Consolidation Loans – 4 Walls And A View http://4wallsandaview.com/ Mon, 27 Jun 2022 19:00:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://4wallsandaview.com/wp-content/uploads/2021/06/icon-5.png Consolidation Loans – 4 Walls And A View http://4wallsandaview.com/ 32 32 FedLoan borrowers will soon see their service switch to MOHELA. Here’s what you need to know https://4wallsandaview.com/fedloan-borrowers-will-soon-see-their-service-switch-to-mohela-heres-what-you-need-to-know/ Mon, 27 Jun 2022 19:00:00 +0000 https://4wallsandaview.com/fedloan-borrowers-will-soon-see-their-service-switch-to-mohela-heres-what-you-need-to-know/ FedLoan — a branch of the Pennsylvania Higher Education Assistance Agency known as PHEAA — currently administers these loans. But a year ago, PHEAA decided to terminate its contract with the federal government. Since last fall, federal loans managed by FedLoan have been transferred in stages to several other managers. Around 2 million accounts still […]]]>

FedLoan — a branch of the Pennsylvania Higher Education Assistance Agency known as PHEAA — currently administers these loans.

But a year ago, PHEAA decided to terminate its contract with the federal government. Since last fall, federal loans managed by FedLoan have been transferred in stages to several other managers. Around 2 million accounts still need to be transferred.
In July, loans held by borrowers enrolled in the Civil Service Loan Forgiveness Program will begin transferring to the Missouri Higher Education Loan Authority, known as MOHELA. These transfers will continue throughout the summer, according to at the ministry of education.

For the past several years, FedLoan has been responsible for servicing the loans of every borrower seeking debt relief under the Public Service Loan Forgiveness Program, which forgives government employees and nonprofit organizations’ debt. lucrative after making 10 years of qualifying payments. Once a borrower indicated they wanted to enroll in the program, their loans were transferred to FedLoan.

But FedLoan attracted critical borrower advocates for making mistakes and providing incorrect information to borrowers about qualifications. In 2021, PHEAA has settled a lawsuit filed by Massachusetts Attorney General Maura Healey, alleging the loan officer violated federal and state consumer protection laws. PHEAA has agreed to provide individual audits to all of the 200,000 Massachusetts borrowers it serves.
Last year, the Biden administration temporarily expanded eligibility for the Civil Service Loan Forgiveness Program to include borrowers who have older loans that weren’t originally eligible as well as those who were in the wrong repayment plan but met the other conditions. By the end of May, the Ministry of Education had approved forgiveness for nearly 145,000 borrowers under this waiver.

What borrowers can expect

Public service loan forgiveness borrowers can expect to receive multiple notices as their loans are transferred.

A notice from FedLoan should be sent at least 15 days before the transfer, followed by a welcome notice from MOHELA once the transfer is complete.

Full borrowers account details must be available from MOHELA no later than 10 business days after the loan transfer date included in the transfer notification sent by FedLoan, according to the MOHELA website.

Loans are transferred, not sold. This means that the change will not affect the terms, conditions, interest rates, loan release or cancellation programs or repayment plans available on the loans. The repayment plan a borrower is enrolled in does not change once transferred, unless the borrower chooses to make a change.

Borrowers are not required to do anything during the transfer process.

FedLoan also serves some non-PSLF borrowers. The vast majority of these accounts have already been transferred from FedLoan to other loan servicers, including Aidvantage, EdFinancial or Nelnet.

Two other loan servicers also terminated their contract with the Ministry of Education last year. Loans managed by Navient were transferred to Aidvantage and loans managed by Granite State were transferred to Edfinancial Services. These transfers were completed by the end of 2021.
Ministry of Education posts updates on PSLF processing and loan transfers on its website studentaid.gov.

How to Qualify for the PSLF Waiver

To take advantage of the PSLF temporary relief, some borrowers may need to take action before October 31.

Borrowers who previously had an ineligible loan, such as the Federal Family Education Loan, should consolidate their debt into a Federal Direct Loan and then submit a PSLF form show qualifying employment by the October deadline. Once the consolidation is complete, the new loan will be transferred to MOHELA.

For those currently served by FedLoan and enrolled in the PSLF program, no action is required. Their loans will be automatically transferred to MOHELA during the summer.

The Department of Education continues to review past payments from PSLF borrowers to count those who are newly eligible for the rebate program. Because of the temporary waiver, it doesn’t matter what type of federal student loan a borrower had or what payment plan they were enrolled in. All payments will be PSLF eligible if the borrower was working full-time for an eligible employer. .

More changes may be coming for federal student loan borrowers

The transfer of federal student loans from FedLoan to MOHELA this summer comes as borrowers wait to hear whether President Joe Biden decides to extend the pandemic-related payment pause, as well as whether he will act to largely forgive loan debt. student.

Payments are expected to resume on federal student loans after August 31 after being suspended since March 2020. Balances for federal student loan borrowers were effectively frozen during this time. Interest has ceased to accrue and overdue debt collections have been suspended.

Biden has already extended the hiatus several times and faces political pressure to again delay the restart date, which is currently set for two months before the midterm elections.

The president also faces pressure to forgive some student loan debt for each borrower. In April, Biden said he was considering a large student loan forgiveness.

During the election campaign, he said he would support $10,000 in pardons. White House officials have said he is also considering setting an income threshold so that high-income borrowers are excluded from debt relief.

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How Payday Loan Consolidation Works https://4wallsandaview.com/how-payday-loan-consolidation-works/ Tue, 21 Jun 2022 12:22:00 +0000 https://4wallsandaview.com/how-payday-loan-consolidation-works/ Payday lenders offer small, short-term loans to borrowers who need cash fast. Usually, you won’t have to submit to a credit check to obtain funds, and your payment will be due in two to four weeks. But many borrowers are unable to repay their payday loans in a single two to four week period. This […]]]>

Payday lenders offer small, short-term loans to borrowers who need cash fast. Usually, you won’t have to submit to a credit check to obtain funds, and your payment will be due in two to four weeks.

But many borrowers are unable to repay their payday loans in a single two to four week period. This can make already expensive debt even more expensive, especially if you have multiple payday loans. To get out of the payday loan cycle, consumers can consider a payday loan consolidation.

What is Payday Loan Consolidation?

When you consolidate payday loans, you combine multiple loans so that you can make one payment on your debt, instead of many.

“I would define a payday loan consolidation as any method that allows you to escape the payday loan cycle,” says Omari Hall, learning experience designer at GreenPath Financial Wellness. The payday loan cycle, says Hall, is the experience of being forced to repay the full amount you borrowed in a short period of time with high interest.

You can consolidate payday loans by taking out a consolidation loan or using a debt management or debt settlement program, says Anissa Schultz, director of debt management at the Credit Advisors Foundation.

What is the best way to pursue payday loan consolidation?

The appropriate choice depends on your situation, but you have options.

Debt consolidation loans

“This usually involves a credit check, which limits the availability of people with severely compromised credit, but it’s probably the best option,” says Martin Lynch, director of education at Cambridge Credit Counseling and chairman of the Financial Advisory Association of America. “I know replacing one loan with another loan doesn’t seem appealing at first glance, but if you can get a much better interest rate and only a moderately extended term, then you’re better off.”

Consolidation loans usually show up on your credit report, unlike payday loans. Paying off a consolidation loan on time and in full can improve your credit score in the long run, Lynch says.

However, there can be risks in taking out a new loan. For the rare payday loan borrower with a decent credit score, a consolidation loan is a good way to stop high interest rates, Schultz says. But borrowers who start to default on consolidation loans might find themselves returning to payday loan companies for funds to repay their consolidation loans. “Borrowing is not a good way to get out of debt,” Schultz says.

Debt management plans

Working with a credit counselor as part of a debt management program or getting a bank loan can be a good place to start, depending on your situation, Hall says, though he notes that payday loan borrowers may struggle to qualify for traditional loans.

“In many cases, people who find themselves in these payday loan cycles often don’t have super great credit, so a traditional bank loan would be available to them,” Hall said. At the same time, banks may not offer loans for low balances, such as $1,000.

Instead, consumers can consider debt management. This process involves a financial counselor who will work to reach an agreement with your creditors, according to the National Foundation for Credit Counseling. Your credit report will include a note indicating your participation in a debt management plan, although the NFCC says this won’t hurt your credit score, and completing a DMP should help your credit score in the long run.

A DMP could prevent additional charges from piling up on your debt, among other benefits. You may pay a monthly maintenance fee to participate in the debt management program, but that amount will pay off, especially for consumers accustomed to paying high interest rates, Hall says.

Debt settlement

A debt settlement company may try to come to an agreement with your creditors that you pay less than you owe. But debt settlement is not right for everyone, and you need to be aware of the risks.

Settling a batch of payday loans signals to lenders that they’ll only get some of their money back if they lend to you, Lynch says. “That’s why the settlement is really a credit killer in that it alerts lenders to the thought that we may only get some of our money back. That’s a terrible signal to send.” Other negatives include “extraordinarily high” settlement fees and a chance of being sued, Lynch says.

What are the pros and cons of payday loan consolidation?

This section will focus on debt consolidation loans and DMPs. Keep in mind that the pros and cons may vary depending on your situation and how you go about consolidating your payday loans.

Advantages of consolidation loans:

  • Lower interest rates. Payday loans can have annual percentage rates of 400% or more, while traditional bank loans or online lenders can offer much lower rates.
  • Different loan structure. A consolidation loan is an installment loan, so borrowers don’t get “sucked into this vicious circle of, ‘Oh, I’m only paying part of the interest, and you’re going to apply my principle’, and then it just keeps going roll out of control and it looks like they’ll never be able to get out of it,” Schultz says.
  • Longer terms. A consolidation loan can give you more time to pay off your debt than the two to four weeks you have with a payday loan.

Disadvantages of debt consolidation loans:

  • You may not qualify. Consumers may not meet lenders’ requirements for income, credit score and other factors. You may also not be looking to borrow enough money to qualify, depending on a lender’s minimum loan amount.
  • Usually requires a credit check. When you apply for a consolidation loan, the creditor will usually do a thorough investigation of your credit report, which can lower your score. “Because they’re looking to expand their finances, they’re going to do a thorough investigation, and that’s going to lower their credit score,” Schultz said.

  • Can block accounts from going to collections. Using a debt management program can help borrowers avoid hearing from debt collectors.
  • Can offer borrowers better loan terms. Lenders may agree to reduce borrowers’ monthly payments and stop adding fees to the balance, for example.
  • Can help borrowers with other financial matters. Getting a DMP involves working with a nonprofit credit counselor, who can help you with other aspects of your financial life, not just your payday loans.

  • Lenders are not required to participate. While most payday lenders participate, “payday loan companies are unfortunately not mandated to work with credit counseling organizations and their joint clients,” Schultz says.
  • Lenders are not required to make concessions. Credit counselors “can’t necessarily get benefits from payday lenders,” Lynch says, although payday lenders almost always receive payments.

What are the other options for getting out of payday loan debt?

Consolidation loans and DMPs aren’t the only ways to get out of payday loan debt. Borrowers might also consider options such as:

  • No Fee Extended Payment Plans. More than half of the states that allow payday loans also require lenders to offer extended payment plans at no cost, according to the Consumer Financial Protection Bureau. These plans vary by state, but they allow borrowers to extend the term of their loan without paying additional fees.
  • Credit card. The average APR for credit cards in the US News database is 15.56% to 22.87%, so paying off payday loan debt with a credit card will also provide a rate of lower interest. If you can get one, a 0% APR credit card lets you pay off your balance interest-free for an introductory period.

Consumers struggling with payday loan debt are not alone. “Falling into this cycle of debt is not something you should necessarily be ashamed of,” Hall says, noting that in some communities there aren’t many other options. “A lot of my work is focused on the black and brown community, the inner city inner city community, and it’s a fact that these payday loan companies are much more prevalent in those communities than they would be. in other more established or more supported communities.”

And there are options for getting out of debt. “This is not a situation where there are no options or no (means) to escape,” Hall said.

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Rising Interest Rates Mean It’s Time To Eliminate Credit Card Debt | Personal finance https://4wallsandaview.com/rising-interest-rates-mean-its-time-to-eliminate-credit-card-debt-personal-finance/ Sat, 18 Jun 2022 13:26:49 +0000 https://4wallsandaview.com/rising-interest-rates-mean-its-time-to-eliminate-credit-card-debt-personal-finance/ Jackie Veling Credit card debt can be difficult to manage, even at the best of times, but increasingly high interest rates add to that challenge. On Wednesday, the Federal Reserve announced a 0.75% increase in the federal funds rate – its largest increase in nearly 30 years. Increases in this rate tend to make borrowing […]]]>

Jackie Veling

Credit card debt can be difficult to manage, even at the best of times, but increasingly high interest rates add to that challenge.

On Wednesday, the Federal Reserve announced a 0.75% increase in the federal funds rate – its largest increase in nearly 30 years. Increases in this rate tend to make borrowing more expensive, which means maintaining a balance on your credit card can become more expensive.

But by creating a plan to pay off your credit cards in the coming months, you can save money on interest. Whether you’re tackling debts one at a time or consolidating under a fixed rate product like a personal loan, there are strategies that can help.

Why You Should Prioritize Credit Card Debt

Most credit cards have a variable interest rate, which means the rate can go up and down depending on a few factors, including market conditions. While fixed rate products like personal loans may not see as much change in interest rates when the fed funds rate rises, variable rate products like credit cards likely will.

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Higher rates on credit cards mean people will start paying more for a balance, at a time when household budgets are already stretched due to rising consumer costs, says property expert Jeff Arevalo. -be a financier at the non-profit credit counseling agency GreenPath.

It can also mean that progress on other important goals, like saving for a house, is being sidelined as more people focus on making ends meet. However, Arevalo says there is still plenty of time to get ahead of a rising rate environment.

“When [the Federal Reserve increases] interest rates, it can take a month or two for it to have a full impact on credit cards, so ideally consumers can be proactive,” he says. “If you know these changes are coming and you’re carrying these higher credit card balances, the key is not to be paralyzed by fear.”

Tackling Your Credit Card Debt: First Steps

Brittany Davis, a certified financial counselor who works with people struggling with credit card debt, says the first steps to getting out of debt can be the hardest for clients.

First, you have to face the extent of your debt. Davis advises keeping track of your balance, minimum monthly payment, and interest rate for each credit card to get an overview of what you owe.

Then, she says, you can use an online tool, like a debt repayment calculator, to plug in the numbers and compare different strategies. Two popular winning strategies are the avalanche and snowball methods. With the avalanche method, you start with the debt with the highest interest rate and work your way down, which generally saves you time and money on interest. With the snowball method, you start with the smallest debt and progress gradually, which builds motivation.

Another advice from Davis: Stop using your credit cards for now, which means looking at what sites and apps they’re already linked to. While you might remember not using a credit card when you make a big purchase, it’s the small, recurring expenses like monthly subscriptions that surprise you.

“Money moves fast now,” Davis says. “It’s easy to forget where our maps are linked. If you’re really serious about not using a credit card when paying, be sure to switch those accounts to a debit card.

Other Strategies to Fight Credit Card Debt

If your debt feels too overwhelming to deal with the avalanche or snowball method, there are other strategies that can help lighten the load.

Negotiate with your creditors. It never hurts to phone your creditors and ask what they can do for you, says Davis, especially if you already have a relationship with them. Your bank or credit union may provide a lower rate, waive fees, or provide a higher credit limit, which may reduce your use of credit and help you access low-interest financing at home. ‘coming.

Beware of the effects of what you ask. For example, extending a higher credit limit may require high credit demand, which may temporarily knock a few points off your credit score.

Consolidate your debts. If you have high-interest debt on multiple credit cards, consolidating is a smart move, especially if you qualify for a lower rate than you’re getting on your current debt.

At 0% balance transfer card is one of the best ways to consolidate your debt if you have good or excellent credit (FICO score of 690 or higher). These cards charge 0% interest for a promotional period – sometimes up to 21 months – so if you transfer your debts to the card and pay it off during this period, you won’t pay any interest. Some cards charge a balance transfer fee, usually 3% to 5% of the total transferred.

If you are not eligible for a balance transfer card, a debt consolidation loan is another good option. These loans are available to borrowers from all credit backgrounds, but they charge interest, which is fixed over the term of the loan, so you’ll make the same payment each month.

Contact a credit counseling agency. Finally, you don’t have to go it alone. Arevalo recommends finding a reputable, nonprofit credit counseling agency that can help you budget, negotiate with creditors, or get into a debt management plan.

A debt management plan typically consolidates credit card debt at a lower interest rate and gives you a three to five year repayment plan. You may be charged a start-up fee and monthly fee for using this service.

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Student loan borrowers who combined debt with a current or former spouse have just taken a ‘huge step’ toward relief, the Democratic senator says https://4wallsandaview.com/student-loan-borrowers-who-combined-debt-with-a-current-or-former-spouse-have-just-taken-a-huge-step-toward-relief-the-democratic-senator-says/ Fri, 17 Jun 2022 15:17:52 +0000 https://4wallsandaview.com/student-loan-borrowers-who-combined-debt-with-a-current-or-former-spouse-have-just-taken-a-huge-step-toward-relief-the-democratic-senator-says/ Senator Mark Warner of Virginia sponsored the Joint Consolidation Loan Separation Act of 2021, which would allow borrowers to separate their loans from current or former spouses and bring them closer to forgiveness.Graeme Jennings-Pool/Getty Images A program closed in 2006 allowed married couples to combine their student debt balances. But the law forbids segregating loans […]]]>

Senator Mark Warner of Virginia sponsored the Joint Consolidation Loan Separation Act of 2021, which would allow borrowers to separate their loans from current or former spouses and bring them closer to forgiveness.Graeme Jennings-Pool/Getty Images

  • A program closed in 2006 allowed married couples to combine their student debt balances.

  • But the law forbids segregating loans and prohibits borrowers from a loan forgiveness program.

  • Senator Mark Warner’s bill to allow the separation of these loans has just been passed by the Senate.

Student loan borrowers looking to separate their debt from a current or former spouse have just come one step closer to this relief.

After 13 years of operation, Congress shut down the Joint Spouse Consolidation Loan Program in 2006. It was created to allow married couples to combine their student debt balances with the idea that one monthly payment, with a interest rate, would be more affordable. But the law prohibits the separation of these loans, which means that if the couple divorces, or even in the event of domestic violence, the borrowers must continue to repay the debt together.

That’s why Virginia Senator Mark Warner sponsored the Joint Consolidation Loan Separation Act of 2021, which would allow borrowers to separate these spousal loans, and the bill passed the Senate on Wednesday and is now heading to the Room for a full passage.

“This is a huge step for everyone burdened with these loans,” Warner wrote on Twitter.

Another problem these borrowers face is the ban on student loan forgiveness. The Public Service Loan Forgiveness Program (PSLF) forgives student debt for public servants, such as teachers and nonprofit workers, after ten years of qualifying payments. To qualify, the borrower must have a federal direct loan – so even if a public servant with a spousal loan meets the PSLF criteria, they cannot apply because they cannot split the loan into a direct loan.

“I understand that people have to pay off their debt. I get that part,” Russell Case, a civil servant with a spousal loan, said earlier. Told Initiated. “But if the government promises debt forgiveness to civil servants after ten years and we find out afterwards that our loans are not eligible, that’s my biggest problem.”

There is a sense of urgency to pass Warner’s bill, given that the Department of Education PSLF derogationwhich allows any prior federal loan payment to qualify for the program, expires Oct. 31.

According to data provided by the Student Borrower Protection Center, only 776 borrowers with spousal loans are still in repayment, but Rep. David Price — the sponsor of the House version of Warner’s bill — previously Told Insider this type of debt can be “crippling”.

“My colleagues and I were delighted to reintroduce this common-sense, bipartisan legislation, and hope we can soon move the bill forward toward its long-awaited passage,” he said.

Read the original article at Business Intern

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How 9 million borrowers can get student loan forgiveness https://4wallsandaview.com/how-9-million-borrowers-can-get-student-loan-forgiveness/ Mon, 13 Jun 2022 12:30:00 +0000 https://4wallsandaview.com/how-9-million-borrowers-can-get-student-loan-forgiveness/ President Joe Biden (Photo by Anna Moneymaker/Getty Images) Getty Images Here’s how 9 million student borrowers qualify for student loan forgiveness. Here’s what you need to know — and what that means for your student loans. Student loans A staggering new report shows that 9 million student borrowers are now eligible for student loan forgiveness. […]]]>

Here’s how 9 million student borrowers qualify for student loan forgiveness.

Here’s what you need to know — and what that means for your student loans.

Student loans

A staggering new report shows that 9 million student borrowers are now eligible for student loan forgiveness. This is an important statistic about student debt, as it accounts for almost 20% of student borrowers. The new data, released by the Center for Student Loan Protection, focuses on the Public Service Loan Forgiveness Program, which is one of the best ways to get student loan forgiveness in the shortest amount of time. That said, student borrowers have struggled in recent years to qualify. Why? The requirements were confusing, which at times resulted in a rejection rate of up to 99%. How can you benefit from this student loan forgiveness? Let’s make it easy.


Student Loan Forgiveness: How to Qualify

Congress created the Public Service Loan Forgiveness program in 2007 to encourage more student borrowers to enter the public service. In exchange, student borrowers can get full forgiveness of their federal student loans. The program is currently open to all federal student loan borrowers, and it’s not too late to apply. Here are the main requirements to qualify for student loan forgiveness:

  • Have direct loans;
  • If you do not have direct loans, you must consolidate your federal student loans into a direct consolidation loan;
  • Work full-time (at least 30 hours per week) for a qualified federal, state, local, or tribal public service or nonprofit employer;
  • Enroll in an income-driven reimbursement plan such as IBR, PAYE, REPAYE, or ICR; and
  • Make at least 120 monthly student loan payments;


Student Loan Cancellation: Questions and Answers

Here are answers to common questions about civil service loan forgiveness:

Which Federal Student Loans Are Eligible for Public Service Loan Forgiveness?

Only direct student loans are eligible. This means that FFELP loans and Perkins loans are not eligible for public service loan forgiveness. However, you can convert FFELP and Perkins loans to a direct consolidation loan through student loan consolidation with the U.S. Department of Education, which may make your federal student loans eligible.


What are the main changes to student loan forgiveness?

The Biden administration announced major changes to student loan forgiveness that will help more student borrowers qualify. Primarily, Biden relaxed the rules until October 31, 2022. Now you can count past student loan payments that were deemed ineligible for student loan forgiveness. This includes, for example, late or partial student loan payments or student loan payments made under an incorrect student loan repayment plan.


How do I apply for a public service debt forgiveness?

Contact your federal student loan officer for details. Log on to the Federal Student Aid website to verify that you are working for a qualified employer. You can also check if you have eligible federal student loans or if you need to make them eligible through student loan consolidation. It is important to submit a Employer Attestation Form to the U.S. Department of Education each year and each time you change jobs.


Are private loans eligible for student loan forgiveness?

The Civil Service Loan Forgiveness Program applies only to federal student loans.


Will your student loans be forgiven?

Once you have completed all of the requirements for civil service loan forgiveness, the remaining balance of your federal student loan will be forgiven.


Which employers are not eligible for student loan forgiveness?

You cannot get this student loan forgiveness if you work for a for-profit organization, a union, or a partisan political organization.


Can I get student loan forgiveness faster?

Unfortunately, you can’t get student loan forgiveness any faster. You must make 120 separate monthly payments on your student loan. Therefore, if you meet all the requirements, you should expect to make student loan repayments for 10 years to get student loan forgiveness.


How to qualify for student loan forgiveness if you don’t work in the public service

There are many ways to get student loan forgiveness. Since becoming president, Joe Biden has forgiven $25 billion in student loans. This includes:

  • Public service loan forgiveness: $7.3 billion for over 127,000 student borrowers through public service loan forgiveness.
  • Defense of the borrower until reimbursement: $7.9 billion for 690,000 borrowers for borrower defense against student loan repayments and school closures.
  • A permanent disability: Over $8.5 billion for over 400,000 borrowers with total and permanent disabilities.

You can also get student loan forgiveness through income-driven repayment plans after 20 years (undergraduate student loans) or 25 years (graduate student loans) or monthly student loan repayments. Student loan forgiveness is also available to teachers through the Teacher Loan Forgiveness program.


Student loans: next steps

It is important to note that civil service loan forgiveness is a type of targeted student loan forgiveness. In contrast, a large-scale student loan forgiveness could impact most or all student borrowers. Biden is considering broad student loan forgiveness for millions of student borrowers. However, there is no guarantee that Biden will forgive all or most of the student loan debt. That said, Biden is considering $10,000 in student loan forgiveness and may reconsider a plan to forgive more student loan debt, including up to $50,000. There is no clear timeline for a possible large-scale student loan cancellation, but Biden could announce a decision before temporary student loan relief ends on August 31, 2022. Regardless of the president’s decision, you need to understand all of your options for student loan repayment. . It can help you save money and get out of debt faster. Here are some interesting options:


Student Loans: Related Reading

Senators propose major changes to student loan forgiveness

Department of Education Announces Major Overhaul of Student Loans Service

Navient agrees to forgive $3.5 million in student loans

How to qualify for $17 billion in student loan forgiveness

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7 different types of loans you should be aware of https://4wallsandaview.com/7-different-types-of-loans-you-should-be-aware-of/ Fri, 10 Jun 2022 17:55:56 +0000 https://4wallsandaview.com/7-different-types-of-loans-you-should-be-aware-of/ Consolidation loans can be an attractive option for borrowers who struggle to make multiple loan payments each month, as they can potentially lower your monthly payments and interest rate. Before consolidating, it is important to understand the types of consolidation loans available and their impact on your overall financial situation. These types of loans come […]]]>

Consolidation loans can be an attractive option for borrowers who struggle to make multiple loan payments each month, as they can potentially lower your monthly payments and interest rate. Before consolidating, it is important to understand the types of consolidation loans available and their impact on your overall financial situation.

These types of loans come in different forms, each with their own advantages and disadvantages. Here are the most common types of consolidation loans.

1. Home Equity Loan

This type of consolidation loan uses your home as collateral. If you default on the loan, your home could be foreclosed. However, home equity loans often have lower interest rates than other types of consolidation loans.

2. Personal loan

Personal consolidation loans are unsecured, which means they do not require collateral. This makes it a good option for people who don’t own a home or don’t have any assets to use as collateral. However, because they are unsecured, personal consolidation loans often have higher interest rates than other types of consolidation loans.

3. Balance Transfer Credit Card

This type of consolidation loan allows you to transfer the balance of your other credit cards to a single card with a lower interest rate. However, most balance transfer credit cards have an introductory APR of 0% for only 12-18 months, after which the interest rate changes to regular APR.

4. Student loans

Student loans can help you finance your education and avoid accumulating too much debt. There are many different types of student loans, so it’s important to shop around and compare interest rates before choosing one.

There are two main types of student consolidation loans: federal consolidation loans and private consolidation loans. Federal consolidation loans are available from the US Department of Education and can be used to consolidate multiple federal student loans into one loan with one monthly payment. Private consolidation loans are offered by private lenders and can be used to consolidate federal and private student loans.

5. Payday loan

A payday loan is a short-term, high-interest loan that is typically used to cover unexpected expenses or emergencies. Payday loans should only be used as a last resort, as they can have very high interest rates and fees.

6. Title loan

A title loan is a type of secured loan where you use your car as collateral. Title loans usually have very high interest rates and should only be used as a last resort.

seven. Credit line

A line of credit is a flexible loan that can be used for consolidation, home improvement or other major expenses. Lines of credit generally have lower interest rates than other types of loans, making them a great option for saving money on interest payments.

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Henderson Area Water Systems Wins Improvement Grant https://4wallsandaview.com/henderson-area-water-systems-wins-improvement-grant/ Thu, 09 Jun 2022 21:51:58 +0000 https://4wallsandaview.com/henderson-area-water-systems-wins-improvement-grant/ St. Martin Parish’s Henderson-Nina Water System (HNWS) received $4 million from the Louisiana Department of Health’s Clean Water Revolving Fund (DWRLF) program to consolidate with six local water systems and invest in improvements to eliminate the problems of arsenic contamination and insufficient residual chlorine that currently exist in these small systems. HNWS will consolidate three […]]]>

St. Martin Parish’s Henderson-Nina Water System (HNWS) received $4 million from the Louisiana Department of Health’s Clean Water Revolving Fund (DWRLF) program to consolidate with six local water systems and invest in improvements to eliminate the problems of arsenic contamination and insufficient residual chlorine that currently exist in these small systems.

HNWS will consolidate three community water supply systems: TESI Atchafalaya Acres, River Ridge Estates and Elm Point Estates; and three non-community water systems: Atchafalaya Basin Landing, Cajun Heritage RV Park, and McGee’s Swamp Tours.

“These six systems are currently struggling to maintain water quality standards. Community water systems are all subject to by-laws regarding drinking water that exceeds maximum contaminant levels (MCLs) for arsenic. All three non-community systems have violations relating to maintaining minimum chlorine residuals,” said Brian Baker, DWRLF project engineer.

“This project will consolidate these six systems into the Henderson-Nina system, which is fully compliant with water standards, and in doing so, will enable these smaller systems to eliminate administrative orders and other enforcement issues. This effort addresses serious concerns and provides customers with better water,” Baker said.

Professional Engineer Susan Richard of Domingo, Szabo & Associates, Inc., said, “We are pleased to provide the engineering services for this critical improvement to bring clean drinking water to residents of the Henderson and of Butte LaRose. It was our pleasure

working with Henderson-Nina water system officials, as well as the Louisiana Department of Health, to complete this project.

“Bringing these customers together under one safe and efficient drinking water system benefits the health, safety and well-being of the public,” said Richard. “Our regret is that Ray Robin, the former system manager who passed away this year, could not see the success of his efforts. We miss him and hope he looks forward to his project with joy.

Richard said the funds will be used to install water transmission lines from Cypress Cove to Butte La Rose primarily using existing rights-of-way. She estimated that more than 107,000 linear feet of PVC pipe will be used for the construction of the transmission line. The new lines will also be supported by a booster pump station that handles 350 gallons per minute and a 200,000 gallon ground storage tank with chlorine injection to maintain water pressure and residual chlorine throughout the system. extended. She said the pumps and ground storage tank will be built in the Butte La Rose area.

HNWS currently operates water service for approximately 1,500 customers in the City of Henderson and the unincorporated area of ​​St. Martin Parish adjacent to Henderson. The consolidation of HNWS customers and the six smaller systems will expand HNWS to nearly 2,300 customers.

“Funding for this project is part of our program’s new Consolidation Initiative program, which provides 100% forgiveness for approved projects that eliminate existing public water systems that pose a threat to public health.” , said Joel McKenzie, DWRLF project manager. .

“The Consolidation Initiative Program is available to any compliant water system that wishes to consolidate with a neighboring system that is not compliant with the Safe Drinking Water Act. All loan projects are approved based on a priority ranking system. Projects that address the most serious human health risks and those that ensure compliance with the Safe Drinking Water Act receive the highest priority,” McKenzie said.

He noted that several community systems across the state have already applied to take advantage of DWRLF’s funding option. HNWS received its $4 million loan from the Consolidation Initiative Program on April 27, 2022.

“The Drinking Water Revolving Loan Fund Consolidation Initiative Program has enabled residents of this water system to improve their local drinking water infrastructure without any financial burden on citizens, as the program covers 100% of the cost,” said Amanda, LDH’s chief engineer. said Ames.

“Clean water is fundamental to community health, and this program helps communities across Louisiana keep their water as safe as possible without imposing an undue burden in the form of costly funding,” Ames said.

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Woman who wiped out £60,000 debt in five years explains three tips to fix your finances https://4wallsandaview.com/woman-who-wiped-out-60000-debt-in-five-years-explains-three-tips-to-fix-your-finances/ Mon, 06 Jun 2022 13:51:28 +0000 https://4wallsandaview.com/woman-who-wiped-out-60000-debt-in-five-years-explains-three-tips-to-fix-your-finances/ Nikki Ramskill was just 18 when she pulled out her first credit card shortly before starting medical school – despite having “no idea” about money. By the time she reached her thirties, the now fully qualified doctor was £60,000 in debt and unsure how to settle her finances. The money she owed consisted of credit […]]]>

Nikki Ramskill was just 18 when she pulled out her first credit card shortly before starting medical school – despite having “no idea” about money.

By the time she reached her thirties, the now fully qualified doctor was £60,000 in debt and unsure how to settle her finances.

The money she owed consisted of credit cards, loans and overdrafts, and she had also received a £3,500 tax bill from HMRC.

But it wasn’t until Nikki took time off work to travel that she realized “how bad” her debt had become.

She admits her five-month break only made her finances worse – but Nikki says it also gave her the boost she needed to reassess her situation.







Nikki says traveling helped her realize how serious her debts had become
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Nikki had around £10,000 in savings at the time, but said it was nowhere near enough to cover her travel and bills at home, including a flat she partly owned in London.

She had traveled through Australia, New Zealand and Southeast Asia.

“I was trying to pay my bills and I was also trying to pay for my trips. That’s when I realized how bad it had gone,” said Nikki, who is now 37 and lives in Milton Keynes.

Do you have an amazing debt story to tell? Let us know: mirror.money.saving@mirror.co.uk

“I had always wanted to travel, so I really wanted to go, but being away gave me time to think. I panicked because I had no money coming in.

“That’s when I thought ‘oh my god, this is terrible’. I was on a chance of a trip of a lifetime that I may never do again.

“As soon as I got home, I decided to do something. I was about 31 when I finished traveling.

“The highest level of debt I was incurred in was £60,000. I made my situation worse by traveling and being out of work for a while.

Nikki had previously tried using 0% balance transfer credit cards to clear what she owed, transferring her debt to an interest-free deal – but soon discovered she was no longer accepted for these cards.

Generally, only those with the best credit ratings are accepted for 0% balance transfer credit cards.

After her travels, Nikki then tried to settle her debt using the snowball method – this is when you start by paying off the smallest of all your loans first, before moving on to the next largest.

The idea is that by paying off a debt, you’re more motivated to keep going.

But after moving from working in the hospital to training as a GP, Nikki found her salary had dropped by around £1,000 and said she was no longer able to pay her reimbursements.

That’s when she decided to talk to her bank about a debt consolidation loan and find out if it would be right for her.

A debt consolidation loan involves taking out one loan to pay off all of your existing debts. So, instead of making many refunds to different companies, you only make one refund per month.

Nikki said it was the second time she tried to consolidate her loan, as the first time “didn’t work out” as she continued to spend on her credit cards.

“I cut up all my credit cards and didn’t use them because I didn’t trust myself. I had to go cold turkey,” she said.

“The good thing was that it cut my payments in half. The other good thing was that the interest rates I was paying were much lower.

“My credit cards were at 11% APR and my loan at 6.2%. There were no arrangement fees or prepayment fees.

“The downside is that people who have everything consolidated into their mortgage run the risk of not learning a lesson. If you want to do this, you must eliminate all use of debt.

“I was lucky. I was in a good job and spoke to a risk bank manager in person. It’s not for everyone.

It took Nikki around five years to pay off £60,000 in debt. At the time, she was earning around £2,800 a month.

She paid back £10,000 through the snowball method, around £40,000 through her loan, and then the remaining £10,000 was left to her by her father who sadly passed away.

Nikki says learning to manage her money using Couragea free digital business account from NatWest, also played a crucial role in the success of building up his finances.

Debt consolidation loans – the pros and cons

Before opting for a debt consolidation loan, the first thing to check is whether you can reduce the costs of your debt in another way.

Nikki says she was no longer able to take out a 0% balance transfer credit card, but if that’s an option for you, it will be a cheaper way to settle your debt.

The idea of ​​a debt consolidation loan is that it can help simplify your finances, so you don’t have to keep up with lots of debt – but it’s not for everyone.

For some people, this may mean that you are able to consolidate a number of expensive debts into one loan at a lower rate, so you spend less on interest each month.

But high fees can also apply, especially for those who want to make early repayments, says Sarah Coles, senior personal finance expert at Hargreaves Lansdown.

“You have to check the costs carefully. Some of these loans will spread the repayments out longer to make the monthly payments more affordable, but that means the interest goes up,” she said.

“Some debt consolidation loans will be secured by your home, so if you miss payments, your home could be at risk. Debt counselors would never suggest taking out a secured loan to pay off unsecured debt.

“You should also check the termination fee for an existing loan agreement – and if there are any prepayment charges. This may not be an option at all if you have a bad credit history. “

Ms Coles also points out that you can sometimes end up with just one unmanageable payment, which won’t leave you any better off than before you took out the loan.

You should always seek free debt advice before taking out a debt consolidation loan, to make sure it’s the right path for you and to understand how much you’ll be paying back and for how long.

Three tips if you’re in debt and struggling

Nikki, who now runs her website The woman doctor of money to help inspire others in debt, offered the following advice to anyone struggling:

  • Tell someone ASAP: “My other half knew about my debt but didn’t know the extent of it,” Nikki said.
  • Talk to a Free Debt Advisor: “There’s no shame in talking about money.”
  • Don’t procrastinate: “Get help and decide quickly what you want to do.

There are free organizations that will help you clear your debt:

Always be wary of companies that try to charge you for debt help, as you can get advice without paying a dime.

Read more

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How Small Businesses Can Benefit From Debt Consolidation https://4wallsandaview.com/how-small-businesses-can-benefit-from-debt-consolidation/ Fri, 03 Jun 2022 07:33:39 +0000 https://4wallsandaview.com/how-small-businesses-can-benefit-from-debt-consolidation/ Small businesses in Nigeria and all over the world are grappling with the problem of refinancing their already existing loans. Not only that, in tough business environments like Nigeria, many small businesses have had to take out loans in order to keep the business afloat. It sounds like a good idea in the short term, […]]]>

Small businesses in Nigeria and all over the world are grappling with the problem of refinancing their already existing loans. Not only that, in tough business environments like Nigeria, many small businesses have had to take out loans in order to keep the business afloat.

It sounds like a good idea in the short term, but macro-economic factors like inflation, which generally increase the cost of sales for these small businesses and ultimately make it difficult for these businesses to repay their loans. This is because they are small, which means they have very little leeway to pass their costs on to their customers without risking losing them to other alternative services or products or to a larger competitor who owns a very well established market share. This then affects their potential profits which would have been used to refinance their loans.

That is why in a country like Nigeria, in addition to getting loans from loan sharks, who give loans with high repayments to their customers and not to mention the recent trend of how these platforms share the personal information of those who have defaulted on their payment obligations. general public with the aim of embarrassing them to repay their loans, it is quite difficult to obtain loans at reasonable prices from banks and microfinance banks.

As a small business owner who has now taken out various loans from different sources, it becomes very difficult to keep track of it all. Here’s why debt consolidation is very important for small business owners to know.

What is debt consolidation?

Debt consolidation is a smart financial strategy for small business owners who have incurred multiple debts from different sources. Consolidation merges multiple bills into one debt that is paid off monthly through a debt management plan or consolidation loan.

Debt consolidation lowers the interest rate on your debt and lowers monthly payments. This debt relief option unravels the mess that business owners face every month trying to cope with multiple bills and multiple deadlines from multiple card companies. In its place is a simple remedy; a payment to a source, once a month.

How it works

Debt consolidation is the use of different forms of financing to pay off other debts and liabilities. If you are struggling with different types of debts, you can apply for a loan to consolidate these debts into one liability and pay them off. Payments are then made on the new debt until it is fully paid off.

Most people apply for a debt consolidation loan through their bank, credit union, or credit card company. It’s a good place to start, especially if you have a great relationship and payment history with your institution. If you are denied, try exploring private mortgage companies or lenders. Creditors are also willing to do so for several reasons.

For the borrower, debt consolidation maximizes the probability of collection from a debtor. These loans are usually offered by financial institutions such as banks and credit unions, but there are other companies that specialize in debt consolidation services that offer these services to the general public.

An important point to note is that debt consolidation loans do not erase the original debt. Instead, they simply transfer a consumer’s loans to another lender or type of loan. For true debt relief or for those who do not qualify for loans, it may be best to consider debt settlement rather than or in conjunction with a debt consolidation loan.

Going deeper, there are two major types of debt consolidation loans; secured and unsecured loans. While secured loans are backed by one of the borrower’s assets, such as a house or car, unsecured loans, on the other hand, are not asset backed and can be more difficult to obtain. Unsecured loans also tend to have higher interest rates and lower qualifying amounts. Regardless of the type of loan, interest rates are always generally lower than the rates charged on credit cards. And in most cases, the rates are fixed, so they do not vary over the repayment period.

Why it matters to you and your business

Debt consolidation is a great tool for people who have multiple debts with high interest rates or monthly payments, especially for those who owe N10 million or more. By negotiating one of these loans, you can enjoy one monthly payment instead of multiple payments, not to mention a lower interest rate.

As long as you don’t incur any additional debt, you can also expect to be debt free sooner. Going through the debt consolidation process can reduce calls or letters from collection agencies, as long as the new loan is kept up to date.

However, it’s important to remember that while the interest rate and monthly payment may be lower on a debt consolidation loan, its payment schedule may be another Pandora’s box you don’t want to open. Indeed, longer payment schedules mean paying more in the long run.

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Orange Credit announces the launch of a low-interest loan https://4wallsandaview.com/orange-credit-announces-the-launch-of-a-low-interest-loan/ Wed, 01 Jun 2022 02:00:00 +0000 https://4wallsandaview.com/orange-credit-announces-the-launch-of-a-low-interest-loan/ SINGAPORE – Media outreach – June 1, 2022 – Orange Credit, a legal and licensed lender in Singapore, has announced the launch of its latest loan, with a loan interest rate as low as 1% per month. This new initiative will be used for its personal loans, bridge loans and payday loans. The launch of […]]]>

SINGAPORE – Media outreach – June 1, 2022 – Orange Credit, a legal and licensed lender in Singapore, has announced the launch of its latest loan, with a loan interest rate as low as 1% per month. This new initiative will be used for its personal loans, bridge loans and payday loans.

The launch of the new 1% loan by Credit Orange does not include administration fees, according to the applicable terms. Eligible applicants with an annual income above S$30,000, no outstanding loans from other approved lenders, as well as outstanding unsecured loans from banks not exceeding three times the amount of their monthly income may apply for the ready.

This lending initiative was born out of Orange Credit’s advocacy of responsible borrowing and lending to the public with the aim of minimizing personal debt in Singapore. Thus, Orange Credit is dedicated to exploring disposable income with borrowers, in addition to supporting borrowers in terms of debt consolidation loans in singapore. This comes from the fact that she strives to focus on the priorities of her clients in order to provide the optimal solutions to their financial worries.

Orange Credit is a reliable professional approved lender in Geylang, offering flexible, easy and fast cash loans with quick and hassle-free loan approval in Singapore. Orange Credit has steadily expanded its customer base since its inception by offering a variety of loans, such as debt consolidation and business loans in Singapore, to ease the financial concerns of people in need and businesses that have intend to grow. With no hidden fees, all documentation is straight forward and simple. This allows Orange Credit to speed up loan procedures, which results in a quick approval of ready.

For more information about Orange Credit and its reliable range of money lending services, please visit https://orangecredit.com.sg/.

#OrangeCredit

The issuer is solely responsible for the content of this announcement.

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