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Student Loan Example #2

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 multiple advance student loan where interest is capitalized at the end of 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.


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.


  <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="6000.00"/>

  <Advance Date="2018-01-08" Amount="8000.00"/>

  <Advance Date="2018-04-08" Amount="10000.00" />

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

  <!-- Capitalize Interest, then Accrue on a True360/360 basis -->
  <EditInterest Date="2019-03-07" AccrualCode="304" Capitalize="true" />

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



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 7 through 189.

      <Description>Successful Calculation</Description>
      <XMLDetail>XML Input is well formed</XMLDetail>
      <XMLDetail>XML Output is untested</XMLDetail>
      <RegZAPR Type="Actuarial">3.479</RegZAPR>
      <Method>Actual/Actual USRule</Method>
      <Method>True360/360 USRule</Method>
      <Days1Pmt DayCount="Actual">583</Days1Pmt>
   <PmtStream Term="180" Pmt="178.30" Rate="3.490" Begin="2019-04-07" PPY="12"/>
      <AmLine Type="Advance" Idx="0" Date="2017-09-01" BegBal="0.00" 
        Pmt="0.00" Int="0.00" Prin="-6000.00" UnpaidInt="0.00" EndBal="6000.00"/>
      <AmLine Type="EditInterest" Idx="0" Date="2017-09-01" BegBal="6000.00" 
        Pmt="0.00" Int="0.00" Prin="0.00" UnpaidInt="0.00" EndBal="6000.00"/>
      <AmLine Type="Advance" Idx="0" Date="2018-01-08" BegBal="6000.00" 
        Pmt="0.00" Int="0.00" Prin="-8000.00" UnpaidInt="74.01" EndBal="14000.00"/>
      <AmLine Type="Advance" Idx="0" Date="2018-04-08" BegBal="14000.00"
        Pmt="0.00" Int="0.00" Prin="-10000.00" UnpaidInt="194.49" EndBal="24000.00"/>
      <AmLine Type="EditInterest" Idx="0" Date="2019-03-07" BegBal="24000.00" 
        Pmt="0.00" Int="958.66" Prin="-958.66" UnpaidInt="0.00" EndBal="24958.66"/>
      <AmLine Type="CalcPmt" Idx="1" Date="2019-04-07" BegBal="24958.66" 
        Pmt="178.30" Int="72.59" Prin="105.71" UnpaidInt="0.00" EndBal="24852.95"/>
      <AmLine Type="CalcPmt" Idx="2" Date="2019-05-07" BegBal="24852.95" 
        Pmt="178.30" Int="72.28" Prin="106.02" UnpaidInt="0.00" EndBal="24746.93"/>
      <AmLine Type="CalcPmt" Idx="3" Date="2019-06-07" BegBal="24746.93" 
        Pmt="178.30" Int="71.97" Prin="106.33" UnpaidInt="0.00" EndBal="24640.60"/>
      <AmLine Type="CalcPmt" Idx="4" Date="2019-07-07" BegBal="24640.60" 
        Pmt="178.30" Int="71.66" Prin="106.64" UnpaidInt="0.00" EndBal="24533.96"/>
      <AmLine Type="CalcPmt" Idx="5" Date="2019-08-07" BegBal="24533.96" 
        Pmt="178.30" Int="71.35" Prin="106.95" UnpaidInt="0.00" EndBal="24427.01"/>
      <AmLine Type="CalcPmt" Idx="6" Date="2019-09-07" BegBal="24427.01" 
        Pmt="178.30" Int="71.04" Prin="107.26" UnpaidInt="0.00" EndBal="24319.75"/>
      <AmLine Type="CalcPmt" Idx="180" Date="2034-03-07" BegBal="178.37" 
        Pmt="178.30" Int="0.52" Prin="177.78" UnpaidInt="0.00" EndBal="0.59"/>