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LSDefine

Simple English definitions for legal terms

paydown

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A quick definition of paydown:

Term: PAYDOWN

Definition: Paydown refers to a loan payment that is less than the total amount of money borrowed. For example, if someone borrows $100 and makes a payment of $50, they have paid down the loan by $50. This means they still owe $50. Paying down a loan can help reduce the amount of interest that accrues over time and can help the borrower pay off the loan faster.

A more thorough explanation:

Definition: A paydown is a loan payment that is less than the total loan principal.

Example: If you have a loan for $10,000 and you make a payment of $5,000, that payment is considered a paydown.

Explanation: A paydown is a partial payment made towards a loan. It is not the full amount owed, but rather a smaller amount that reduces the overall balance of the loan. In the example given, the borrower made a payment of $5,000 towards a $10,000 loan, which means they still owe $5,000. This is a common practice for borrowers who may not be able to make the full payment, but still want to reduce their debt.

payback period | payer

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Mich overrated (Dean Z please let me in even tho i didnt apply and I am below both 25ths)
ClassyPleasantHeron
10:01
The "date changes" at Michigan really don't mean anything. We had to do them in undergrad admissions whenever a Georgia applicant picked the country instead of the state, because we'd have to remove the TOEFL requirement and reassign the application from the international application readers.
soapy
10:06
Classy, does that mean they may look at your application, and that look doesn't necessarily trigger any date change?
1a2b3c4d26z
10:06
Man
1a2b3c4d26z
10:07
Walkin to the bus
1a2b3c4d26z
10:07
What a good day to get into law school
ClassyPleasantHeron
10:11
@soapy: I don't know for sure about the law school. For undergrad, once the application is complete, it's assigned to a reader the following Monday. If we had to make any changes, it's because a reader saw something that needed to be changed and the application needed to be re-read after that change.
soapy
10:12
Ahh, got it. Thank you for the insight!
ClassyPleasantHeron
10:14
You're welcome. FWIW, I have no idea what's up with the address changes. We didn't have to do any of that, except for the Georgia state vs country kinds of things.
soapy
10:15
I've heard it theorized that some schools will change the address from "St." --> "Street" as they prepare to send out admissions packets. That's the rumor, anyways.
i think it just indicates a change in status like under review or stages of review
my stanford address went long as soon as it was marked complete lmao
soapy
10:25
I saw some Reddit adcom say that they can see any time we refresh the status checker; I wonder if it's a red flag if an applicant's checked it like 50 times in a day?
soapy
10:25
Also, can we send another LoR to a school that we've already applied to?
soapy
10:26
Or another essay?
10:30
i'll allow it
soapy
10:31
<3 thanks Fart Butt
1a2b3c4d26z
10:31
If I get rejected by a school bc I check my statuses during work then it wasn’t meant to be
10:32
cautionary tail re reddit posts: https://www.youtube.com/watch?v=5jZAQAuqSfs
How else will they know we fuck
Need to know aboot 6 pack abs
How many 666 people apply?
lolololol
soapy
10:34
Ah that's frightening
@triplethread
Why? LOL
soapy
10:35
The adcoms recognize you and will deny you is frightening, lmaoo. Not the abs thing XD
10:36
they browse LSD?
soapy
10:37
Wouldn't be shocked if so; isn't this the biggest law school forum outside of Reddit?
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