FAQ: Borrower Bill
EXPLANATION OF YOUR BILL
- Type Code / Description: Code used to identify your loan type along with long text description of the type code.
- Annual Percentage Rate: Annual percentage rate you pay on your loan.
- Original Debt Amount: Original amount of the debt.
- Principal Balance: Principal balance that is currently owed as of the date of this statement.
- Payment Frequency: Frequency with which your payment is due.
- Total Current Due: Total current payment that is due and payable (Principal + Interest)
- Principal Due: Amount of principal due in your total current payment amount.
- Interest Due: Amount of interest due in your total current payment amount.
Past Due Section
- Total Past Due: Total payment amount that is past due (Past Due Principal + Past Due Interest)
- Principal Past Due: Amount of principal past due in your total past due payment amount.
- Interest Past Due: Amount of interest due in your total past payment amount.
- Total Payment Due: Total amount due to keep your account in a current and good standing status (Total Current Due + Total Past Due)
- Date of Last Payment: Date that we posted the last payment on your loan account.
- Payments Since Last Statement: Total payment amount received since your last statement date.
- Principal Paid Since Last Statement: Total principal paid since your last statement date.
- Interest Paid Since Last Statement: Total interest paid since your last statement date.
If your payment exceeds the amount due on your account, the balance of the payment will be applied to principal. This practice can shorten the repayment time of your loan and reduce the total amount of interest over the life of your loan.