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GLOSSARY
Estimated Financial Contribution
The amount of college tuition the student and his or her family (if applicable) are expected to contribute to the overall cost of higher education. This number is determined by filling out the Free Application for Federal Student Aid, or FAFSA.
Estimated financial contribution - EFC
Estimated financial contribution, or EFC, is an approximation of the portion of college education expenses that will not be covered by financial aid. The EFC helps the student, or student's family, budget for their part of the educational expenses.
Estimated tax payments
Estimated tax payments are quarterly tax installments paid to the IRS during the year the income taxes are incurred. Taxpayers who don't have sufficient paycheck withholdings are often required to make estimated tax payments. Examples include self-employed individuals, and those who earn a large amount of investment income.
Eurocredit
Eurocredit is a loan made in a currency other than the lender's national currency. In the U.S., loans made in euros, yen, or pounds (or any currency other than dollars), are eurocredits.
Evaluator
An evaluator is one who's qualified to make appraisals. Often, evaluators deal with unique items, such as rare coins or antique furniture.
Evergreen loan
An evergreen loan is a short term debt, usually a line of credit, that's constantly renewed. The principal essentially remains outstanding for the long term, even though the loan is structured with a short term maturity date.
Eviction
The legal removal of an occupant from real property.
Exact interest
Exact interest is the method of calculating interest expense that's based on a 365-day year. Some debts accrue interest for 360 days each year, while others accrue 365 days of interest annually. The method used for a given debt might be a point of negotiation between lender and borrower prior to funding, because it affects the actual annual interest costs of the loan. The loan documentation for a given debt would specify which method is to be used.
Examination of title
An examination by a title company of public records and other documents to determine the chain of ownership of a property.
Excess wear charge
The lessee must pay charges for exceeding the limits when turning in the car at the end of the lease. Most dealers will assess a normal wear and tear charge an outline it in the terms of the lease at the lease's inception. Anything above the initial agreement will accrue this charge.
Exchange
Exchange, in general, refers to a trade or sale of property. In investing, an exchange is a marketplace that facilitates the trading of financial instruments, such as stocks.
Exchange fee
An exchange fee, in general, can be any assessment that results from a trade. In mutual fund investing, the mutual fund company may charge its investors an exchange fee when shares of one fund are exchanged for shares of another fund. In time share ownership, an owner might be charged an exchange fee when trading in time at the owned property for time at another property.
Excise taxes
Excise taxes are government-imposed tariffs on the sale or use of non-essential goods. Tobacco and liquor often carry excise taxes. Excise taxes can also be imposed on someone who makes ineligible withdrawals from a retirement account.
Exclusion (tax)
Exclusion is a U.S. tax term referring to income that's specifically not included in the calculation of adjusted gross income.
Exclusive listing
This legal agreement gives one real-estate agent the right to sell a property for a specified period. The owner retains the right to sell the property him or herself without paying the agent a commission if the property is not sold within the time allotted.