J.L.Sherman&Associates,Inc.

The Leader in Loan Quotation and Loan Calculation Software

Student Loan Example #1

The SCEX loan calculation engine is an embedded solutions for student lending partners to use in their own end user applications. This sample illustrates a single advance student loan where 18 interest only payments are made during the grace period, with the interest accrued on an actual/actual day basis. Following the grace period, the repayment period accrues interest on a true 360 day basis over 180 months.

Request

We have included comments within the following XML document itself to help to document our goals and how to achieve those goals via XML using the Loan Builder module found in the SCEX.

<inLOAN_BUILDER>

  <!-- TURN ON OUTPUT FEATURES -->
  <EditOutput
    ShowType="true"/>

  <!-- ********************************** -->
  <!-- ********** GRACE PERIOD ********** -->
  <!-- ********************************** -->

  <!-- Interest accrues on an Actual/Actual Simple basis during Grace Period -->
  <EditInterest Date="2017-09-01" IntRate="3.49" AccrualCode="330" />

  <!-- Make the Advance -->
  <Advance Date="2017-09-01" Amount="15000.00" />

  <!-- Grace Period Interest Only Payments -->
  <PmtStream Begin="2017-10-01" PmtType="PayInt" Term="18" />

  <!-- ********************************** -->
  <!-- ******* REPAYMENT PERIOD ********* -->
  <!-- ********************************** -->

  <!-- Begin accruing on a True360/360 US Rule basis -->
  <EditInterest Date="2019-03-07" AccrualCode="304" />

  <!-- 180 computed payments -->
  <PmtStream Begin="2019-04-07" PmtType="CalcPmt" Term="180" />

</inLOAN_BUILDER>

Results

The results generated by the Loan Builder module in the SCEX for the above request are below. Note that we have omitted the amortization schedule lines for payments 25 through 197.

<outLOAN_BUILDER>
   <Results>
      <Description>Successful Calculation</Description>
      <XMLDetail>XML Input is well formed</XMLDetail>
      <XMLDetail>XML Output is untested</XMLDetail>
   </Results>
   <FedBox>
      <AmtFin>15000.00</AmtFin>
      <FinChg>5082.70</FinChg>
      <TotPmts>20082.70</TotPmts>
      <RegZAPR Type="Actuarial">3.488</RegZAPR>
   </FedBox>
   <Moneys>
      <Proceeds>15000.00</Proceeds>
      <Principal>15000.00</Principal>
      <Interest>5082.70</Interest>
   </Moneys>
   <Accrual>
      <Method>Actual/Actual USRule</Method>
      <Method>True360/360 USRule</Method>
      <Days1Pmt DayCount="Actual">30</Days1Pmt>
      <Maturity>2034-03-07</Maturity>
   </Accrual>
   <PmtStream Term="1" Pmt="43.03" Rate="3.490" Begin="2017-10-01"/>
   <PmtStream Term="1" Pmt="44.46" Rate="3.490" Begin="2017-11-01"/>
   <PmtStream Term="1" Pmt="43.03" Rate="3.490" Begin="2017-12-01"/>
   <PmtStream Term="2" Pmt="44.46" Rate="3.490" Begin="2018-01-01" PPY="12"/>
   <PmtStream Term="1" Pmt="40.16" Rate="3.490" Begin="2018-03-01"/>
   <PmtStream Term="1" Pmt="44.46" Rate="3.490" Begin="2018-04-01"/>
   <PmtStream Term="1" Pmt="43.03" Rate="3.490" Begin="2018-05-01"/>
   <PmtStream Term="1" Pmt="44.46" Rate="3.490" Begin="2018-06-01"/>
   <PmtStream Term="1" Pmt="43.03" Rate="3.490" Begin="2018-07-01"/>
   <PmtStream Term="2" Pmt="44.46" Rate="3.490" Begin="2018-08-01" PPY="12"/>
   <PmtStream Term="1" Pmt="43.03" Rate="3.490" Begin="2018-10-01"/>
   <PmtStream Term="1" Pmt="44.46" Rate="3.490" Begin="2018-11-01"/>
   <PmtStream Term="1" Pmt="43.03" Rate="3.490" Begin="2018-12-01"/>
   <PmtStream Term="2" Pmt="44.46" Rate="3.490" Begin="2019-01-01" PPY="12"/>
   <PmtStream Term="1" Pmt="40.16" Rate="3.490" Begin="2019-03-01"/>
   <PmtStream Term="180" Pmt="107.22" Rate="3.490" Begin="2019-04-07" PPY="12"/>
   <AmTable>
      <AmLine Type="Advance" Idx="0" Date="2017-09-01" BegBal="0.00" 
        Pmt="0.00" Int="0.00" Prin="-15000.00" UnpaidInt="0.00" EndBal="15000.00"/>
      <AmLine Type="EditInterest" Idx="0" Date="2017-09-01" BegBal="15000.00" 
        Pmt="0.00" Int="0.00" Prin="0.00" UnpaidInt="0.00" EndBal="15000.00"/>
      <AmLine Type="PayInt" Idx="1" Date="2017-10-01" BegBal="15000.00" 
        Pmt="43.03" Int="43.03" Prin="0.00" UnpaidInt="0.00" EndBal="15000.00"/>
      <AmLine Type="PayInt" Idx="2" Date="2017-11-01" BegBal="15000.00" 
        Pmt="44.46" Int="44.46" Prin="0.00" UnpaidInt="0.00" EndBal="15000.00"/>
      <AmLine Type="PayInt" Idx="3" Date="2017-12-01" BegBal="15000.00" 
        Pmt="43.03" Int="43.03" Prin="0.00" UnpaidInt="0.00" EndBal="15000.00"/>
      <AmLine Type="PayInt" Idx="4" Date="2018-01-01" BegBal="15000.00" 
        Pmt="44.46" Int="44.46" Prin="0.00" UnpaidInt="0.00" EndBal="15000.00"/>
      <AmLine Type="PayInt" Idx="5" Date="2018-02-01" BegBal="15000.00" 
        Pmt="44.46" Int="44.46" Prin="0.00" UnpaidInt="0.00" EndBal="15000.00"/>
      <AmLine Type="PayInt" Idx="6" Date="2018-03-01" BegBal="15000.00" 
        Pmt="40.16" Int="40.16" Prin="0.00" UnpaidInt="0.00" EndBal="15000.00"/>
      <AmLine Type="PayInt" Idx="7" Date="2018-04-01" BegBal="15000.00" 
        Pmt="44.46" Int="44.46" Prin="0.00" UnpaidInt="0.00" EndBal="15000.00"/>
      <AmLine Type="PayInt" Idx="8" Date="2018-05-01" BegBal="15000.00" 
        Pmt="43.03" Int="43.03" Prin="0.00" UnpaidInt="0.00" EndBal="15000.00"/>
      <AmLine Type="PayInt" Idx="9" Date="2018-06-01" BegBal="15000.00" 
        Pmt="44.46" Int="44.46" Prin="0.00" UnpaidInt="0.00" EndBal="15000.00"/>
      <AmLine Type="PayInt" Idx="10" Date="2018-07-01" BegBal="15000.00" 
        Pmt="43.03" Int="43.03" Prin="0.00" UnpaidInt="0.00" EndBal="15000.00"/>
      <AmLine Type="PayInt" Idx="11" Date="2018-08-01" BegBal="15000.00" 
        Pmt="44.46" Int="44.46" Prin="0.00" UnpaidInt="0.00" EndBal="15000.00"/>
      <AmLine Type="PayInt" Idx="12" Date="2018-09-01" BegBal="15000.00" 
        Pmt="44.46" Int="44.46" Prin="0.00" UnpaidInt="0.00" EndBal="15000.00"/>
      <AmLine Type="PayInt" Idx="13" Date="2018-10-01" BegBal="15000.00" 
        Pmt="43.03" Int="43.03" Prin="0.00" UnpaidInt="0.00" EndBal="15000.00"/>
      <AmLine Type="PayInt" Idx="14" Date="2018-11-01" BegBal="15000.00" 
        Pmt="44.46" Int="44.46" Prin="0.00" UnpaidInt="0.00" EndBal="15000.00"/>
      <AmLine Type="PayInt" Idx="15" Date="2018-12-01" BegBal="15000.00" 
        Pmt="43.03" Int="43.03" Prin="0.00" UnpaidInt="0.00" EndBal="15000.00"/>
      <AmLine Type="PayInt" Idx="16" Date="2019-01-01" BegBal="15000.00" 
        Pmt="44.46" Int="44.46" Prin="0.00" UnpaidInt="0.00" EndBal="15000.00"/>
      <AmLine Type="PayInt" Idx="17" Date="2019-02-01" BegBal="15000.00" 
        Pmt="44.46" Int="44.46" Prin="0.00" UnpaidInt="0.00" EndBal="15000.00"/>
      <AmLine Type="PayInt" Idx="18" Date="2019-03-01" BegBal="15000.00" 
        Pmt="40.16" Int="40.16" Prin="0.00" UnpaidInt="0.00" EndBal="15000.00"/>
      <AmLine Type="EditInterest" Idx="0" Date="2019-03-07" BegBal="15000.00" 
        Pmt="0.00" Int="0.00" Prin="0.00" UnpaidInt="8.6055" EndBal="15000.00"/>
      <AmLine Type="CalcPmt" Idx="19" Date="2019-04-07" BegBal="15000.00" 
        Pmt="107.22" Int="52.23" Prin="54.99" UnpaidInt="0.00" EndBal="14945.01"/>
      <AmLine Type="CalcPmt" Idx="20" Date="2019-05-07" BegBal="14945.01" 
        Pmt="107.22" Int="43.47" Prin="63.75" UnpaidInt="0.00" EndBal="14881.26"/>
      <AmLine Type="CalcPmt" Idx="21" Date="2019-06-07" BegBal="14881.26" 
        Pmt="107.22" Int="43.28" Prin="63.94" UnpaidInt="0.00" EndBal="14817.32"/>
      <AmLine Type="CalcPmt" Idx="22" Date="2019-07-07" BegBal="14817.32" 
        Pmt="107.22" Int="43.09" Prin="64.13" UnpaidInt="0.00" EndBal="14753.19"/>
      <AmLine Type="CalcPmt" Idx="23" Date="2019-08-07" BegBal="14753.19" 
        Pmt="107.22" Int="42.91" Prin="64.31" UnpaidInt="0.00" EndBal="14688.88"/>
      <AmLine Type="CalcPmt" Idx="24" Date="2019-09-07" BegBal="14688.88" 
        Pmt="107.22" Int="42.72" Prin="64.50" UnpaidInt="0.00" EndBal="14624.38"/>
      ...
      <AmLine Type="CalcPmt" Idx="198" Date="2034-03-07" BegBal="106.93" 
        Pmt="107.22" Int="0.31" Prin="106.91" UnpaidInt="0.00" EndBal="0.02"/>
   </AmTable>
</outLOAN_BUILDER>