...Many students are graduating with student loan debt. Students may not actually grasp the seriousness of student loan debt. Therefore, many of the students who take out more student loans than others and graduate with a lot that will be needed to be repaid which will be an issue. Because of this problem, Indiana University has created a program to help address the issue. A plan was made which follows 3 main phases. The first phase was to actually make the “Money Smart Team.” The idea of the team is to have students in the team. It was recognized that students are more ideal to take advice from students their age and in their situation rather than adults. The team helps with basic principles and ideas with spending. For example, students are...
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...The only safe way to acquire student loan debt is if you can predict the future economy, job market, and housing market. Students are forced to spend money they do not have and cannot predict to have in four years. In my case, obtaining student loan debt derailed my career and life goals. In 2008 when I graduated from the University of California Los Angeles, I was thrown into one of the worst recessions since the 1930s Great Depression. There were hiring freezes, cut backs, and downsizing. This meant there were more experienced workers than me who were now applying to the same jobs that I was applying to. I could not find a job, but I still needed to pay off the $20,000 in loans that were acquiring interest. I was not in a great position and...
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...EDUCATIONAL LOAN SCHEME FOR PURSUING HIGER EDUCATION IN INDIA AND ABROAD 1. INTRODUCTION: Education is central to the human resources development and empowerment in any country. National and State level policies are framed to ensure that this basic need of the population is met through appropriate public and private sector initiatives. While government endeavour to provide primary education to all on a universal basis, public funding of higher education is not considered feasible. Cost of education has been going up in recent times and since the student has to bear most of the cost, there is a clear case for institutional funding in this area. This model education loan scheme is an attempt to bring out a viable and sustainable bank loan scheme to meet the aspirations of our society. Knowledge and information would be the driving force for economic growth in the coming years. The current rate of economic growth of the country demands technically and professionally trained man power in large numbers. In this backdrop, loans for education is seen as investments for economic development and prosperity. The model Education Loan Scheme was developed by the Indian Banks’ Association to help meritorious students pursue higher education in technical and professional courses. As the focus is on development of human capital, repayment of the loan is expected to come from future earnings of the student after completion of education. Hence the assessment of the loan will be...
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...Rough Draft Expository Every year, students have to juggle homework and work in order to pay high tuition fees, along with housing. A study done by Ohio State University showed that nearly 60 percent of students worry about how they are going to afford having a higher education. College is meant to be one of the best times of an individual’s life, but that isn’t the case when one can’t afford it. While going to college can be beneficial to high school graduates by helping them obtain a career, it has a very expensive price tag. In order to pay for college, many students use grants, loans, scholarships, and FAFSA (Free Application for Federal Student Aid) to help pay college tuition. One of the most popular ways to pay for college is by taking...
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...Dr. Susan Gunn’s Samples for Module 1 Case Assignment of ETH501 The following sample from student papers is meant to establish some guidelines on how to approach your essays. The first sample shows an excellent introduction to the first case. The student author provides his/her own approach and allows the reader to know what is going to be discussed. The second example simply uses a long quotation that is not properly formatted. It does not lead the reader into the critical ethical analysis that is required. The third and forth examples show a part of the critical ethical analysis. Remember, if you have any questions, please ask. An excellent source for finding your own voice in academic writing is: http://unilearning.uow.edu.au/academic/4bi.html. This cite has good examples with explanations. Sample 1: You do not have to discuss that it is a paper. You do have to tell the reader what you will be discussing. Note also that there is a Heading. Introduction The purpose of this assignment is provide a critical analysis of the 2002 collapse of the WorldCom telecommunications empire as seen through the lens of deontological ethics. This analysis will be accomplished by defining deontological ethics and the Categorical Imperative (CI); by generally establishing what ethical problems were inherent in the WorldCom case; by evaluating the WorldCom model according to a deontological ethics; and finally by using Immanuel Kant’s construct of the CI to assess the WorldCom...
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...SOUTH AFRICA (HESA): INPUT FOR THE REVIEW OF THE NATIONAL STUDENT FINANCIAL AID SCHEME (NSFAS) August 2009 _________________________________________________________________ 1. INTRODUCTION The Minister of Higher Education and Training recently announced a review of the National Student Financial Aid Scheme (Government Gazette, 32917 of 10 June 2009). This memorandum represents the collective views of public universities in South Africa, as represented in HESA, on the issues highlighted in the terms of reference of the Review Committee. In addition it addresses a number of related matters which would contribute towards alleviating the plight of students in relation to the cost of higher education. 2. BACKGROUND 2.1 The background to the review of NSFAS is given briefly in the above mentioned Government Gazette and mainly revolves around the inability of NSFAS to meet increasing demands for student financial aid despite increased annual Government allocations to NSFAS and increasing amounts of recovered student loans. 2.2 In the above mentioned Government Gazette the progressive growth in services rendered by NSFAS to include the administration of: Financial aid schemes run by individual universities; special purpose national and provincial government funds such as teacher education bursaries; the management of private sector and donor funds in terms of specified criteria; and of financial aid for students in FET colleges, is set out. In this regard HESA wishes...
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...Frequently asked Questions (FAQs) related to the Scheme of Padho Pardesh B: For Students 1. Who is eligible for this Scheme? Answer. Students who belong to minority communities viz. Muslims Christians, Sikhs, Buddhists, Jains, and Parsis and want to pursue higher studies i.e. Masters, M.Phil & Ph. D level abroad. 2. What will be the time period for interest subsidy? Answer. Interest subsidy will be granted for the period of moratorium (i.e. course period, plus one year or six months after getting job, whichever is earlier) as prescribed under the Education Loan Scheme of the Indian Banks Association (IBA). 3. What is the procedure to avail the benefit of the Scheme? Answer. Student can avail the benefit of the Scheme by following the given procedure:i) ii) iii) iv) Student should have secured admission in the University Abroad for pursuing Post-graduate Diploma, Masters, M.Phil or Ph. D level courses with the overall family income of not more than Rs. 6.00 lakh per annum. Family income means gross parental income in case of unmarried students and gross income of spouse incase of married students. Student should have to take the loan from any Private Bank, Public Sector Bank, Scheduled commercial Bank and member urban Cooperative Banks etc. who is a member of Indian Banks Association. Student should have the proof of belonging to a minority community (details at Q. No. 10). Student should inform their lending Banks that Ministry of Minority Affairs has launched...
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...Federal Student Aid at a Glance 2014–15 Page 1 of 2 WHAT is federal student aid? Federal student aid comes from the federal government—specifically, the U.S. Department of Education. It’s money that helps a student pay for higher education expenses (i.e., college, career school, or graduate school expenses). Federal student aid covers such expenses as tuition and fees, room and board, books and supplies, and transportation. Aid also can help pay for a computer and for dependent care. There are three main categories of federal student aid: grants, work-study, and loans. Check with your school’s financial aid office to find out which programs the school participates in. Details about the federal student aid programs are on page 2 of this document. HOW do you apply for federal student aid? 1. Complete the Free Application for Federal Student Aid (FAFSASM) at www.fafsa.gov. If you need a paper FAFSA, you can get one from • our website at www.fafsa.gov, where you can download a PDF, or • our ED Pubs distribution center at www.edpubs.gov or toll-free at 1-877-433-7827. For the 2014–15 award year, the FAFSA is available from Jan. 1, 2014, to June 30, 2015. But you need to apply as soon as you can! Schools and states often use FAFSA information to award nonfederal aid. Their deadlines are usually early in the year. You can find state deadlines at www.fafsa.gov or on the paper FAFSA. Check with the schools you’re interested in for their deadlines. 2. Review your Student Aid Report...
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...Questions * Why would a bank consider making a mortgage loan or home equity loan to a homeowner who could not make the scheduled loan payments--wouldn’t this end up hurting the bank? Answer: Before advancing loans to the potential customers the banks consider certain things with the help of documents and tools. The financial position to the best of knowledge is assessed. But there is always a risk of default at the debtor’s end. Therefore, the bank bears the risk. For the minimization of this risk, the banks secure themselves with the help of securities and collaterals. In term of house loans, the house which is for which loan is advanced is taken as the collateral. A charge of bank is created over that asset by the bank. In case of default in payments by the debtor, the bank acquires that house and recovers the money of loan and interest by selling the house in auction. Any residual value after paying the bank liabilities is returned to the debtor. Therefore, throughout the loan tenure, bank is secure and reduces its risk with the help of collaterals. * After considering Cristina’s likely motives, incentives and behavior, do you believe she had conflicts of interest that were so serious she would knowingly recommend loans that were harmful to her clients’ interests? Explain your answer. Answer: The motives of Cristina were own wealth maximization. She was offered benefits on selling the assigned amount of loans to the Hispanic customers. Otherwise, her own job was at...
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...“Establishing Student Loan Assistance Program at L. De Leon St. Siniloan, Laguna” Feasibility Study RJDC Student Loan Assistance Program Will turn your Dream into Reality! A PROPOSAL BY THE STUDENT OF COLLEGE OF BUSINESS MANAGEMENT AND ACCOUNTANCY, BACHELOR OF SCIENCE AND ACCOUNTANCY: * Bayani, Renerose L. * Franquia, Dariel S. * Lucero, Cess-Nielton R. * Malabanan, Jobelle M. As a fulfillment to the requirements in technical Writing to: * Ms. Farah Edda Theresa R. Mituda CHAPTER 1 INTRODUCTION AND ITS BACKGROUND Introduction Lending business is a type of business wherein individual, partnership, corporations or institution provide money temporarily on condition that the amount borrowed be returned, usually with an interest fee. Terms and Condition depends between the agreements of two parties. It usually focused on the mode of payment whether lump sum or installment, the nominal interest rate and the period of time when money must be return. The exact origins of the lending business are not known. Scholars and historians believe that the lending business has existed since prehistoric times of which very little is documented and known. There are references to the concept of loans in the bible which indicates that it has been prevalent much before the times of Christ. While in ancient times, it wasn’t perhaps a fully fledged business but the concept and practice of loans did exist. The lending business had its beginnings in the...
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...once the Free Application for Federal Student Aid (FAFSA) is completed and an EFC or Estimated Family Contribution is assigned. The EFC for a student determines how much Pell Grant funding they qualify for. Pell Grant funds adjust due to EFC calculations for a student and the number of courses a student is enrolled in each term. Students with a zero EFC qualify for maximum Pell funds each term. With the number of Pell eligible students increasing and the majority of them receiving automatic zeros regulations are critical. “A student can receive a zero...
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... SUBMITTED BY: Prof. Reena Raj GROUP-6(MBA-M) GAURAV KRISHNA MISHRA(1221406) SHANKAR B(1221432) VARDHRAJAN(1221439) MANPREET SINGH JASSAL(1221415) SUPRABHA MAJHI(1221450) PRIYANKA CHHABRA(1221456) TITLE: IMPACT OF STATUS PRODUCTS ON ACADEMICS OF CHRIST UNIVERSITY STUDENTS EXECUTIVE SUMMARY: In India, the trade and economic liberalization process initiated during 1980’s has led to rapid changes in consumer mindset. The consumption rate of most items has picked up primarily due to the shift in the business scenario which was primarily a seller driven one to a customer driven one. The number of bikes, mobile phones and laptops owned by households has moved up during the period of time. One primary question is to be asked is “Do we realize the impact of such consumption on our life or are we blindly following the trail set for us by smart businessmen and marketers?” This study is initiated to find out such consumption trends among students of Christ University. BACKGROUND: Last 10 years of the globalization era saw the advent of many high income jobs, especially in the information technology and also in other service-related sectors. With large number of India’s younger generation earning from 20000-50000 per month, working with different BPO’s and KPO’s. The rising income and low rate taxes have credited rising Disposable income, which...
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...Bankruptcy laws help people who can no longer pay their creditors get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation. Most cases are filed under the three main chapters of the bankruptcy code. They are Chapter 7, Chapter 11, and Chapter 13. Federal courts have exclusive jurisdiction over bankruptcy cases. This means that a bankruptcy case cannot be filed in a state court. Below is a high-level summary on each bankruptcy code: Chapter 7 – Liquidation under the bankruptcy code: The chapter of the Bankruptcy Code providing for "liquidation," ( i.e., the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.) Chapter 11 - Reorganization under the bankruptcy code: The chapter of the Bankruptcy Code providing (generally) for reorganization, usually involving a corporation or partnership. (A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.) Chapter 13 – Individual debt adjustment: The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.) To some extent, Chapters...
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...April 9, 2014 Assignment 3 The Double Edge Sword Known As Student Loans Higher education should not be a privilege but a right; it should not be exclusively for the privileged. Not so many years ago the idea of seeking a college degree was optional. There were many jobs available in the United States that one could produce enough earnings to support a family. They were referred to as middle class jobs, however, due to some poor decisions made by our government those jobs are no longer available and the middle class is gone. Factories have moved to other countries and goods are produced cheaper there and imported back into this country ergo, we have become a country that no longer produces textiles, steel, or electronics, just to name a few. Most jobs that are available are in the service industry, namely cooks, retail sales and waitressing which do not produce a livable wage. To provide a service that will sustain a family, one must seek higher education; this is no longer an option, but a necessity. With the middle class now gone, the only way to fund higher education is with grants and loans. Grants typically do not provide enough funds to cover books and tuition unless the student lives with their parents; unfortunately student loans area double edge sword. Education, like everything else continues to rise in cost disproportionately with income. For most students taking a loan is the only way to achieve their academic goals. This decision should never be taken...
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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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