EFC Financial Glossary

What is it? See Expected Family Contribution.

Finance Term Definition Added By: Keira

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Other Similar Finance Terms:

Financial Term PrePayment is Payment of the mortgage loan before the scheduled due date. May be subject to a prepayment penalty.

Financial Term Hurdle Rate is The minimum required return on a project.

Financial Term Mortgage Valuation is This is the most basic form of survey and is the minimum required by lenders in order to ascertain the suitability of the property as security for their loan. Although the borrower will normally receive a copy of this report it should not be relied upon as a comprehensive report on the condition of the property. A more detailed report (either a Home Buyers Report or Structural Survey) should be commissioned when considering the purchase of a property.

Financial Term Fund/Fund Type (F) is F in FOAPAL. The fund element is used to specify the funding source. Examples of funds include educational and general, auxiliary enterprises, financial aid, and indirect cost recovery. For funding sources other than grants and contracts, the fund code represents information similar to the ledger used in the old Finance system. Each grant or contract is assigned a separate fund code to identify the funding source. When performing budget queries for inception-to-date information on grants, the fund code becomes the grant code.

Financial Term Capitalization (of interest) is The arrangement between borrower and lender whereby interest payments are deferred as they come due and are added to the principal amount of the loan.