FAQ: How is the Scheduled First Payment Date Calculated?

Q: How does Charlie calculate the scheduled first payment date? 

A: Charlie automatically calculates the Scheduled First Payment Date based on the Estimated Disbursement Date and the Prepaid Interest Collection Type.

 When does this calculation occur?

• This calculation only runs if the Estimated Disbursement Date is not empty.

• Once the Estimated Disbursement Date is set, Charlie applies logic based on the Prepaid Interest Collection Type.

Calculation Logic:

1. If Prepaid Interest Collection Type = Collect:

   • The Scheduled First Payment Date is set to the first day of the month two months after the disbursement month.

2. If Prepaid Interest Collection Type = Credit:

   • The Scheduled First Payment Date is set to the first day of the month one month after the disbursement month.

Example Scenarios:

• Disbursement Date: April 15, 2025

  • Prepaid Interest Collection Type: Collect

    • Scheduled First Payment Date: June 1, 2025 (two months after April)

  • Prepaid Interest Collection Type: Credit

    • Scheduled First Payment Date: May 1, 2025 (one month after April)

Where can I view the Scheduled First Payment Date?

1. Navigate to the Loan Overview screen.

2. Click on the Dates chip at the top of the screen.

3. Locate the Scheduled First Payment Date alongside other key loan dates.