Loan terminology glossary
The terms and definitions that follow are supposed to offer easy, casual meaning for phrases and words you’ll see on our site that could never be familiar for you. The precise concept of a term or expression depends on where and exactly how its utilized, since the relevant papers, including finalized agreements, client disclosures, interior system policy manuals and industry usage, will get a handle on meaning in a specific context. The terms and definitions that follow haven’t any binding impact for purposes of any agreements or other deals with us. Your Campus Housing Programs Representative or the workplace of Loan tools staff will likely be very happy to respond to any certain concerns you could have.
ACH:(see Automated Clearing Home)
Amortization: Loan re re re payments by equal regular quantities determined to cover from the financial obligation at the conclusion of a hard and fast duration, including accrued interest in the outstanding stability.
Amortized Loan: that loan become paid back, by a number of regular installments of principal and interest, which can be equal or almost equal, with no balloon that is special ahead of maturity.
Anniversary Date: The date upon that your twelfth repayment is due. This does occur within the calendar that is same and day every year thereafter on any MOP Promissory Note.
Yearly portion Rate (APR): a portion price that reflects the quantity of interest charged or earned.
Applicant: an appointee that is eligible by one of several ten University campuses, workplace of this President or, LBNL as entitled to submit an application for a loan beneath the UC Residence Loan Program.…