per Keri Kerr in the Registrar office

The Open electives are the number of credits still needed to make up the 120 total.  These are the true electives needed for the degree.  It calculates the number of required electives by taking 120 and subtracting the credits in required blocks like GenEd, major, concentration. Whatever is left to make up the 120 is Open electives.

The Unapplied electives are courses that are over the elective credits needed for the 120.   Any courses that are taken that do not fall into a requirement or the open electives category are Unapplied electives.   The student still receives credit in Banner for all electives though.