reddevil's Blog

Congress has recently decided to change rules for student loan consolidations.

One of the changes effects the payment of student loan consolidations, both for federal and for private student loans. The payments will now be based on the student's income. If a student can show that he or she suffers from 'partial financial hardships' then the payments made monthly on a student loan consolidation will be limited at about 15 percent taken from a students current income, instead of a set price for every student. This is a part of their College Cost Reduction Act along with their Access Act. Those changes will take effect the year 2009 as of July first.

For those students that spend at least ten years in what the government considers to be a qualifying public service position, for example teaching or maybe charitable work, then the remaining amount of a students current loans can be forgiven. Unfortunately, it is only with the loans that are funded directly by the federal government. This option became available for students on October first of the year 2007.

As of July 1st 2008, those students who move FFELP or Federal Family Education Loan in a direct loan program by using a loan consolidation plan can also qualify for the above.

Just pain consolidating student loans is also an option. A lot of the time students will consolidate funds in order to extend the amount of time they have to pay, and lower the monthly payments that they make. When they go to consolidate their loans, students have many things to look for, and many benefits they can get from consolidating their loans.

One reason why students use student loan consolidation is the escape from changing interest rates that randomly go up. Some are just looking to make fewer payments a month and a lower payment at that.

When choosing to use student loan consolidation, timing is essential. Instead of just picking one at the spur of the moment, a student should wait until after the US Treasury Bond Auction. This generally occurs in the very last week of May, and takes effect on the first of July. This usually gives each of the loaners to take a month to decide if it would benefit them to do consolidations under their current rates, or if it would be better to wait until the new rates take effect in the beginning of July. And it will give a student a chance to look for lower fixed rates.

Since private loans are not the same as federal loans, therefore these new rules that apply to federal student loan consolidation do not apply to private student loan debt consolidation. For this reason federal loans can be used only to consolidate the loans that are backed federally and private loans must be consolidated using other private consolidation methods.

If you are, or know a student who is currently looking for student loans, it is always better to use federal student loans, and federal student loan consolidation options. If you go to consolidate all of your loans you need to be sure to have two groups, one federal student loan consolidation and one for private student loan consolidation.

Article from loansfinance's blog

An education is an essential ingredient for a successful career, but an education can be very costly and often beyond the financial capabilities of the average person. But lack of finance needn't preclude you from obtaining a college or university degree. That's where applying for student loans come in.

There are two types of loan to keep in mind when applying for student loans -federal student loans and private student loans.

Federal student loans are the most common loan types applied for when applying for student loans. Federal loans are loans from the government to subsidise or pay for a college education or a degree.

Private Student loans are available for those students who do not qualify for federal student loans when applying for student loans.

When applying for student loans in the private sector the following factors will affect your eligibility for a private student loan: your creditworthiness, whether or not you have surety, whether or not your parents are willing to co-sign for the loan, and bad credit or delinquency with regard to debt. When applying for student loans you therefore need to consider the following:

1. Credit History and credit rating

A bad credit history may affect your chance of being successful applying for student loans

2. The interest rate of the loan Always search for the lowest interest rate loan, applying for student loans.

A federal loan normally has the lowest rate, and there are many private intuitions that offer private student loans so when applying for student loans also search for the lowest rate

3. Only borrow what you can afford Only borrow an amount that you are absolutely sure you can afford when applying for student loans.

If you default you will jeopardise your future credit rating which could preclude you from investments in the future, like your own home. In order to calculate what you can afford, you can use a local newspaper to gauge what people in your chosen profession will earn and then work out what loan you afford before applying for student loans.

Most private money lending transaction involve you as the borrower where you borrow money from a private individual (private lender) and the transaction is documented by a Promissory Note and Mortgage.

Additionally, you will need to name your private lender on your property insurance. We also recommend you included a disclosure statement.

Promissory Note

One of the most important documents you will ever sign with a private lender is the actual Promissory Note that creates the loan obligation. The Promissory Note lays out the terms and conditions under which the private lender is willing to lend you money and under which you are willing to borrow money.

The Promissory Note is where you want to control the private lending process in your favor and give you the borrower the control and flexible you may need in the future. If the Promissory Note does not have the right clauses contained within it, you are potentially giving away tremendous control to your private lender and tying your hands in the future.

Mortgage

The Mortgage is the security document for the borrower's performance under the Promissory Note and usually is secured by the piece of real estate you are about to purchase.

The Mortgage is the document that you will record with your local county recording office. Generally, you should have a title clerk or attorney record the Mortgage to be sure it is done correctly and to avoid any problems later.

Certificate of Insurance

You should always provide your private lender with property insurance, including both an owner's title policy and a lenders title policy. You will want to make sure your lender is named as an additional insured on your hazard insurance policy, just like you would if Bank of America was your lender instead of your private lender.

Disclosure Statement

You may want to consider a disclosure statement form that outlines exactly what it is you will be doing with the property, how you plan to exit out of the property, the time line you are projecting and the risks involved with real estate investing and the possibility your entire plan could change while owning the property.

Private lending does have investment risk and it is possible the investor could lose some or even all of their investment. You need to make them aware of these risks before you use their money for investment purposes. I disclosure statement can be in any form as long as you disclosure the risk involved with your investment.

To take advantage of the last days of autumn, we planned an outdoor Halloween party at our family farm. This gave us an opportunity to bring our friends together in an informal setting before the hectic holiday season.

The kids grew excited as we drove past the harvested fields of rural farmland, the grazing cattle, and brimming roadside stands. The sights and smells of the country awoke their spirits of adventure and they burst from the car as soon as we stopped at the end of the dirt road.

As they explored their surroundings, the adults began to set up. Our party centered on the activity of making scarecrows. We brought out baskets piled high with faded denim coveralls, straw hats, and flannel shirts. The children enthusiastically costumed themselves as well as the scarecrows. They collected autumn grasses and flowers and wove them into straw hats to take home as mementos.

The country setting and the crisp autumn air inspired many activities. Sack races, a tug of war, and a scavenger hunt kept everyone busy throughout the afternoon.

As the day came to a close, our guests enjoyed an Indian summer sunset. We bundled sleepy children into cars and returned home with warm recollections of an afternoon shared with special friends.

Do you remember any games from Halloween parties of your childhood? Often the simplest activities create the memories that last a lifetime. This fall, host your own family party.

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Halloween Costumes Can Make You Scream – So Can Having Your Business Burglarized – 10 ways to keep your Commercial Property Safe

Halloween costumes are a scary thing for many this time of year. It is also frightening to know your business or commercial property has potential for being victimized. Here are 10 prevention measures to keep property safe from those things that go ‘bump’ in the night and ensure business owners from having a terrifying theft experience.

1. Locks and Padlocks – Locks on all outside entrances and inside security doors should be double cylinder deadbolts with removable collars. The deadbolt should have at least one inch throw containing a hardened steel insert and protected by a latch guard. Padlocks should be of hardened steel, mounted on bolted hasps and always locked to prevent exchange. Serial numbers should be filed off to prevent new keys from being made.
2. Doors – all outside and/or security doors should be of solid construction, metal lined and secured with heavy metal crossbars. Jams around doors must be solid. All exposed hinges should be pinned to prevent removal.
3. Windows – should have secure locks. Burglar-resistant glass treatments are also recommended. An example would be the installation of polyester security. However, this must be used together with the alarm’s glass break sensor. Heavy metal grates may be used on windows of high vulnerability (such as rear windows). Check with your area Fire Code Inspector for safety requirements.
4. Lights – must provide optimum visibility, both inside and out, with outside lights having vandal-proof covers over the lights and power sources. Your entire perimeter must be well lit, especially around doors and other possible entries.
5. Alarm System – should be supplied and installed by a licensed alarm company with a central monitoring station. Check the alarm system on a daily basis, and advertise its presence to deter break-ins with the company’s sticker or yard sign.
6. Cash Register – should be kept in plain view from outside the building so it can be easily monitored and should be left open when empty and not in use.
7. Safe – should be fire proof, burglar resistant, anchored securely and in plain view. Leave it open when it is empty, and use it to lock up valuables when business is closed. Change the combination whenever someone with access is released from your employment.
8. Building Exterior – should be checked including the roof, basement, and walls. Secure all openings. Maintain good visibility by not allowing landscaping, boxes, trash bins, vehicles, or equipment near your building where they might provide concealment or access to the roof.
9. Perimeter Fences – need to be adequate enough to keep intruders out, and at the same time allow good visibility of your business by neighbors and police. A good example of fencing would be vertical iron bar or 1/8 inch mesh vinyl coated chain link.
10. Key Control and ID Numbers – keys should be handed out in responsible manner. A master key system where one key open all locks may be convenient, but it may not be the best for security. Code all keys, keep them securely locked when not in use, and do not allow employees to leave them lying around or make duplicates. Change locks whenever you suspect key security has been jeopardized. Marking equipment with ID numbers should be displayed to make this plainly evident to would-be thieves. Also, keeping a record of serial numbers on all equipment may help in recovery.

There’s no one ‘quick fix’ for deterring thieves, but if certain precautions are taken, business owners will sleep soundly knowing they done what they can to prevent a ghoulish burglary of their property.