Informare Wissen Und Koennen

Student Loans: What Rising Interest Rates Mean for Your Debt HELP

Judith J. George — Wed, 18 May 2022 06:59:53 +0000

HELP-HECS debt is rising to reflect rising interest rates, but what does this mean for you?

Another consequence of rising interest rates is increased HECS-HELP debt. While this may send you into a panic, it may not be the worry you think it is.

HECS-HELP debt will be indexed by 3.9% on June 1 this year. These interest-free loans are indexed each year – which adjusts with interest rates – but won’t be the same number you hear about on the news.

“It’s the average of the quarters of the last two years”, retired financial adviser, host of the my millennial money podcast and author of Sort your money and investGlen James told news.com.au.

“They don’t just say, ‘Oh, the inflation rate in March 2022 is 5.1%, so in June HECS-HELP will be pegged at 5.1%. They’ve smoothed it over the last two years, so it’s not unfair if there’s a spike in inflation for just one quarter.”

Either way, 3.9% sounds like a big jump – and it is. In fact, it’s the biggest increase we’ve seen in over a decade. However, James says overall there is still no cause for alarm.

“There’s no reason to panic if you have HECS/HELP debt,” he said. “You have to remember that if you look at the last 10 years of indexation – including the indexation amount of 3.9% this year – the average annual indexation rate is still only 1.97% .

James also explained that while the index may rise, the amount you must legally repay from your paycheck won’t necessarily change much, if at all.

“The house didn’t catch fire, but it’s always a good time to assess our financial goals each year,” he said.

Should you pay off additional HECS-HELP debt?

While many seem to be panicking and suggesting people with these loans prioritize paying off more before June 1, James disagrees.

“Do you have to pay extra on your HELP debt given the rate increase?” he said. “The answer is probably no, because you probably have other financial goals.

“You can if you want,” he continued, “but you have to do the math and make a balanced judgment with other financial goals in your life.”

Despite the increase in the index, HECS-HELP remains a debt that dies with you, meaning that your family or estate will not have to repay it if you die. Because of this, James still thinks it can often be better to place him lower on your list of financial priorities.

“I think if you have extra money in your life, you might be better off investing it in a superannuation, or in your own stock fund, or paying off your mortgage,” he said. he suggested.

“At least if you have a family and you died prematurely or unexpectedly, that extra refund wasn’t wasted.”

That said, James recognizes a caveat to this general rule – and it comes in when you’re considering buying a home.

“You might consider clearing your HECS-HELP debt if you’re looking to get a mortgage,” he said.

“Banks and lenders don’t care how much HECS/HELP debt you have – whether it’s $200,000 or $5,000 – but they do consider the percentage repayment rate your employer withholds each year to repay the debt,” he continued.

“So you could wipe it out as part of a strategy to increase your service to get a mortgage.”

Overall, however, James suggests keeping in mind “there is never much harm in paying off a debt”.

That doesn’t mean there aren’t problems

While in general the rise in the index shouldn’t cause you to panic, it is part of a wider trend that is troubling, particularly for young Australians.

Earlier this month, National Union of Students President Georgie Beatty spoke after the first two days of a strike at the University of Sydney, stressing that rising tuition fees in general are a another burden for young people when the cost of living is higher than ever. .

“It’s not just that our fees are based on a much higher rate of inflation than our salaries,” Beatty said. “It’s that Scott Morrison’s ‘Graduate Ready’ tuition has also driven unprecedented fee increases, with arts degrees rising 113%.

“Students are wondering how we’re going to afford these extra fees when we’re dealing with rising costs of living, precarious work and haven’t seen significant wage growth for most of our life.”

BrightHouse customers unlikely to get refunds, admins say | Personal loans

Judith J. George — Mon, 16 May 2022 06:00:00 +0000

Administrators of collapsed hire-purchase company BrightHouse, which specializes in loans for big-ticket items such as fridges and sofas, have warned they will not have enough money to compensate thousands of customers who have found themselves with unaffordable debts.

The latest report from accountants Grant Thornton, who handle administration, shows a plan to set aside £600,000 for payments to customers who may have been mis-sold by BrightHouse to expensive loans has been scrapped.

During this time, a number of creditors received large sums. These include supply chain finance firm Greensill, which is itself in administration after collapsing last year. Greensill – or his creditors – were awarded almost £31million.

The process will raise new questions about how UK insolvency rules prioritize payments from investors and lenders over customers.

Prior to filing for bankruptcy in 2020, BrightHouse offered high-interest rent-to-own contracts to customers who would otherwise struggle to afford the upfront costs of household items such as refrigerators, ovens, televisions and sofas. It charged interest of up to 69.9% which, in addition to service and insurance charges, could mean customers paying two to three times the cost of the item on the high street. Some customers were never able to possess the goods if they were in arrears.

BrightHouse’s customers were generally from low-income households receiving state benefits. The move means some of the UK’s most vulnerable consumers could miss out on crucial funds, just as the cost of living crisis squeezes finances.

Grant Thornton initially set aside up to £600,000 to deal with more than 11,000 affordability inquiries from customers who fear they have been mis-sold. But its latest report, published at the end of April, reveals that the administrators plan to ask the court for permission to remove the compensation pot after deciding that the cost would be too high.

“Given the likely volume and complexity of customer affordability claims … administrators expect the cost associated with assessing these claims will far exceed the funds available for distribution,” the report said. .

“Based on the foregoing, the administrators are seeking to file an application with the court in the coming period to seek the removal of the barred portion,” he added.

Under initial plans, customers should have received fee and interest refunds, plus an additional 8% interest on that amount dating back to the start of their loan.

Meanwhile, administrators confirmed they had hired a debt collection agency to “improve” customer reimbursements and “maximize” payments to creditors. Among those creditors is Greensill Capital, whose collapse last year sparked a wave of political scandals.

Greensill, which specialized in offering business invoice advances for a fee, made loans to BrightHouse in 2018. As a lender, Greensill was considered a secured creditor, which put it at the top of queue for reimbursement when his client, BrightHouse, went screw up. The trustees’ report confirmed Greensill had been repaid in full, receiving a total of £30.86million in 2020 – a year before he collapsed into administration.

Sara Williams, debt counselor and author of the blog Debt Camel, said: “The hundreds of thousands of customers who should have been repaid for unaffordable loans will receive nothing. The money customers were pressured into paying during the administration goes entirely to secured creditors.

She added: “The government and the insolvency service need to change that. Customers are the innocent victims here and they should come first. Trustees should not seek to collect debts without first considering whether the loan was mis-sold.

The problem is particularly acute for customers of rent-to-own companies, who are usually young people, women or single parents, living in rented accommodation.

Customers have encountered similar issues when dealing with collapsed payday lenders such as Wonga. Hundreds of thousands of its former borrowers who were mis-sold by the company were told they would only receive 4.3p for every pound owed in compensation.

A spokesman for the directors of Grant Thornton, which is also managing Greensill’s UK liquidation, said they were fulfilling their obligations under UK insolvency rules and had distributed BrightHouse’s assets “as required by the legislation”.

The spokesperson said: “While Greensill Capital (UK) Ltd was previously a secured creditor of BrightHouse, all obligations owed to it in connection with the administration of BrightHouse have been paid to it as required by law and before that it does not go into administration itself. We have no further comment beyond the content of the documents filed by the directors regarding the two matters.”

A spokesperson for the Insolvency Service said: “The insolvency framework is designed to ensure that creditors of an insolvent business receive as much of their money as possible, and it is the duty of insolvency practitioners to take into account the interests of all creditors in carrying out their work.”

Online Payday Loans: 2022 Latest Emerging Market Trend, Demand, Customer Needs and 2028 Forecast with Key Players

Judith J. George — Tue, 10 May 2022 11:10:57 +0000

Online Payday Loans Market 2022 This research report offers Impact of recent market disruptions such as the Russian-Ukrainian war and the COVID-19 outbreak study accumulated to offer the latest information about the acute characteristics of the Online Payday Loans Market. This intelligence report includes investigations based on Current scenarios, historical records and future predictions. The report contains different market forecasts related to the market size, revenue, production, CAGR, consumption, gross margin, charts, graphs, pie charts, price, and other important factors. While emphasizing the major driving and restraining forces of this market, the report also offers a comprehensive study of the future market trends and developments. It also examines the role of major market players involved in the industry including their company overview, financial summary and SWOT analysis. He presents the 360 degrees overview of the industries competitive landscape. The online payday loan market is stable growth and CAGR is expected to improve over the forecast period.
Key players included in the Online Payday Loans research report include-

Payday advance
MEM Consumer Financing
wonga
Instant Cash Loans
Cash America International
DFC Global Corp
Network 2345

The sample pages are a PDF document covering the detailed table of contents as well as the outline of charts, graphs, figures and tables to give you an idea of the final report. Please note that sample pages may not contain actual numbers.

In view of the ongoing pandemic, our analysts have carefully reviewed and presented the metrics below under the Detailed analysis of the impact of Covid – 19 in the Online Payday Loans research report:

Analysis of the overall impact of Covid – 19 on the world which will include quantitative data in which we will include the estimated deviation in market size (negative or positive) due to the pandemic.

End-user trend, preferences and budget impact

Qualitative data on end-user segment trends due to enforced policies and security guidelines are analyzed in the Online Payday Loans research report. Additionally, a detailed understanding of end-of-consumption preferences as to what type/technology the end-user adopts is also explored in the report. The additional funding provided by the legal authorities also included providing information on a particular vertical industry to boost economic development.

Regulatory Framework/Government Policies

Detailed qualitative analyzes on government policies and security guidelines followed by each country are studied to understand the views and opinions of the different authorities used to regulate the impact caused by Covid-19.

Strategy of key actors to fight against negative impacts

The overall business strategies adopted by key companies in Covid – 19 situations are analyzed and documented in our research studies. The information is presented in qualitative or quantitative form in the Online Payday Loans research report.

The opportunities that Covid – 19 Presents to Online Payday Loan Stakeholders and industry professionals are mentioned to give a detailed understanding of the next best possible cost-effective solutions.

The years studied to estimate the market size of Online Payday Loans are as follows:

Historical year: 2015-2019
Reference year: 2020
Estimated year: 2021
Forecast year: 2022-2026

The Online Payday Loans research report also encompasses terms that impact the industry. It also includes growth drivers and challenges faced by the online payday loans industry. The research report includes detailed segmentation analysis along with several sub-segments.

Online Personal Loans Segmentation –

On the basis of types, the online payday loans market from 2015 to 2025 is majorly split into:
Payment
single phase

based on records, the online personal loan market from 2015 to 2025 covers:
Staff
Big business
SME

Regional Online Payday Loans Market Analysis:

It could be divided into two different sections: one for regional production analysis and the other for regional consumption analysis. Here, analysts share gross margin, price, revenue, production, CAGR, and other factors that indicate growth for all regional markets studied in the report. covering

Region	Countries
North America	United States and Canada
Europe	UK, Germany, France, Italy, Spain, Hungary, BENELUX, NORDIC, Rest of Europe
Asia Pacific	China, India, Japan, South Korea Australia, New Zealand, Rest of Asia-Pacific
Latin America	Brazil, Mexico, Argentina, Rest of Latin America
Middle East and Africa	Israel, GCC, South Africa, Rest of Middle East and Africa

Increase in per capita disposable income
Youth friendly Demographics
Technological advancement

20% free personalization – If you would like us to cover the analysis of a particular geography or segmentation that is not part of the scope, please let us know here so that we can customize the report for you.

Main points covered in the table of contents:

Insight: Along with a broad overview of the global Online Payday Loans market, this section provides an overview of the report to give an idea of the nature and content of the research study.
Analysis of the strategies of the main players: Market players can use this analysis to gain a competitive advantage over their rivals in the online payday loans market.
Study on the main market trends: This section of the report offers a deeper analysis of recent and future market trends.
Market Forecast: Buyers of the report will have access to accurate and validated estimates of the total market size in terms of value and volume. The report also provides consumption, production, sales and other forecasts for the Online Payday Loans market.
Regional Growth Analysis: All major regions and countries have been covered Online Payday Loans Market Report. The regional analysis will help market players to tap into unexplored regional markets, prepare specific strategies for target regions, and compare the growth of all regional markets.
Sector analysis: The report provides accurate and reliable forecasts of the market share of important segments of the online payday loans market. Market players can use this analysis to make strategic investments in key growth pockets of the Online Payday Loans Market.

Key questions answered by the report –

Who are the Global Online Payday Loans Industry Players and What is their Market Share, Net Worth, Sales, Competitive Landscape, SWOT Analysis and Post Covid-19 Strategies?
What are the main drivers, growth/decline factors and pain points of online payday loans?
How is the online payday loan industry expected to emerge during the pandemic and during the forecast period of 2022 to 2026?
What are the offering models in the different regions mentioned in the Online Payday Loans Research Report?
Has there been any change in the regulatory policy framework after the Covid-19 situations?
What are the major application areas and product types that are going to expect an increase in demand during the forecast period 2022 – 2026?

**(*If you have special requirements, please let us know and we will offer you the report you want.)**

Note – In order to provide more accurate market forecasts, all our reports will be updated prior to delivery considering the impact of COVID-19.

Contact us:
The Web: www.qurateresearch.com
Email: sales@qurateresearch.com
Phone: USA – +13393375221, IN – +919881074592

Reviews | Biden shouldn’t have the legal power to forgive student loans

Judith J. George — Wed, 04 May 2022 12:03:19 +0000

Staying consistent when it comes to constitutional law is not easy, as dramatically illustrated by the leak of a Supreme Court draft opinion that would destroy 49 years of abortion rights doctrine.

Another example: President Biden could soon order a wholesale remission of student debt, despite his earlier doubts — and those of other leading Democrats — about his legal authority to do so.

This potential executive overreach is even more troubling than the actual impact of a policy that, on average, would favor the wealthiest Americans at the expense of everyone else, overstimulate an already inflationary economy, and do nothing to improve the future affordability of universities.

“No money shall be taken from the Treasury, but accordingly from the appropriations created by law”, says the Constitution. If this provision were designed to prevent anything, it would be a taxpayer-funded write-off of $321 billion in government obligations, based on little more than presidential statements. (That’s roughly the cost of a $10,000 rebate plan per debtor similar to what Biden would have considered, according to the Federal Reserve Bank of New York.)

This Constitutional 180, if it happened, would take place not after 49 years but just 441 days since February 16, 2021, when Biden said, “I don’t think I have the authority to do it by signing with a pen, and 279 days since the July 28 press conference in which House Speaker Nancy Pelosi (D-California) said, “People think the President of the United States has the power to cancel the debt – he doesn’t. He can postpone. He can delay. But he doesn’t have that power – it has to be an act of Congress.

(Pelosi spokeswoman Joy Lee acknowledged the White House is reviewing its policy and told me the speaker is “generally supportive of the administration’s efforts.”)

The current, often extended pause in loan repayments was authorized in two pandemic-fighting laws – the Cares Act of March 2020 and the Heroes Act of December 2020. It expires on August 31. There has been no new legislation and the midterm elections are fast approaching. Therefore, Biden is under pressure to act unilaterally.

Proponents of forgiveness of executive loans deny that it would be a usurpation. They argue that Congress possesses delegated the necessary powers. A federal law – the Higher Education Act of 1965 – empowers the Secretary of Education to “compromise” or make “modifications” to federal government debts – words, they argue, that include the power to eliminate debt.

Who knew? Certainly not Pelosi, since last July. As Harvard Law School’s Howell Jackson explained in a recent law journal article, “proponents … must defend the proposition that Congress in 1965 actually authorized the spending of what could exceed $1 trillion dollars of public resources. … To say the least, this assignment of authority was not explicit and is far from clear. The “traditional view,” Jackson wrote, is that the law authorizes selective lending adjustments to borrowers based on “some sort of individualized determination”.

If all of this sounds familiar, it may be because so many recent presidents have embarked on a similar status stretch. In November 2014, President Barack Obama announced that he would interpret existing law to grant deportation assistance and work permits to hundreds of thousands of undocumented immigrants – after repeatedly waiving his power to do such a thing. “I’m not an emperor,” he said at one point.

President Donald Trump circumvented immigration law to ban immigrants primarily from several Muslim-majority countries in early 2017. Biden’s proposed mandate for the workplace vaccine was based on a questionable immigration law endorsement. safety and health at work.

All of the above has culminated in litigation — with varying results, including the recent defeat of Biden’s vaccine mandate in the Supreme Court. What’s different — and, for Biden, potentially attractive — about executive-ordered mass loan relief is that opponents might not even enter court. As Jack V. Hoover argues in the Virginia Law Review, mass debt cancellation does not harm the excluded except in the diffuse sense of having to pay taxes; no plaintiff would have the concrete “precise harm” required to sue.

“The main takeaway from the last 250 years of recorded American history is that presidents are not kings,” Supreme Court Justice Designate Ketanji Brown Jackson wrote in a 2019 opinion. The context was selfish resistance of Trump at the request of Congress for the potentially damaging testimony of his White House attorney, Donald McGahn.

Strictly speaking, however, Jackson’s words would apply equally to an attempt to grant executive beneficence – such as loan forgiveness.

Pelosi herself is aware of the potential downside: “Let’s say…your child at this point decides he doesn’t want to go to college but you’re paying taxes to forgive someone’s obligations. ‘other,” she said at that July 2021 press conference. “You might not be happy about that.”

Excluded from the courts, their representatives in Congress having been dismissed, the discontented would have only one outlet: the ballot box.

PNC Bank Personal Loans Review 2022

Judith J. George — Thu, 17 Mar 2022 07:00:00 +0000

PNC Bank can trace its history back to 1852 and the Pittsburgh Trust and Savings Co. Today, PNC Bank is the seventh largest bank in the United States and offers a wide range of personal and business banking services. Among its product line, PNC offers unsecured personal installment loans up to $35,000. Applicants are considered based on their satisfactory credit history, repayment capacity and income.

Best Features

A range of loan amounts and repayment terms.
No prepayment penalty and no application or handling fees.
Get a 0.25 percentage point discount if you set up autopay using a PNC checking account.
Candidates can obtain a loan with a co-signer.

Disadvantages

Account features (such as the ability to complete the full application online or be prequalified) and pricing vary by location.
Prequalification is only available for certain customers.

What can PNC personal loans be used for?

PNC personal loans, which start from $1,000, can be used for a variety of purposes. The main ones are to consolidate debt, finance home improvements or repairs, or meet unexpected expenses.

How do PNC personal loans work?

Prospective borrowers can begin the PNC personal loan application process online, in person at a branch, or over the phone. You will need to share personal and financial information, including:

Name, social security number, date of birth and address
An identity photo
Annual income plus any other income you want to include
Monthly housing expenses
Desired loan amount
If you are consolidating other debts, you must list the names of the creditors, the total balance owing, and the monthly payment amount.

Co-applicants will also need to include address and annual income.

For those who already have a PNC online banking account, logging in pre-populates your application.

The application only takes a few minutes to complete, and in some (but not all) cases, PNC will offer a decision immediately along with instructions on how to proceed.

Borrowers cannot use the loans to pay for college-related expenses or to refinance a student loan. PNC offers separate student loan and refinance options.

What are the terms, fees and conditions of a PNC personal loan?

Borrowers can take out personal loans from $1,000 up to $35,000. Some states have lower loan limits. Annual percentage rates vary by zip code and other factors.

Keep in mind that the APR may increase depending on the applicant’s credit rating. Other factors affecting the rate include the loan amount and the repayment terms chosen. For example, a 24 month term will generally have a lower APR than a 36 month gain.

Note that borrowers can also get a 0.25 point interest rate reduction by automating payments using a PNC checking account.

PNC does not charge set-up or administration fees, and there is no penalty for early repayment. The late fee, once a payment is 15 days late, is 10% of the payment or $40, whichever is less.

Repayment terms vary from six to 60 months.

How can you benefit from a PNC personal loan?

PNC does not disclose specific credit score requirements. Co-applicants can help borrowers qualify if they are unable to do so on their own.

Depending on the loan amount requested and the repayment terms you seek, qualifications and rates may vary. PNC offers a pre-qualification option to some applicants in some locations, but if this is not available, you must submit the full application to see if you are eligible.

What credit score do you need for a PNC personal loan?

Although PNC does not disclose minimum score thresholds, all applicants will be considered for approval based on their satisfactory credit history, repayment capacity and income.

Where does PNC operate?

PNC has a branch footprint in the Mid-Atlantic, Midwest and Southeast regions. People in the 50 states plus Washington, DC can apply for a personal loan online. The application process may vary depending on where the borrower is located.

Is PNC reputable?

PNC Bank has an A+ rating with the Better Business Bureau, but it is not BBB accredited. It has closed 608 complaints over the past 12 months. PNC Bank has a rating of 2.3 (out of 5) on Trustpilot. The Consumer Financial Protection Bureau has received 132 complaints over the past 12 months regarding PNC personal loans and has closed them in a timely manner.

How is PNC’s customer service?

Customers can reach customer service by phone Monday through Friday, 7 a.m. to 10 p.m. ET, or Saturday and Sunday, 8 a.m. to 5 p.m. ET.

During the application process, users can open an online chat window or call to reach a representative for assistance.

PNC also has a Twitter handle that is responsive to customer questions and requests, as well as a Online FAQs on the website that covers common issues.

What are some of the online features for PNC personal loans?

Some customers may complete the personal loan application online, while others in some locations may need to visit a branch or call by phone to complete the process. The same goes for prequalification – it is not available to everyone.

Once the loan is processed and approved, borrowers can set up automated payments or pay the bill online PNC Bank also has a mobile application for account management including loans where you can view account activity and make payments.

Navient student loans have moved to Aidvantage. But when are payments due?

Judith J. George — Fri, 11 Mar 2022 23:57:06 +0000

BrianAJackson/Getty Images

Federal student loan repayments have remained suspended for nearly two years since the pandemic began. Meanwhile, Naivent, formerly one of the largest student loan servicing companies in the United States, shifted its workload of 5.6 million student loans to Maximus, a global administrator of government programs. Maximus is a federal student loan servicer and services former Navient student loans under the name Aidvantage.

If you have federal student loans, they remain suspended until May 1, 2022 — meaning there are no mandatory payments, accrued interest, or loan collections until then. The Biden administration is also considering another expansion of the federal student loan break.

That said, if you haven’t logged into your federal student loan account recently, you might have questions, especially if your loan officer has changed. Here’s everything you need to know about removing Navient and how to log into your Aidvantage account.

Why did Navient exit the student loan business?

Navient has long been under fire from the Consumer Financial Protection Bureau, which sued the loan manager in 2017, saying the company pushed borrowers into expensive and risky private loans that they would be unable to repay. In January, Navient canceled $1.7 billion in private student loans for nearly 66,000 borrowers after coming under scrutiny for engaging in abusive and deceptive practices, including targeting students whose company knew they could not repay their loans.

In 2020, the U.S. Department of Education announced loan servicing changes in an effort to modernize the federal student loan system. As part of the Next Gen initiative, the Department of Education expanded its partnership with five of the current 10 loan servicers, who would continue to service federal student loans, but under stricter government regulations. Navient, along with FedLoan and Granite State, have elected to end their participation in the federal student loan service at the end of 2021.

Michael Lux, student loan expert, attorney and founder of The Student Loan Sherpa, said “increased federal regulation and government scrutiny of federal loan servicing is almost certainly to blame for Navient’s departure.” .

What does Navient’s departure mean for borrowers?

If your loans were managed by Navient, here’s what you need to know:

1. Aidvantage is your new loan manager

By now you should have been notified of this change by post or email from Navient, Aidvantage and the Department of Education. If you did not receive a notification, you should log into your existing Navient account and double-check your contact information to make sure it is correct. Even if your address was outdated, you should be able to log in to your new account.

2. You can login to your Aidvantage account with your Navient credentials

If you try to log into Navient, you will find a balance of $0 – this balance simply indicates that your loans have been purchased by Aidvantage. To log in to your new account, go to www.aidvantage.com and enter your Navient login information.

The process is almost identical to that of Navient. Once you have entered your username and password, you will be prompted to enter your social security number or account number and date of birth to confirm your identity. From there, you will be taken to the Aidvantage account homepage, which looks like the Navient homepage, down to the left navigation options.

If you don’t remember your login information, select “Forgot User ID” or “Forgot Password” and confirm a personal challenge question to receive a new one by email. If you still cannot enter or you no longer have access to the registered email, contact Aidvantage for assistance at 800-722-1300.

3. Your repayment preferences must be the same

Any payment terms you have set up with Navient (auto-pay, deferral, income-based repayment plans) should have been seamlessly transferred to Aidvantage. Of course, since federal student loan payments have been suspended for more than 20 months, you may need to revisit the payment details, especially as you approach the end of the forbearance. And, if your work situation has changed since you last looked at your loan repayment options, you can apply for income-contingent repayment or other repayment options through Aidvantage now, so you’re good to go. when repayment begins in May 2022.

So, after logging into Aidvantage, you should find that your preferred payment method and automatic payment selection have been transferred, along with payment history and a record of fully repaid loans.

4. Prepare for repayment in 2022

Currently, federal student loan repayment is on pause until May 2022. However, this the refund freeze could be extended.

If you haven’t repaid your loans during the forbearance period, be sure to review your payment options now so you’re ready to go in May. Check your payment method, make sure you know your minimum monthly payment, and explore repayment options if you need further assistance. If you would like to explore other deferral or forbearance options, you can do so through your online account under “Refund Options”. You can also speak directly to Aidvantage at 800-722-1300.

FAQs

Does Navient become Aidvantage?

No. In late 2021, Navient shifted its $5.6 billion student loan workload to Maximus, another federal student loan contractor. Maximus operates its student loan service as Aidvantage.

Will I receive tax documents from Navient or Aidvantage?

If Aidvantage is your new student loan provider, you will be able to download the 1098-E tax form, which shows the amount of interest you paid on your student loan, by going to the left panel and selecting “Tax Statements”.

Your old tax slips should have been imported from Navient to Aidvantage. For example, I was able to view my 2020 and 2021 tax documents through Aidvantage. Logging into Navient only allowed me to access my 2020 tax documents.

Should I prepare for repayment now or wait to see if loan forgiveness is accepted?

If you are trying to follow student loan cancellation policies, here is a brief summary. This week, the Department of Education identified 100,000 borrowers with a combined total of $6.2 billion in student loan debt who are eligible for debt cancellation, due to changes to the program. cancellation of civil service loans last October.

That said, only a small number of student loan holders are currently eligible for loan forgiveness. Although the refund break may be extended, it is a good idea to make a plan to prepare for the refund now, just in case. You can explore income-based repayment plans and other repayment options through your Aidvantage account.

College Ave Student Loans Review 2021 – Forbes Advisor

Judith J. George — Thu, 16 Dec 2021 12:38:50 +0000

We rated 12 lenders with the most loans by volume out of 15 data points across interest rate, fee, loan terms, hardship options, application process, and eligibility categories. We’ve chosen the top nine to display based on those earning three or more stars.

Here is the weight assigned to each category:

Difficulty options: 30%
Application process: 16%
Loan conditions : 14%
Interest rate: 13%
Eligibility: 14%
Costs: 13%

Specific characteristics considered in each category included the number of months of abstention available, economic hardship reimbursement options available beyond traditional abstention, perks such as cash back on graduation , discounts, time to default, disclosure of credit rating and income requirements, and other factors.

Lenders who offered interest rates below 10% had the highest scores, as did those who offered more than the standard 12-month forbearance, who made their loans available to non-U.S. Citizens, who offered interest rate discounts beyond the 0.25% standard for automatic payments. , which offered multiple loan terms of up to 15 years and charged minimal fees.

In some cases, lenders were awarded partial points, and a maximum of 3% of the final score was left to editorial discretion depending on the quality of the user-friendly features offered.

Compare student loan rates in minutes

Compare the rates of participating lenders through Credible.com

PenFed Personal Loans 2021 Review – Forbes Advisor

Judith J. George — Thu, 02 Dec 2021 08:00:00 +0000

The best personal loans offer competitive rates, flexible loan amounts, and a wide range of terms. Here is how PenFed personal loans compare to other popular lenders:

PenFed v Navy Federal

Navy Federal offers two types of personal loans. His basic personal loan has terms of up to 60 months and loan amounts ranging from $ 250 to $ 50,000; his personal renovation loan has terms of up to 180 months. If you plan to use your funds for home improvement projects, Navy Federal may be your best option.

However, Navy Federal charges higher interest rates than PenFed, with a minimum rate of around 7% compared to PenFed’s 6%. The criteria for membership in Navy Federal are also more stringent than those of PenFed. To become a member, you or a member of your family or household must have ties to the armed forces, the Ministry of Defense or the National Guard.

PenFed vs. USAA

The maximum loan amount available through USAA is $ 20,000, far less than what PenFed offers. The length of a USAA loan ranges from 12 to 84 months, but also depends on the amount you want to borrow. Unlike PenFed, you must be a current or former military or family member to be eligible for membership in the USAA.

Related: USAA Personal Loan Review

PenFed vs. SoFi

SoFi offers personal loans ranging from $ 5,000 to $ 100,000, which is well above PenFed’s $ 50,000 limit. SoFi’s starting interest rate is also lower than PenFed, but is only available to highly qualified applicants.

If you need to borrow a large amount, SoFi may be a better option. However, if you need less than $ 5,000, PenFed’s $ 600 minimum limit may work for you.

Related: Review of SoFi Personal Loans

Featured Partners

Loan amounts

$ 600 to $ 50,000

Federal Navy Credit Union

Minimum credit score

No requirement

Loan amounts

$ 250 to $ 50,000

Federal Navy Credit Union

Loan amounts

$ 2,500 to $ 20,000

TAEG range

6.99% to 18.27% with automatic payment

Minimum credit score

USAA does not disclose this information

Loan amounts

$ 5,000 to $ 100,000

TAEG range

4.99% to 19.43% with automatic payment

Oportun Expands Secured Personal Loan Product to Florida

Judith J. George — Tue, 13 Jul 2021 07:00:00 +0000

SAN CARLOS, Calif., July 13. Oct. 2, 2021 (GLOBE NEWSWIRE) — Oportun Financial Corporation (“Oportun”), a financial services company and digital platform that provides hard workers with responsible, affordable and credit-generating alternatives to payday and auto Title Loans, today announced that it is expanding its secured personal loan product to the State of Florida.

Oportun’s secured personal loans were previously only available in the state of California. The expansion of the Florida secured personal loan product is part of the company’s commitment to developing new financial products and services that further its mission of financial inclusion for those traditionally excluded from the financial mainstream.

“Just as our traditional personal loans served as an alternative to payday loans for the borrowers we serve, this new product provides an affordable, credit-creating alternative to auto title loans,” said Matt Jenkins, Chief Operating Officer. at Opportun. “According to the FTC, auto title loans often carry triple-digit interest rates and are due in full, via a one-time lump sum payment, within two to four weeks.”

Through its secured personal loans, Oportun can serve clients who would otherwise be denied access to affordable credit. It allows customers to receive a higher loan amount with a reduced interest rate compared to an unsecured personal loan. Oportun Secured Personal Loans offer clients fixed and affordable payments; no prepayment penalties or lump sum payments; and the ability to establish a credit score. Oportun secured personal loans range from $2,525 to $20,000.

For more information, please visit https://oportun.com/

About Opportun
Oportun (Nasdaq: OPRT) is a financial services company that leverages its digital platform to provide responsible consumer credit to hard-working people. Using AI-powered models that draw on 15 years of proprietary customer insights and billions of unique data points, Oportun has granted over 4 million loans and over $10 billion in credit affordable, offering its customers alternatives to payday loans and auto titles. In recognition of its responsibly designed products that help consumers build their credit history, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.

Media Contact
Georges González
650-769-0441
george.gonzalez@oportun.com