Loan terminology glossary
The terms and definitions that follow are supposed to offer easy, casual meaning for content you may possibly see on our internet site that will not be familiar for you. The particular concept of a term or phrase is determined by where and how it really is used, as the appropriate papers, including finalized agreements, consumer disclosures, interior system policy manuals and industry use, will get a grip on meaning in a context that is particular. The terms and definitions that follow don’t have any effect that is binding purposes of every agreements or other deals with us. Your Campus Housing Programs Representative or the workplace of Loan products staff is supposed to be thrilled to answer any questions that are specific could have.
ACH:(see Automated Clearing Home)
Amortization: Loan 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 regarding the outstanding balance.
Amortized Loan: that loan become paid back, by a number of regular installments of principal and interest, which are equal or almost equal, with no special balloon repayment just before readiness.
Anniversary Date: The date upon that your payment that is twelfth due. This does occur when you look at the exact same thirty day period and time every year thereafter on any MOP Promissory Note.
Yearly portion Rate (APR): a portion price that reflects the quantity of interest made or charged.
Applicant: an appointee that is eligible by one of several ten University campuses, workplace associated with President or, LBNL as qualified to submit an application for that loan under the UC Residence Loan Program. Continue reading Workplace of Loan Tools. To locate a meaning, click on the very first letter regarding the term.