...William D. Ford Federal Direct Loan Program Direct Subsidized Loan and Direct Unsubsidized Loan Borrower’s Rights and Responsibilities Statement Important Notice: This Borrower’s Rights and Responsibilities Statement provides additional information about the terms and conditions of the loans you receive under the accompanying Master Promissory Note (MPN) for Federal Direct Stafford/Ford Loans (Direct Subsidized Loans) and Federal Direct Unsubsidized Stafford/Ford Loans (Direct Unsubsidized Loans). Please keep this Borrower’s Rights and Responsibilities Statement for your records. You may request another copy of this Borrower's Rights and Responsibilities Statement at any time by contacting your servicer. Throughout this Borrower’s Rights and Responsibilities Statement, the words “we,” “us,” and “our” refer to the U.S. Department of Education. The word “loan” refers to one or more loans made under the accompanying MPN. 1. The William D. Ford Federal Direct Loan Program. The William D. Ford Federal Direct Loan (Direct Loan) Program includes the following types of loans, known collectively as “Direct Loans”: Federal Direct Stafford/Ford Loans (Direct Subsidized Loans) Federal Direct Unsubsidized Stafford/Ford Loans (Direct Unsubsidized Loans) Federal Direct PLUS Loans (Direct PLUS Loans) Federal Direct Consolidation Loans (Direct Consolidation Loans) 4. About the MPN. You may receive more than one loan under this MPN over a period of up to 10 years to pay for your educational...
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...IN-SCHOOL DEFERMENT REQUEST Federal Family Education Loan Program OMB No. 1845-0005 Form Approved Exp. Date 06/30/2002 SCH WARNING: Any person who knowingly makes a false statement or misrepresentation on this form or on any accompanying documents shall be subject to penalties which may include fines, imprisonment or both, under the U.S. Criminal Code and 20 U.S.C. §1097. SECTION 1: BORROWER IDENTIFICATION Please correct or, if information is missing, enter below. If a correction, check this box: ❒ SSN Name Address City, State, Zip Telephone - Home ( Telephone - Other ( ) ) SECTION 2: DEFERMENT REQUEST Before answering any questions, carefully read the entire form, including the instructions and other information in Sections 5 and 6. s I meet the qualifications for the deferment checked below and request that my loan holder defer repayment of my loan(s): ❒ While I am enrolled at an eligible school as a FULL-TIME STUDENT. (For borrowers with any FFEL Program loan.) ❒ While I am enrolled at an eligible school as a LESS THAN FULL-TIME BUT AT LEAST HALF-TIME STUDENT. (For borrowers who, on the date they signed the promissory note, did not have an outstanding balance on a FFEL Program loan made before July 1, 1987.) NOTE: Your promissory note or other loan documents may state that a borrower with an outstanding balance on a FFEL Program loan made prior to July 1, 1993 must receive another loan in order to qualify for a half-time student deferment. This requirement...
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...Mid-Term – Bank Loan Default I. Introduction The question requires us to understand what factors could lead to people defaulting on their loans. The variables that will be discussed include age, education, employment, address, income etc. An overview of the data will be provided along with assessing inter-relationships among variables as well as providing a good fit model. II. Overview of Data The sample includes 700 observations in the data set based on the summary. Below is the list of variables and the mean, minimum, maximum of the data. The average age of the people in the sample data is 34.86 or 35 years. The minimum is 20 years whereas the maximum age in the group is 56 years. The average level of education is 1.72 or 2 years. The minimum is 1 year and maximum is 5 years of education in the sample. The average years that a person stays with their current employer are 8.38 years. The minimum is 0 years and the maximum is 31 years with the employer. The average years that a person stays at their current address is 8.27 years. The minimum is 0 years and the maximum that someone will stay at their current address is 34 years. The average household income in thousands is 45.60. The minimum household income in the sample is 14 and the maximum is 446 thousand dollars. The average debt to income ratio (x100) is 10.26. The minimum debt to income in the sample is 0.4 whereas the maximum ratio was 41.3. The average credit card debt is 1.55. The minimum...
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...Federal Direct PLUS Loan Application and Master Promissory Note William D. Ford Federal Direct Loan Program Warning: Any person who knowingly makes a false statement or misrepresentation on this form or any accompanying document is subject to penalties that may include fines, imprisonment, or both, under the U.S. Criminal Code and 20 U.S.C. 1097. OMB No. 1845-0068 Form Approved Exp. Date 11/30/2013 SECTION A: BORROWER INFORMATION - TO BE COMPLETED BY ALL BORROWERS; READ THE INSTRUCTIONS IN SECTION G BEFORE COMPLETING THIS SECTION CHECK ONE - I am a: [ X] Graduate or Professional Student 1. Driver's License State and No. FL j520960838090 4. E-mail Address (optional) delaguilayaleeth@gmail.com 5. Name and Permanent Address (see instructions) DEL AGUILA , YALEETH E 578 EASTBROOK WINTER PARK FL 32792 UNITED STATES [ ] Parent of a Dependent Undergraduate Student 2. Social Security No. 148115472 6. Area Code/Telephone No. 3. Date of Birth (mm-dd-yyyy) 08/29/1983 4073530201 7. Citizenship Status (to be completed by parent borrowers only -- check one) (1) [ ] U.S. Citizen or National (2) [ ] Permanent Resident/Other Eligible Non-Citizen 8. Employer’s Name and Address ross stores 1736 sand lake orlando , FL 32792 UNITED STATES If (2), Alien Registration No. 9. Work Area Code/Telephone No. 4078161246 10. References: List two persons with different U.S. addresses who do not live with you and who have known you for at least three years. If you are a parent...
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...private liberal arts colleges are starting a pilot program which offering graduates help with repaying their student loans. These options are offer to graduates in order to boost enrollments in tough economics times. The president of Alma (Mich.) college, Jeff Abernathy testing out the program with about 10 students and at least seven other schools mostly Christian’s colleges. The loan program gives student a safety net if job obtain payless than $20,000 a year the loan repayment plan will cover that year’s payments. Also under the Huntington plan participating students pay nothing for the benefits if a student or parent when borrowing earned less than $40,000 a year this plan will help cover up to $90,000. Matthew Osborne, a vice president at Michigan Spring Arbor University says “gratitude allows for a better relationship” he quotes “And better relations allow for opportunity for better alumni donations down the road.” Authors: Mary Beth Marklein; USA TODAY 06/13/2011 Colleges offer grads help repaying loans Abstracts in Social Gerontology Date: 11/29/2011 Failing to make payments on a federal student loan for a sufficient amount of months will consider the loan to be in default. Defaults on student loans rose to 6.7% in the fiscal year 2007 from 5.2% a year earlier, the highest default rate since 1998. Default loans can be turned over to collection agency, and the federal government can garnish your wages without going to court, says...
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...SOURCES OF FINANCE Matching the appropriate source of finance to a situation This is a paired exercise. The aim is to match the situation to the most appropriate source of finance. CASE STUDIES NEW MINIMARKET Roy Bhuvnesh has been made redundant after 20 years with a major organisation and has received a lump sum redundancy payment of £70,000. He is planning to set up a new minimarket and has identified suitable premises valued at £180,000 in Green Lane. BUYING A NEW FREEZER CABINET A small newsagent in Green Lane has decided to purchase a new freezer cabinet and oven/roasting unit to provide hot meals for local workers and for pupils at Northwood School which serves the surrounding area. The cost of the units is £8,500. MOBILE CAR VALET SERVICE You have just passed your driving test and along with a friend are setting a business to offer a mobile car valet service. This would involve them travelling to people’s homes and washing and internally cleaning customer cars. They are hoping to attract private customers and local garages who sell second hand cars. RE-LOCATING TO SWANSEA Sentinel Industries plc are planning on moving a major part of its production facility to Swansea. It has identified a site near a former chalk pit that is now not used. The estimated cost of the facility is £10 million. BUYING NEW EQUIPMENT Lucas Engineering Ltd with an annual turnover of £3.5 million has decided to install new machinery to help improve its productivity...
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...Small Loans, Big Problems A university student committed suicide after seeing how the payday loan he had to take increased in just three months after he made the decision of getting a loan. Payday loans are short-term loan that afford a small amount of money for a small amount time.(“Swansea Student Mitch Lewis Overdose After Payday Loan”). Courtney Mitchell Lewis was only 21 years when he killed himself. He was a physics ungraduated at Swansea University. Although he was working as a barman, in JC’s bar, he was struggling financially in school that he decided to take out a payday loan to solve some financial problem. Lewis borrowed only $100; after three months, the loan debt increased eight times the money he had borrowed. When he saw that...
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...paid for. Students can pay for college in many different ways. Students can pay with grants and scholarships, which is money she does not have to pay back upon graduation, and then there are loans. You have subsidized and unsubsidized loans, private loans and the highly controversial parent-plus loans. What is a parent plus loan? A parent-plus loan are federal loans that graduate or professional degree students and parents of dependent undergraduate students can use to help pay education expenses. In order to receive a Direct PLUS loan, you (or your child, in the case of parent PLUS loan borrowers) must complete the Free Application for Federal Student Aid (FAFSA®). The school's financial aid office will provide instructions about their process for requesting a Direct PLUS Loan. Many schools require that you request a Direct PLUS Loan at StudentLoans.gov. The request form has a list of schools that participate in the Direct PLUS Loan program; if you select your/your child’s school from the list, the site will notify you if your school does not use the StudentLoans.gov process. If that is the case, you should check with the school to find out how to request a PLUS loan. In order to apply for the loan, In order to receive a Direct PLUS loan, you (or your child, in the case of parent PLUS loan borrowers) must complete the Free Application for Federal Student Aid. The school's financial aid office will provide instructions about their process for requesting a Direct...
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...Cancel Your Student Loan You can get out of default if you qualify to have your loan canceled (discharged). This is the best option, because when you cancel the loan, you are no longer obligated to repay it. However, there are limited ways to qualify for loan cancelation, so this option won't work for many people. To learn about the different ways to cancel student loans, see the articles in Nolo's Student Loan Debt area. Get a Consolidation Loan You can get out of default by getting a consolidation loan with a repayment plan matched to your income With a consolidation loan, you combine one or more of your federal student loans into a single loan with one monthly payment. To learn more, see Student Loan Consolidation. Once you get a Direct Consolidation Loan, you will immediately be taken out of default status. You will stay out of default as long as you keep making payments. Loan consolidation is usually a faster way to get out of default than a reasonable and affordable payment plan (see below), so it often makes sense to try this first. Get a Reasonable & Affordable Payment Plan Another way to get out of default is to set up a “reasonable and affordable payment plan” with your loan holder. Borrowers in default have a statutory right to such a payment plan, based on financial circumstances. Be careful in negotiating a plan. By the time you are in default, your loan may be held or serviced by a state guarantee agency or a collection agency under contract with the Department...
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...for additional grants and scholarships. Many scholarships are available through many sources and are granted to students based on merit rather than need. It would also be beneficial for a student to consider paying cash for their classes if possible. If it is necessary for a student to borrow funds to pay for their education there are two different types of loans available, subsidized and unsubsidized loans. A subsidized loan is need based, usually has a lower interest rate, the government pays the interest on the loan while the student is still enrolled and working toward his or her graduation and does not require payment until six months after graduation. Unsubsidized loans are not based on need, have a higher interest rate and although repayment does not begin until six months after graduation, interest will continue to accrue from the beginning of the loan while the student is still in school. It would be in the best interest of the student; if possible, to pay the interest payment on the loan as it accrues monthly to avoid owing more than necessary upon graduation. Financing Educational Expenses Student loans are disbursed each term and a student has the option of returning unused funds and thus reducing the amount that they owe. Based on my financial needs and the amount of funds that will be required to pay for my next term...
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...For the exclusive use of S. Cao, 2015. 9-914-505 AUGUST 1, 2013 WILLIAM E. FRUHAN WEI WANG Jackson Automotive Systems It was early June 2013. Heather James, vice president at the Michigan State Bank, was considering a loan request from a longtime client, Jackson Automotive Systems. Jackson had requested the renewal of an existing term loan with the bank in the amount of $5 million that was originally scheduled to be repaid at the end of the month. Jackson was also seeking to borrow an additional $2.4 million to fund the acquisition of a long-needed piece of equipment, which it planned to purchase in late July. Both loans, which totaled $7.4 million, would be repayable on September 30, 2013. Jackson Automotive Systems, an Original Equipment Manufacturer (OEM) located in Jackson, Michigan, carried product lines in advanced heating and air conditioning systems, engine cooling systems and parts, and fuel injection and transfer systems, as well as various other engine parts. Production of these lines required sophisticated and expensive precision equipment. The company's customers were reliable and reputable automotive assemblers located nearby in the Michigan area. Industry Background At the time of the loan in 2013, there were over 5,000 automotive parts suppliers located in the U.S. Less than 200 companies had annual sales of more than $100 million, while the remaining companies were small producers, representing a highly fragmented market. Small private...
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...Benefits Associated with Bad Credit Loans Bad credit loans are a blessing in disguise for those suffering from bad credit history. People unable to pay their bills or loans on time suffer from a bad credit score that affects negatively on their credit history. There are a number of reasons behind a bad credit history including financial crises, bankruptcy, inability to pay bills on time and many others. Recession is one of the major factors behind bad credit history of the people as they suffer from financial crises due to poor economic conditions and by loosing their jobs. Inflation is another solid reason that leads to poor credit scores. Bad credit loans help you enjoying the privilege of enjoying loans even if you suffer with poor credit history. Bad credit loans provide you financial assistance in a number of critical situations such as paying a sudden and unexpected medical bill, meeting the financial crunch at the end of the month, coping sudden personal financial needs when you run short of money. Bad credit loan is a perfect solution for all the above-mentioned problems as it let you get instant cash in order to fulfill your financial requirements. There are a number of lenders over the Internet and in the offline environment that offer ad credit loans to the people having no or poor credit history. The ultimate advantage of a bad credit loan is that you can instantly get the loan. You don’t need to wait for weeks to get your loan approved as you can get hot cash...
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...[pic] 14th November, 2014 RICHARD OSEI School of Allied Health Korle - Bu Accra Dear Sir, APPLICATION FOR CREDIT FACILITY We refer to your request for a restructuring on your personal loan facility (“the facility”) of an outstanding balance of GH¢981.88 and are pleased to inform you that International Commercial Bank Ltd has approved your request. The loan will be subject to the following terms and conditions: - Borrower : RICHARD OSEI Amount : (GH¢981.88) *The amount to be restructured shall include the amount approved plus any accrued interest thereon. Purpose : To maintain quality repayment performance on the personal. loan scheme Tenor : Seven (7) Months from the date of disbursement Maturity Date : The tenor is subject to change with changes in interest rates. Interest Rate : 28.25% Per annum interest rate subject to change in market conditions and at the discretion of the Bank Repayment Terms : Seven (7) monthly installment payments of GH¢159.55 commencing on the 25th December, 2014 and subsequently on the 25th of every month. Each payment made ...
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...Dear Student/Parent, Enclosed is your proposed student financial plan. You have been approved for the PLUS loan; it is up to you if you would like to take it out for the first academic year. Please review your charges and estimated financial aid for the program along with the PLUS loan requested loan amount form that will need to be sing by your parent so that we may certify the PLUS loan. Please note you ultimately have the option to accept or refuse the plus loan. If you choose to accept the plus loan, then sign the financial aid plan and the plus loan requested amount form and send them back to me as soon as possible. If you choose not to accept, we will provide you with alternative loans options. Alternative loans require that either the student is credit worthy or the student obtains a credit worthy co-signer. Most students will need a credit worthy co-signer. Should you have any questions or concerns, please feel free to contact me at 1-800-275-2474 ext: 6380 or via e-mail at chatten@aii.edu. Thank you for your time and immediate consideration to this paperwork. Dear Parent, I have applied you for the Federal Parent PLUS Loan on Sallie Mae’s website. However, your credit decision is in a pending status. This means that you need to call Sallie Mae’s Parent Answer Service at 1-800-891-1410 as soon as possible and give them any personal information that they need....
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...Rising Student Loan Default Rate: The Next Financial Crisis in the United States Rebecca Richards QBT1 - Language and Communication: Research October 1, 2012 Rising Student Loan Default Rate: The Next Financial Crisis in the United States Introduction Higher education is an important resource for career focused people here in the United States. In order to attend college, most students have to take out loans in order to cover the cost of attending. However, the rising rate of student loan defaults has recently become a serious issue that needs to be addressed. Economists agree that the rising amount of student loan default can prove to be a good indicator when seeking to predict future payments on student loans (Ismail, Serguieva, & Singh, 2011). Recent studies have shown that the growing rate of student loan default on higher education loans could cause another financial crisis in the United States because the loans are government backed, the cost of higher education is on the rise, and unemployment rates are on the rise preventing repayment. Taking on student loans can feel like and endless cycle of entrapment to the borrowers and they are often left with the belief that they have no other choice than to default on their loans. It is impossible to say with 100% certainty where the culpability lies for this unfolding crisis. One point of view is that the students may be at fault for not fully understanding the magnitude of the debt they are taking on...
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