A private student loan is a financing option for higher education in the United States that can either supplement or replace federally guaranteed loans such as Stafford loans, Perkins loans and PLUS loans. These are unsecured loans with various options for repayment and may offer forbearance and deferral options.
Interest rates are set by the financial institution that underwrites the loan, typically based on the perceived risk that the borrower may be delinquent or in default of payments of the loan. The underwriting decision is complicated by the fact that students often do not have a credit history that would otherwise indicate creditworthiness. As a result, interest rates may vary considerably across lenders.
Because private student loans are subject to special treatment in the event of a personal bankruptcy, students may not incur a total debt in excess of the cost of attendance, taking into account scholarships, fellowships, federal loans and private loans.
A number of financial institutions offer private student loans, including banks (e.g., Citibank, Chase Bank, and KeyBank) and specialized companies (e.g., Sallie Mae, NextStudent Loans, Think Student Loans and Graduate Leverage). Financial aid offices in universities typically have a preferred vendor list, but borrowers are free to obtain loans wherever they can find the most favorable terms.
Buying factors include:
* Interest rates throughout the life of the loan - lenders may accrue interest at one rate while the student is in school and another after graduation
* Payment options - lenders typically offer loans that are payable immediately, interest-only loans while the student is enrolled, and no-payment loans until graduation
* Incentives - lenders may offer improved or tougher terms based on the student's payment record
* Origination fees - lenders typically charge a fee for originating the loan that is added to the principal of the loan.
The total cost of the loan is usually document in the Truth in Lending statement that is issued when the loan is originated.
article from wikipedia
Jumat, 26 Juni 2009
Kamis, 18 Juni 2009
Mortgage Refinancing : Thinking of Refinancing?Evaluate Your Current Mortgage First
Homeowners have different reasons why they refinance their mortgage. Many are prompted to apply for a new loan because of lower interest rate. Some are changing from adjustable rate to fixed rate. Others want to tap the equity of their home for home improvement, take a vacation or pay for college tuition.
But whatever it is, mortgage refinancing provides an opportunity to save money. But how will you know if you can really save by refinancing your current loan, and if the savings you will get is worth the cost?
The following steps provide a guide in evaluating your current mortgage loan:
1.) Examine your current loan. Interest rate is the most significant (but not the only) factor that influences your monthly mortgage payment. Check the rate you are paying and compare it to the current rate offered. If the current is low, is it low enough that you can actually save on monthly payments? As a rule, consider refinancing if the current rate is 2% lower than that of your current loan.
Is your rate fixed or adjustable? If it is fixed, then it is easier to determine if it is right to refinance, but you have to consider other factors too. If it is adjustable, determine the movement of your monthly payment when rate changes. Your loan documents have this information. If this is not clear to you, your financial advisor can explain whether it is wise to refinance.
2.) Compare the current interest rate with your loan's interest rate. It is clear to see that a 2% drop on interest rate would mean hundreds of dollars worth of savings on monthly mortgage payment. For example, a $200,000 mortgage with a 30-year term at 8% interest would equate to a monthly fee of $1,467. The same mortgage with 6% interest would only require you to pay about $1,200 a month.
This is just a rough calculation as there are specific factors that need to be considered when determining you rates such as your credit score and loan-to-value ration. Also, factors such as points that you pay upfront and other fees determine the actual monthly savings you can get. Don't assume, therefore, that as long as you refinance on a lower rate, you will get the savings you expect.
3.) How long are you going to stay in your home? Among all other issues, this could be the question that will determine whether you need refinancing or if you are going to save after all. Think of it this way, taking another loan even if you plan to move after a year or two would only mean spending more on fees than really getting the savings you are gunning for. As a rule, remember this: the longer you plan to stay in your house, the more it makes sense to refinance your mortgage.
4.) Determine the break-even point. Computing the break-even point is simple: know the total cost you have to pay upfront when you refinance. Then, find the difference between the monthly mortgage of your new loan and your first loan �" that would become your monthly savings. Divide the cost of your loan with monthly savings to get the number of months before you reach the break even point.
So if you purchase the loan for $4000 and you will save $100 a month, it will take you 40 months or 3 years and 4 months to recoup the cost of the loan. On the 41st month, that's the only time you begin to get the savings.
This article by Sutiyo Na
But whatever it is, mortgage refinancing provides an opportunity to save money. But how will you know if you can really save by refinancing your current loan, and if the savings you will get is worth the cost?
The following steps provide a guide in evaluating your current mortgage loan:
1.) Examine your current loan. Interest rate is the most significant (but not the only) factor that influences your monthly mortgage payment. Check the rate you are paying and compare it to the current rate offered. If the current is low, is it low enough that you can actually save on monthly payments? As a rule, consider refinancing if the current rate is 2% lower than that of your current loan.
Is your rate fixed or adjustable? If it is fixed, then it is easier to determine if it is right to refinance, but you have to consider other factors too. If it is adjustable, determine the movement of your monthly payment when rate changes. Your loan documents have this information. If this is not clear to you, your financial advisor can explain whether it is wise to refinance.
2.) Compare the current interest rate with your loan's interest rate. It is clear to see that a 2% drop on interest rate would mean hundreds of dollars worth of savings on monthly mortgage payment. For example, a $200,000 mortgage with a 30-year term at 8% interest would equate to a monthly fee of $1,467. The same mortgage with 6% interest would only require you to pay about $1,200 a month.
This is just a rough calculation as there are specific factors that need to be considered when determining you rates such as your credit score and loan-to-value ration. Also, factors such as points that you pay upfront and other fees determine the actual monthly savings you can get. Don't assume, therefore, that as long as you refinance on a lower rate, you will get the savings you expect.
3.) How long are you going to stay in your home? Among all other issues, this could be the question that will determine whether you need refinancing or if you are going to save after all. Think of it this way, taking another loan even if you plan to move after a year or two would only mean spending more on fees than really getting the savings you are gunning for. As a rule, remember this: the longer you plan to stay in your house, the more it makes sense to refinance your mortgage.
4.) Determine the break-even point. Computing the break-even point is simple: know the total cost you have to pay upfront when you refinance. Then, find the difference between the monthly mortgage of your new loan and your first loan �" that would become your monthly savings. Divide the cost of your loan with monthly savings to get the number of months before you reach the break even point.
So if you purchase the loan for $4000 and you will save $100 a month, it will take you 40 months or 3 years and 4 months to recoup the cost of the loan. On the 41st month, that's the only time you begin to get the savings.
This article by Sutiyo Na
Secured Loan:obtain funds at feasible rates
Financial needs are unlimited and can not be fulfilled without finances but having a good financial support for meeting all financial requirements is not always possible. In such a situation one looks around for an external support for finances in order to execute his important financial obligations. If you also require s huge financial support for your needs then by placing any of your valuable asset you can easily entail secured loans. These loans are a great support that offers financial assistance to everyone looking for it.
Secured loans can be procured for meeting all financial requirements. Your personal and other needs can be fulfilled easily with the help of these loans. The funds can be used for educational purpose, wedding expenses, planning holidays, buying car or for home improvements.
By offering your property, automobile, shares and stocks you can easily raise a substantial loan amount of £5000-£75000. The term of repayment is quite long that goes from 5-25 years. Also higher the value of collateral higher will be the loan amount.
These loans are secured against collateral thus due to presence of security the funds are provided at lower rates of interest. The affordable rate of interest enables you to repay easily. Also the loan installments can be scheduled as per your convenience.
Bad creditors holding impaired records such as arrears, late payments, bankruptcy, CCJs, IVA and skipped payments can also approach for secured loans. Anyone can freely apply for these loans conveniently.
If you don’t have time to visit banks and other financial institutions then online application is the best. It requires lesser time and also the application gets processed conveniently. There is plethora of lenders offering attractive deals and by researching well you can grab the best one easily.
Secured loans are a great relief for those seeking huge financial support. Now homeowners can easily meet their needs by opting for this financial help at affordable rates.
Secured loans can be procured for meeting all financial requirements. Your personal and other needs can be fulfilled easily with the help of these loans. The funds can be used for educational purpose, wedding expenses, planning holidays, buying car or for home improvements.
By offering your property, automobile, shares and stocks you can easily raise a substantial loan amount of £5000-£75000. The term of repayment is quite long that goes from 5-25 years. Also higher the value of collateral higher will be the loan amount.
These loans are secured against collateral thus due to presence of security the funds are provided at lower rates of interest. The affordable rate of interest enables you to repay easily. Also the loan installments can be scheduled as per your convenience.
Bad creditors holding impaired records such as arrears, late payments, bankruptcy, CCJs, IVA and skipped payments can also approach for secured loans. Anyone can freely apply for these loans conveniently.
If you don’t have time to visit banks and other financial institutions then online application is the best. It requires lesser time and also the application gets processed conveniently. There is plethora of lenders offering attractive deals and by researching well you can grab the best one easily.
Secured loans are a great relief for those seeking huge financial support. Now homeowners can easily meet their needs by opting for this financial help at affordable rates.
Rabu, 17 Juni 2009
consolidating student loans
Keep in mind that government student loans, such as Perkins, Stafford, or PLUS loans from wherever you borrowed them needs repayment. A debt consolidation solution can be just the answer for those who find themselves deep in financial burden with no feasible way out. I think handling loan payments of several different loans at once would be overwhelming. Your hardship or the reason you need to consolidate, will determine your settlement. There are so many reasons why you need to consolidate student loans.
Consumer credit counseling is another avenue you can explore and check out with your creditors it they accept the proposals and you abide by your debt management plan, your credit will be impacted very little upon completion, but essentially will be frozen until that time. The first way that the Internet can help you is to provide free access to your credit report. Mortgage rates are going lower while credit card rates are still going up.
The reason why student needs to consolidate student loans is for them to be able to start a new life and new beginnings. You do not want to start with so much of debt in your hands and by consolidating your debts and loans, you may have a better chance of living financially sound.
Unsecured debt can come in the form of tax debt, student loans, debt caused by medical expenses, credit card debt, and bank credit lines. Financial accounts and advisers can be found who will take the time to answer customer questions and lead them to the best plan that fits with whatever the situation might entail as result of the decision to consolidate student debt. However, no collateral is required for this financing and in some cases the interest that is paid may be tax deductible. The longer you take to pay off your student loans, the more money you'll be spending in interest, which quickly adds up to more money spent over the life of the loan. Most mortgage holders find that the process of loan modification is one they can do for themselves.
Additionally and here is the big one, an applicant must provide monthly income and expense figures. As with a debt consolidating loan, the debtor will make one monthly payment, but the debtor is not actually taking out a new loan. Most loans are able to be converted which goes a long way towards making the task of paying bills a little easier. So, even if your monthly payment is low, you actually end up paying much more in total interest throughout the longer term. Rather than obtaining a way to reduce dept and clean up a messy financial situation, the borrower may find themselves paying an extra service charge to a company that has been successful in consolidating only a fraction of their debt.
Regardless of the reason why you need to consolidate student loans, you have to make sure that you follow the payment plan so that you will not into the trap of getting into another financial mess. Making one single payment every month can make your finances simplified and only have to deal with one lender rather than a multiple of lenders with different due dates and amounts of payments every month.
For All Your Student Loans and All Credit Card Debts, You Need a School Consolidation Loan in order to Consolidate Student Debts and For More Info and Tips go to JGVFinance.com
Article Source: http://EzineArticles.com/?expert=Julie_Viola
Consumer credit counseling is another avenue you can explore and check out with your creditors it they accept the proposals and you abide by your debt management plan, your credit will be impacted very little upon completion, but essentially will be frozen until that time. The first way that the Internet can help you is to provide free access to your credit report. Mortgage rates are going lower while credit card rates are still going up.
The reason why student needs to consolidate student loans is for them to be able to start a new life and new beginnings. You do not want to start with so much of debt in your hands and by consolidating your debts and loans, you may have a better chance of living financially sound.
Unsecured debt can come in the form of tax debt, student loans, debt caused by medical expenses, credit card debt, and bank credit lines. Financial accounts and advisers can be found who will take the time to answer customer questions and lead them to the best plan that fits with whatever the situation might entail as result of the decision to consolidate student debt. However, no collateral is required for this financing and in some cases the interest that is paid may be tax deductible. The longer you take to pay off your student loans, the more money you'll be spending in interest, which quickly adds up to more money spent over the life of the loan. Most mortgage holders find that the process of loan modification is one they can do for themselves.
Additionally and here is the big one, an applicant must provide monthly income and expense figures. As with a debt consolidating loan, the debtor will make one monthly payment, but the debtor is not actually taking out a new loan. Most loans are able to be converted which goes a long way towards making the task of paying bills a little easier. So, even if your monthly payment is low, you actually end up paying much more in total interest throughout the longer term. Rather than obtaining a way to reduce dept and clean up a messy financial situation, the borrower may find themselves paying an extra service charge to a company that has been successful in consolidating only a fraction of their debt.
Regardless of the reason why you need to consolidate student loans, you have to make sure that you follow the payment plan so that you will not into the trap of getting into another financial mess. Making one single payment every month can make your finances simplified and only have to deal with one lender rather than a multiple of lenders with different due dates and amounts of payments every month.
For All Your Student Loans and All Credit Card Debts, You Need a School Consolidation Loan in order to Consolidate Student Debts and For More Info and Tips go to JGVFinance.com
Article Source: http://EzineArticles.com/?expert=Julie_Viola
Peritoneal Mesothelioma (Abdominal Mesothelioma)
Malignant peritoneal mesotheliomaAbdominal cavity showing the location of the peritoneum; peritoneal mesothelioma. is an extremely rare condition. Only 100 to 500 cases are diagnosed in the US each year, making up less than 30% of all mesothelioma cases.
Peritoneal mesothelioma is a cancer affecting the abdominal lining, or peritoneum (paira-tin-e-um), which is why is is sometimes referred to as abdominal mesothelioma. This membrane supports and covers the organs of the abdomen.
The peritoneum is made of two parts, the visceral and parietal peritoneum. The visceral peritoneum covers the internal organs and makes up most of the outer layer of the intestinal tract. Covering the abdominal cavity is the parietal peritoneum.
Cells in these linings secrete a fluid which allows organs to move against one another. For instance, as the intestines move food through the body. The cells of the mesothelium are designed to create fluid, but the cancer causes them to overproduce, creating a build up of excess fluid in the abdominal cavity.
Because pleural mesothelioma is more common and often spreads to the peritoneal cavity, it is important to determine if pleural mesothelioma is the primary cancer.
Peritoneal mesothelioma is a cancer affecting the abdominal lining, or peritoneum (paira-tin-e-um), which is why is is sometimes referred to as abdominal mesothelioma. This membrane supports and covers the organs of the abdomen.
The peritoneum is made of two parts, the visceral and parietal peritoneum. The visceral peritoneum covers the internal organs and makes up most of the outer layer of the intestinal tract. Covering the abdominal cavity is the parietal peritoneum.
Cells in these linings secrete a fluid which allows organs to move against one another. For instance, as the intestines move food through the body. The cells of the mesothelium are designed to create fluid, but the cancer causes them to overproduce, creating a build up of excess fluid in the abdominal cavity.
Because pleural mesothelioma is more common and often spreads to the peritoneal cavity, it is important to determine if pleural mesothelioma is the primary cancer.
Benchmarking
Process benchmarking: an application to lending products
Benchmarking techniques evolved from Xerox’s pioneering visit to Japan in the late 1970s. However, the application of the benchmarking concept to the banking industry did not take place until the late 1990s. Process benchmarking, in particular, is a tool that helps FIs to cut costs, improve productivity and integrate business processes. Although process benchmarking involves divulging what may be considered as sensitive or confidential information, forming de facto benchmarking partnerships with competitors allows participating institutions to compare cost and output advantages and disadvantages, when performing key processes involved in lending operations. This paper presents an application of process benchmarking to lending operations across Australia to highlight differences in costs involved in seemingly identical value chains.
Article Information:
Title : Process benchmarking: an application to lending products
Author(s): Sarath Delpachitra, Diana Beal
Journal: Benchmarking: An International Journal
Source: emeraldinsight.com
Benchmarking techniques evolved from Xerox’s pioneering visit to Japan in the late 1970s. However, the application of the benchmarking concept to the banking industry did not take place until the late 1990s. Process benchmarking, in particular, is a tool that helps FIs to cut costs, improve productivity and integrate business processes. Although process benchmarking involves divulging what may be considered as sensitive or confidential information, forming de facto benchmarking partnerships with competitors allows participating institutions to compare cost and output advantages and disadvantages, when performing key processes involved in lending operations. This paper presents an application of process benchmarking to lending operations across Australia to highlight differences in costs involved in seemingly identical value chains.
Article Information:
Title : Process benchmarking: an application to lending products
Author(s): Sarath Delpachitra, Diana Beal
Journal: Benchmarking: An International Journal
Source: emeraldinsight.com
Law Lemon Wisconsin
Knowing the lemon laws is not enough. In USA, lemon laws take numerous forms across states. In fact, when you are plagued by a problematic vehicle it is always the best policy to hire the help of a lemon lawyer who specializes in the particular lemon laws of your state.
The Wisconsin Lemon Law came into effect from November 3, 1983 and is applicable to new vehicles (car, truck, motorcycle or motor home, to be precise), rented vehicles and all used vehicles that have been bought within the warranty period.
A quick glance at the major points of the Wisconsin Lemon Law throws up the following. In the first place, a vehicle is classified as "lemon" in Wisconsin if
- It has been bought or rented in Wisconsin,
- It is showing signs of strain within the first year of purchase
- It is showing signs of breaking down before the guarantee period has terminated,
- Within the first year of purchase or within the warranty period, four tries by the manufacturer has failed to fix its problems,
- It was non-functional for 30 days (need not be consecutive) during the first year of acquisition or within the warranty period.
An interesting facet of the Wisconsin Lemon Law is that it makes a difference between minor and major malfunctions. You are eligible to apply for compensation or refund or replacement claim under the lemon law only if your vehicle has a serious, that is a major malfunction. So it's no use crying foul if your car has a broken headlight or something equally inconsequential.
And speaking of the major and minor malfunctions, it is always worth knowing the nonconformities of the Wisconsin Lemon Law. They are:
- Conditions that do not affect the use, worth or safety of the vehicle,
- Items not covered by the manufacturer's warranty,
- Situations like poor acceleration of a vehicle with a small vehicle or when heavy steering has been employed on a vehicle without power steering,
- Conditions arising out of incorrect maneuver, misuse, neglect or unauthorized alterations to the setup.
Usually claimants have one or more sore points about lemon laws, but even the most stern claimants cannot help but praise the Wisconsin Lemon Law, which sets no deadline to file your lawsuit; instead the court will decide whether your case is too old to take up.
Under the Wisconsin Lemon Law, you are entitled to a quite a handsome compensation package. It may consist a reimbursement of the vehicle's purchase price plus collateral costs (less a reasonable allowance for use) or a similar new vehicle plus the collateral costs. These collateral costs include repair outlay on the nonconformity and alternative conveyance expenses.
If the manufacturer, who has apparently not taken your claims seriously, doesn't respond to your relief appeal within 30 days and you win at the court, you can pocket double damages, cost of the lawsuit and a lion's share of the lawyer's fees, plus any relief that the court thinks you are entitled to.
With the Wisconsin Lemon Law there are not many chances of your money going down the drains if you are found ineligible to compete for the lemon law. Your problematical vehicle, if it qualifies, can always find refuge by filing for a claim for misrepresentation, breach of warranty or breach of contract, among a host of others.
The Wisconsin Lemon Law is very considerate towards the plight of the one with the defective vehicle and especially shields from the cunning offers of the crafty vehicle manufacturers. Thus, if the manufacturer hands you a lengthy and pricey damage deduction list when you go to him for a refund or compensation, you can gleefully quote the Wisconsin Lemon Law. According to law, you are not liable to pay for normal wear and tear, such as minor dents, scratches, pitted glass, grubby carpets or slight stains.
Under the Wisconsin Lemon Law, justice is never denied nor delayed.
The Wisconsin Lemon Law came into effect from November 3, 1983 and is applicable to new vehicles (car, truck, motorcycle or motor home, to be precise), rented vehicles and all used vehicles that have been bought within the warranty period.
A quick glance at the major points of the Wisconsin Lemon Law throws up the following. In the first place, a vehicle is classified as "lemon" in Wisconsin if
- It has been bought or rented in Wisconsin,
- It is showing signs of strain within the first year of purchase
- It is showing signs of breaking down before the guarantee period has terminated,
- Within the first year of purchase or within the warranty period, four tries by the manufacturer has failed to fix its problems,
- It was non-functional for 30 days (need not be consecutive) during the first year of acquisition or within the warranty period.
An interesting facet of the Wisconsin Lemon Law is that it makes a difference between minor and major malfunctions. You are eligible to apply for compensation or refund or replacement claim under the lemon law only if your vehicle has a serious, that is a major malfunction. So it's no use crying foul if your car has a broken headlight or something equally inconsequential.
And speaking of the major and minor malfunctions, it is always worth knowing the nonconformities of the Wisconsin Lemon Law. They are:
- Conditions that do not affect the use, worth or safety of the vehicle,
- Items not covered by the manufacturer's warranty,
- Situations like poor acceleration of a vehicle with a small vehicle or when heavy steering has been employed on a vehicle without power steering,
- Conditions arising out of incorrect maneuver, misuse, neglect or unauthorized alterations to the setup.
Usually claimants have one or more sore points about lemon laws, but even the most stern claimants cannot help but praise the Wisconsin Lemon Law, which sets no deadline to file your lawsuit; instead the court will decide whether your case is too old to take up.
Under the Wisconsin Lemon Law, you are entitled to a quite a handsome compensation package. It may consist a reimbursement of the vehicle's purchase price plus collateral costs (less a reasonable allowance for use) or a similar new vehicle plus the collateral costs. These collateral costs include repair outlay on the nonconformity and alternative conveyance expenses.
If the manufacturer, who has apparently not taken your claims seriously, doesn't respond to your relief appeal within 30 days and you win at the court, you can pocket double damages, cost of the lawsuit and a lion's share of the lawyer's fees, plus any relief that the court thinks you are entitled to.
With the Wisconsin Lemon Law there are not many chances of your money going down the drains if you are found ineligible to compete for the lemon law. Your problematical vehicle, if it qualifies, can always find refuge by filing for a claim for misrepresentation, breach of warranty or breach of contract, among a host of others.
The Wisconsin Lemon Law is very considerate towards the plight of the one with the defective vehicle and especially shields from the cunning offers of the crafty vehicle manufacturers. Thus, if the manufacturer hands you a lengthy and pricey damage deduction list when you go to him for a refund or compensation, you can gleefully quote the Wisconsin Lemon Law. According to law, you are not liable to pay for normal wear and tear, such as minor dents, scratches, pitted glass, grubby carpets or slight stains.
Under the Wisconsin Lemon Law, justice is never denied nor delayed.
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