1) Student Loan: Loans made, insured, or guaranteed under any program authorized by the Higher Education Act. Loan funds are used by the borrower for education purposes. 2) Substitute Check: A substitute check is a paper copy of the front and back of the original check. A substitute check is slightly larger than a standard personal check so that it can contain a picture of your original check. A substitute check is legally the same as the original check if it accurately represents the information on the original check and includes the following statement: "This is a legal copy of your check. You can use it the same way you would use the original check." The substitute check must also have been handled by a bank. Substitute checks were created under Check 21, the Check Clearing for the 21st Century Act, which became effective on October 28, 2004. 3) Terms: The period of time and the interest rate arranged between creditor and debtor to repay a loan. 4) Time Certificate of Deposit: A time deposit evidenced by a negotiable or nonnegotiable instrument specifying an amount and maturity. 5) Time Deposit: A time deposit (also known as a term deposit) is a money deposit at a bank that cannot be withdrawn for a certain "term" or period of time. When the term is over it can be withdrawn, or it can be held for another term. The longer the term, the better the yield on the money. Generally, there are significant penalties for early withdrawal.
Posted on: Fri, 04 Oct 2013 03:50:58 +0000
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