation,) in that case all financially responsible parties would be referred to as the borrower.