Informare Wissen Und Koennen http://informare-wissen-und-koennen.com/ Fri, 25 Nov 2022 05:30:20 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://informare-wissen-und-koennen.com/wp-content/uploads/2021/11/cropped-icon-32x32.png Informare Wissen Und Koennen http://informare-wissen-und-koennen.com/ 32 32 How eliminating interest on federal student loans could give graduates a boost https://informare-wissen-und-koennen.com/how-eliminating-interest-on-federal-student-loans-could-give-graduates-a-boost/ Thu, 24 Nov 2022 15:46:15 +0000 https://informare-wissen-und-koennen.com/how-eliminating-interest-on-federal-student-loans-could-give-graduates-a-boost/

Lee Nisar has accumulated around $50,000 in student loans.

“Most of the time, I avoid looking at my student loan account for my own well-being,” said Nisar, a master’s student at Metropolitan University of Toronto.

Although loan repayments won’t begin until after she graduates, she is preparing for when the time comes.

“I’m currently planning by trying to save as much as possible and put money aside to pay off my loans,” said Nisar, who also has an undergraduate degree from the University of Guelph.

Post-secondary students and graduates can expect financial relief starting next spring after Ottawa said it would permanently eliminate interest on federal student loans earlier this month.

Those familiar with personal finance and higher education say the move will not only help alleviate some of the pressure young Canadians face as the cost of living rises, but will also put better position to pay for their post-secondary education. get into debt faster.

An average borrower will save $410 a year with their interest-free federal student loan, according to the government’s fall financial update.

Cassandra Melo, who has amassed more than 123,000 followers on TikTok with her personal finance videos, said the extra leeway will make it easier for graduates to analyze their income and expenses so they can start planning. how they will repay their loans.

Part of that plan, in some cases, might include living with your parents a little longer.

“Almost all of my friends still live at home, even though they work full time, which saves them thousands of dollars a year,” Melo said.

She said some of her friends have been able to pay off their loans and become debt free in one to two years while keeping their living expenses low.

“They were also able to achieve this by staying focused and not letting ‘lifestyle’ get in the way of becoming debt free, which involves becoming a master of delayed gratification and intentional spending.”

More than 1.8 million Canadian students owe the federal government a total of $20.5 billion, according to 2019 data from the Government of Canada website, with the average loan balance being about $13,367 as of time to leave school.

Average undergraduate tuition is $6,482 for an academic year as of 2022, according to Statistics Canada, while average graduate student tuition for an academic year is $7,053 as of 2022 .

Melo said one of the first steps in managing student loans is knowing how much you owe before you even graduate.

“Just make a habit of logging into your National Student Loans Service Center account. Don’t stay oblivious when it comes to debt – be ready to face it and create a plan,” she said.

Other proactive steps students can take before they graduate include getting a part-time job while studying and applying for grants or scholarships, Melo said.

Refining your resume and networking while you’re still in the middle of your studies could help you get a job in your field sooner after you graduate, she added.

Randolph Taylor, credit counselor at Credit Canada, said when trying to tackle student loans, it’s important to maintain regular payments, adding that any disposable income should be earmarked for the loan.

If someone has other debts as well, they should focus more on the debt with the highest interest rate first, he said.

“You know, a lot of times it’s really just for a few years. You just put your head down and focus on making it pay for it. Then once it’s done, it’s done. Then, you will be able to live the life you have earned,” Taylor said.

He noted that people are generally able to manage their student loan repayments after leaving school, as there are more options available to help compared to credit card debt or bank loans, such as repayment assistance plan.

The Repayment Assistance Plan, which allows graduates to suspend student loan repayment until their income reaches a certain threshold, will still be available to graduates even if interest on federal loans will be eliminated.

The no-payment income threshold for student loans was recently increased from $25,000 to $40,000 for a one-person household.

Additionally, graduates enjoy a six-month non-reimbursement period after graduation.

“But it’s always been tight because people have rent to pay, food to pay, and other expenses in life,” Taylor said.

Christian Fotang, president of the Canadian Alliance of Student Associations (CASA) and vice-president of external affairs for the University of Alberta students’ union, said he was pleased with the federal government’s decision and hoped it will go even further.

At the start of the pandemic, Ottawa doubled the Canada Student Grant from $3,000 to $6,000 for full-time students. As this measure is due to end on July 31, CASA is requesting the permanent doubling of the subsidy.

“During a conversation with a student, he mentioned that the doubling of the Canada Student Grant made the difference for him to get through the semester,” Fotang said.

It is important to note that Ottawa’s plan to eliminate interest on federal student loans does not affect what the provinces do. Interest still applies on the provincial portion of student loans in some provinces.

Either way, the federal government’s decision is good news, Nisar said.

“Anything that lowers the cost of reimbursement is good on my books.”

This report from The Canadian Press was first published on November 24, 2022.

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ASUU Kicks Against Student Loans – Voice of Nigeria https://informare-wissen-und-koennen.com/asuu-kicks-against-student-loans-voice-of-nigeria/ Thu, 24 Nov 2022 02:00:43 +0000 https://informare-wissen-und-koennen.com/asuu-kicks-against-student-loans-voice-of-nigeria/

Gloria Essien


The Academic Staff Union of ASUU Universities, says the proposed student loan scheme would create more problems than it tries to solve.

ASUU President Prof. Emmanuel Osodeke said that with the current high unemployment rate in the country, it would be impossible for students to repay these loans after graduation.

He was speaking at the ongoing National Higher Education Reform Summit 2022, in Abuja.

Professor Osodeke also criticized the proposal of 250,000 naira per session as a tuition fee, where a student would apply for a loan of 500,000 naira to pay for and support themselves.

According to him, this means that any student who cannot access the loan is at risk of losing their university education given the level of poverty and unemployment in Nigeria, including the current minimum wage of 30,000 naira which he says is undermining. proved unsustainable given recent high rates of inflation and living standards.

“ASUU would never support the education bank issue because the poor would not benefit. The best solution is adequate funding for universities” said Professor Osodeke.

Similarly, the Dean of Postgraduate Studies, Professor Afolakemi Oredein of Lead City University, said that if implemented, the next issue for students will be accessibility for students who need the fund as well as the repayment.

She argued that the loan program should be driven by the private sector to make it more effective.

Explaining the modus operandi of the education bank, which is to be charged with the responsibility of providing the loans, the Speaker of the House of Representatives, Mr. Femi Gbajabiamila, said that the proposed student loan scheme is at the default proof as a student must be a native of the state of award and must also have two guarantors.

Speaker of the House of Representatives with former President Obasanjo at education summit in Abuja

He said at the National Higher Education Reform Summit 2022, in Abuja, that the loan was not going to be given directly to a student but disbursed to the school.

He also said the loan would be processed within thirty days of the request.

Another feature of the student loan bill is that it requires two guarantors, one of which can be a civil servant with twelve years of experience, a lawyer with ten years of experience, or a judicial officer,” said Gbajabiamila.

Meanwhile, Director General of the Office of Public Sector Reform, Dr. Dasuki Arabi, has observed that student loans ease pressure on national budgets by facilitating greater cost sharing through increased tuition fees. tuition and other university fees.

“A typical public university can survive effectively on tuition fees of N250,000 per session and an all-inclusive annual loan of N500,000 can sustain a student through each academic year. At the end of a 4-year program, the student leaves the university with a debt of 2 million naira repayable over a period of 20 years at a fixed interest rate of 1% per annum. With the availability of funds, university staff are paid, students receive lectures, and our children can eat, buy books and personal items, and pay for their accommodation.

The Summit brought together key stakeholders in the education sector.

The theme for the 2022 National Higher Education Reform Summit is “Reinventing Higher Education in Nigeria: Problems, Challenges and Solutions »

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Why You Should Keep Paying Student Loans While on Break https://informare-wissen-und-koennen.com/why-you-should-keep-paying-student-loans-while-on-break/ Wed, 23 Nov 2022 15:26:00 +0000 https://informare-wissen-und-koennen.com/why-you-should-keep-paying-student-loans-while-on-break/

Insider’s experts choose the best products and services to help you make informed decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page.

  • The Biden administration has extended the student loan repayment pause until 2023.
  • You don’t have to make loan payments during the break, but it will save you money.
  • Student loan forgiveness is challenged in court and is not guaranteed. Make a plan to repay.

With the Biden administration’s student loan forgiveness plan stalled in court, the government is once again extending the repayment pause in place since March 2020. But for many borrowers, the smart move would be to make payments of any way.

Biden’s plan is to forgive $10,000 in student loans for single borrowers who earn $125,000 or less and married couples and heads of households who earn less than $250,000. The rebate amount will be $20,000 for Pell Grant recipients. While the latest break may mean you won’t have to make payments until the end of August 2023, making payments on balances that exceed the cashback amount in the meantime can save you a lot of money.

“If you have student loans, you should start paying them off, but consider leaving that last $10,000 or $20,000 until the court cases sort themselves out,” said Jay Zigmont, a PSC.® professional and founder of Childfree Wealth. “The bonus of paying off your loans now is that the entire payment goes to the principal. If you only have $10,000 left in loans, consider putting the payment into a savings account that can be used or allocated to the loan. once we have an answer on forgiveness.”

The Department for Education said student loan repayments would resume either 60 days after the lawsuits are resolved or, if not resolved by June 30, 60 days after that.

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Why should I make student loan payments now?

Typically, when you make repayments on loans, you’re not only paying off your debt balance, but also the interest on your principal. This can sometimes cause borrowers who make payments on time to see their loan balance increase because their payments only cover a portion of the interest and do not reduce the principal at all.

If you pay off your student loan during the break, all the money goes to reduce the principal. This will help you reduce your debt faster than when you’re in a regular repayment period because you’ll pay interest on a smaller amount of debt when payments resume. This means that you will pay less interest overall than if you had made no payments during this period.

Sample Student Loan Repayment

For example, let’s say you had an initial loan balance of $30,000. Here’s how much you could have saved if you had continued to make regular student loan payments for the duration of the repayment break.

To calculate savings, we use a fixed interest rate of 5% and borrowers’ average student loan debt. This equates to a monthly payment of $318. For simpler calculations, we assumed a three-year repayment pause, which would take us to March 2023.

If you had continued to make your regular monthly payments for those three years, you would have saved over $3,000 over the life of your loan.

Now, if you haven’t made any payments but want to get started, here’s an example of how much you can still potentially save by the end of August.

While that may not seem like much, $781 in savings is still significant if you can work student loan repayments back into your budget.

“When student loan repayments pick up, many go through a tough time,” Zigmont said. “Start now by making monthly payments of $50 or $100 for your student loans. Increase the amount each month, and not only will you save room in your budget, but you will also progress in paying off your loans.”

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Can you refinance student loans? https://informare-wissen-und-koennen.com/can-you-refinance-student-loans/ Mon, 21 Nov 2022 21:07:50 +0000 https://informare-wissen-und-koennen.com/can-you-refinance-student-loans/

Federal and private student loans can be refinanced, as long as you meet the credit and income requirements established by the lender. That being said, there are pros and cons on every front when determining if refinancing is the right decision for you. Here’s what you need to know.

You can refinance federal and private student loans, as long as you meet the lender’s requirements. Although these vary from lender to lender, there are two basic things you will need to be approved for the loan:

  • A good credit score (680+).
  • A stable source of income.

Your credit score will also be a key factor in determining the terms and interest rates you will be offered, so the higher the better. If you don’t have a long credit history or have a less than stellar credit score, but are good in the employment department, there are things you can do to improve your chances of getting the best. conditions and the best interest rates.

First, you can apply for the loan using a co-signer. When you apply for a loan using a co-signer, the lender will consider that person’s credit score and finances to approve you for the loan.

A co-signer can be any consenting adult – your parents, spouse, partner, family friend, etc. – who is ready to lend you his solvency. However, by using a co-signer, that person will become responsible for your debt in the event of default, so this is something to keep in mind before asking anyone to sign your loan.

If you don’t feel comfortable asking someone to apply for a loan with you, your other option is to wait and work on your credit score. This is especially true if you’ve just graduated from college and don’t have a long credit history to vouch for. However, this does not mean that you will have to wait years before refinancing your loans. Making timely payments on your debts, declaring things like your rent and utilities, and getting a secured credit card can all boost your credit within months.

Your student loans must be in repayment for you to refinance them. For this reason, most lenders won’t allow you to refinance your loans until six months after you graduate, which is usually the end of the grace period.

There is no limit to the number of times you can refinance your student loans. The only factor that matters is whether or not you meet the lender’s eligibility criteria. Also, you will have to wait at least a month before refinancing again.

“A lot of people think, ‘If I refinanced once, why do I have to do it again? “Say you refinanced four years ago and went from 8% to 6% APR – that’s great. But if you could go from 6% to 5% or less today, you could save thousands more, depending on your loan balance and term,” he adds.

When you refinance your student loans, you are essentially replacing your old loans with a new one. This new loan will have different terms and interest rates, which can make your debt more manageable by saving you money on interest, speeding up repayment, or lowering your monthly bill. But despite these advantages, refinancing is not the right option for everyone.

Refinancing your student loans may be a good idea if:

  • You have private student loans. Private student loans tend to have higher interest rates than federal loans. Private lenders also do not offer income-based repayment options or rebate programs. If you qualify for a better term, a better interest rate — or both — refinancing your private loans is definitely a good idea, as you could potentially save thousands of dollars down the road.
  • You are not eligible for federal student loan forgiveness programs. If you have federal student loans and don’t qualify for the Public Service Loan Forgiveness Program (PSLF) or Biden’s one-time student loan forgiveness, refinancing may be a good choice.
  • Your income and credit score have improved since you took out your student loans. If your credit and salary have improved significantly since you took out your loans, you may be able to get better terms and interest rates than you currently have.
  • You have variable rate loans. If you have variable interest rate private student loans, chances are your rates – as well as your payment – ​​will continue to rise, especially now with the current inflationary environment. Refinancing your loans can protect you against this, as you could lock in a fixed rate, which remains unchanged for the duration of your loan.

Refinancing may not be a good idea if:

  • You only have federal student loans. If you have federal student loans, refinancing your loans would automatically turn them into private loans. This means you would lose access to income-driven repayment plans, forgiveness programs, and other protections, which is not advised.
  • You have a credit score below 680. If your credit score is not in good shape, it is better to wait to refinance your loans, because you will not be able to obtain the best conditions and the best interest rates and could damage your credit score even more. by applying.
  • You have less than five years left on your student loans. Most private lenders offer student loan repayment terms ranging from five to 20 years. If you have less than five years left on your loan, refinancing might not make much sense because you’d be extending your repayment period and paying more interest, even if your payment goes down.
  • You won’t save any money. The purpose of refinancing is to save money on interest or on your monthly bill. If none of this is true for you, it’s best to leave things as they are. If you’re not sure about saving money, you can use a student loan refinance calculator to help you figure it out.

The bottom line

When it comes to refinancing, federal and private student loans are fair game. But whether or not it’s in your best interest to refinance will depend on your particular situation and your long-term goals.

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Student loans in England: what you need to know | Silver https://informare-wissen-und-koennen.com/student-loans-in-england-what-you-need-to-know-silver/ Mon, 21 Nov 2022 10:00:00 +0000 https://informare-wissen-und-koennen.com/student-loans-in-england-what-you-need-to-know-silver/

Undergraduates can borrow tens of thousands of pounds to fund their studies, but when it comes to repaying student loans, the rules can be confusing.

What are you going to borrow?

“Student loans are a complex subject, and there are many myths out there, so it’s important for students to understand repayments, their obligations, and the implications for future borrowing,” says Paula Roche, general manager of consumer solutions at Equifax. UK.

This will depend on when you graduate, as well as where you are from and where you choose to study.

English universities can charge local students up to £9,250 per year. Undergraduate students in England can also take out a maintenance loan of up to £12,667 to cover their living costs. Maintenance grants were phased out in 2016.

The loans don’t have to be repaid until after you graduate, but accrue interest while you study.

What is the interest rate?

Student loans accrue interest from the day the first payment is made to your bank account or at your university, until it is repaid in full or cancelled. Interest is calculated daily and applied to the balance each month, which is called compound interest.

The rules depend on which reimbursement plan you are on: there are four different ones, but if you are an English or Welsh student, who started an undergraduate course anywhere in the UK during the last decade, you’re on plan 2, so we looked at that option.

The loans don’t have to be repaid until after you graduate, but accrue interest while you study. Photography: aberCPC/Alamy

While in school, the interest rate charged is usually based on the Retail Price Index (RPI), which is a measure of inflation that includes housing costs plus 3%, but after graduation , the rate is indexed to your income. The rate is usually set on September 1 of each year, based on the RPI of the previous March.

If you earn £27,295 or less, the interest rate applied is the rate of inflation, but if you earn more, you pay a higher rate linked to your salary. This is a sliding scale and borrowers reach the maximum rate of RPI plus 3% once they earn around £50,000.

Last September, due to soaring inflation, the interest rate on Plan 2 loans was capped at 6.3% for three months, and the government recently confirmed that it will increase to 6, 5% in December.

How much to repay

Full-time students begin repaying their loan through the tax system from April after graduation, but these automatic repayments only begin when your income exceeds your repayment plan threshold, which in this case, is £27,295 per annum.

This equates to a monthly salary of £2,274, or £524 per week, in the UK. If your income is below this threshold, repayments will stop until your income recovers.

In Plan 2, students pay 9% of what they earn over £27,295, regardless of how much debt they owe.

It is possible to make additional repayments but this is not recommended by financial experts. The government’s advice is to ‘consider your personal and financial situation and how it may change in the future’ before doing so.

Borrowers only need to make additional payments if they expect to repay the outstanding balance in full by the end of the 30 years.

At present only around a quarter of students do, although that figure is set to rise as, from next September, students in England will have to repay university loans over 40 years.

Who does not have to repay?

Graduates don’t have to repay their loan if they earn less than £27,295, and the balance will be amortized after 30 years. This means that someone who never earns more than that will never repay their loan.

A student loan can be waived for people who can no longer work due to illness or disability and claim certain benefits, including personal independence payments, disability living allowance, childcare allowance, invalidity for accident at work and an allowance for serious handicap.

It is also expunged if a student dies. Family members must notify the Student Loans Company (SLC) and provide proof, such as an original death certificate and customer reference number.

What about taxation?

Refunds are based on pre-tax income, but the money is taken after the tax has been paid. A person whose annual salary is below the repayment threshold of £27,295 should make no student loan contribution.

However, a refund can be deducted if the income exceeds the weekly or monthly limit of £524 and £2,274 respectively, for example, by working overtime or receiving a bonus.

Overpayments can be recovered at the end of the tax year by contacting SLC.

A stack of documents from the Student Loans Company Limited.
Contact the Student Loans Company at the end of the tax year about recovering overpayments. Photograph: Jonny White/Alamy

What if you move abroad?

It’s a myth that student loan repayments can be avoided by moving abroad. Those planning to move abroad for three months or more should contact the SLC, who will determine what refunds should be made and, if so, how much.

This only applies to people working abroad, not to study, volunteer or travel.

Graduates living abroad must pay the SLC directly rather than money automatically deducted from their salary, either through their online account or by international bank transfer.

Reimbursement rules are the same as in the UK, but there are different income thresholds for each country to reflect the varying cost of living. For example, in the US the threshold is £32,755 and in Singapore it is £16,380.

Anyone who does not give the SLC their income information will have to pay a fixed monthly reimbursement rather than an income-based reimbursement, which could cost more per month.

The Eiffel Tower at sunset in Paris, France
The Eiffel Tower at sunset in Paris. It’s a myth that student loan repayments can be avoided by moving abroad. Photography: Stéphane Mahé/Reuters

Brits who fail to repay their student loans while abroad will run into arrears.

According to the latest government statistics, 54,700 graduates were living abroad and repaying their loans – up from 8,700 people – but the number of borrowers in default jumped from 1,500 to 49,500 in April.

Does this affect mortgages?

Student loans do not show up on credit reports and do not affect credit scores. However, this could still affect how much a bank is willing to lend to those applying for a mortgage, as take home pay is taken into account.

“The first thing to know is that student loan repayments don’t directly affect your credit score,” says Roche of Equifax UK. “They won’t show up on your credit report and won’t directly affect your ability to take out a loan in the future.

“This is because they are automatically deducted from the graduates income, before the money hits your bank account, and it will only happen when you earn more than the threshold amount.

“However, student debt accumulated in other ways will show up on your credit report, for example, credit card spending, overdraft usage, and other personal loans such as for a cellphone.”

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Personal Loans – Best Instant Personal Loan Apps in India https://informare-wissen-und-koennen.com/personal-loans-best-instant-personal-loan-apps-in-india/ Sat, 19 Nov 2022 16:40:13 +0000 https://informare-wissen-und-koennen.com/personal-loans-best-instant-personal-loan-apps-in-india/

Classroom

oi-Ajeeta Bhatia

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In India, a new set of mindsets, practices and habits towards financial goals are rapidly emerging. People no longer hesitate to take out a personal loan for an emergency or to meet a short-term need, as long as there are no end-use restrictions or collateral attached. Traditional banks take a long time to process these personal loan applications, and lenders charge exorbitant interest rates, making the process extremely risky. Personal loan apps have emerged as a great idea in all this financial setup to provide safe and hassle-free instant cash loans in India within 1 hour. Take a look at the list of best personal loan apps.

PaySense

PaySense, one of the best instant personal loan apps in India, has an app as well as a website where salaried professionals and self-employed people can apply for instant loans. It’s one of the best instant loan apps that doesn’t require a payslip, and it recently merged with LazyPay to form one of the best platforms around. The best part is that you won’t run out of time as this platform is known for approving requests quickly.

  • Interest rate – 1.4 to 2.3% per month
  • Maximum Loan Amount – Rs. 5,00,000
  • Minimum Loan Amount – Rs. 5,000

Bajaj Finserv

Bajaj Finserv, one of the most prominent personal finance brands, has been present in the country for over a decade. Bajaj Finserv is one of the best lending apps in India offering a wide range of services. Bajaj Finserv offers personal loans which are approved and disbursed within 24 hours. Personal loans are available with the option to pay interest-only EMIs, which can reduce your monthly payments by up to 45%.

  • Interest rate – 12-34% per annum
  • Minimum loan amount: ₹30,000
  • Maximum loan amount: ₹25,000,000

Personal Loans - Best Instant Personal Loan Apps in India

Lazy Pay

LazyPay is one of the most popular financial apps in India, powered by PayU, the same company that acquired PaySense. It allows fast and secure processing of online loan applications. To determine loan eligibility, the LazyPay app only requires your mobile phone number. LazyPay disburses over a million loans each month. Its main products are low cost EMIs and instant personal loan of up to 1 lakh through a simple digital process with minimal documentation.

  • Interest rate 15- 32% per annum
  • Minimum loan amount: ₹10,000
  • Maximum loan amount: ₹1,000,000

Dhani

Dhani is one of the best personal loan apps that lets you apply for a loan anytime, from anywhere and for any reason. You can get an unsecured loan quickly without any physical documentation. Many distant students who work part-time depend on it to make ends meet. You can easily get a quick loan of up to Rs.5,00,000 at convenient and affordable interest rates. Each transaction earns you 2% cashback, which you can use for future trades and services. You can get instant loan up to 15 lakh at 12% interest rate.

  • Interest rate – 13.99% per annum
  • Maximum Loan Amount – Rs. 15,00,000
  • Minimum Loan Amount – Rs. 1,000

MoneyTap

MoneyTap is one of the easiest and fastest instant loan apps in India. It facilitates obtaining a quick loan; all you have to do is download the mobile app. Download and register, after registration complete KYC documents and wait for final approval. On the other hand, depending on your credit score, you can get instant credit of up to Rs.5,00,000 which you can use to purchase daily necessities, indulgences, travel and other items .

  • Interest rate – 13% per annum
  • Maximum Loan Amount – Rs. 5,00,000
  • Minimum Loan Amount – Rs. 3,000

Personal Loans - Best Instant Personal Loan Apps in India

BOX

CASHe has established itself as the best personal loan app. Its app makes it easy to log in and register, and the dashboard has all the information you’ll need to get a quick loan. You can choose from a range of loans with a maximum loan amount of Rs.4,00,000, as well as varying interest rates and repayment terms. You can also deposit funds directly to the associated bank account. You can also set up direct debit for loan interest payments, saving you from having to visit the platform each time. CASHe is an app-based digital lending platform that offers short-term personal loans for a variety of financial needs, but only for employees.

  • Interest rate – 2.5% per month
  • Maximum Loan Amount – Rs. 4,00,000
  • Minimum Loan Amount – Rs. 1,000

Article first published: Saturday, November 19, 2022, 10:10 p.m. [IST]

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Student loans: how to reduce the cost of studies? https://informare-wissen-und-koennen.com/student-loans-how-to-reduce-the-cost-of-studies/ Fri, 18 Nov 2022 17:34:30 +0000 https://informare-wissen-und-koennen.com/student-loans-how-to-reduce-the-cost-of-studies/

As the price of higher education has become more and more expensive each year to the point that it has increased more than it was 20 years ago, many continue to look for ways to reduce the cost of their spending d education, with experts estimating that a student enrolling in 2022 will spend around $500,000 to get a bachelor’s degree and a lot Americans cannot afford this expense.

According to Education Data Initiative the average price of a college education United States is about $35,000 per student per year, which includes tuition, supplies and cost of living.

As this trend continues, many continue to look for ways to save money on their college education.

The 529 College Savings Plan

A 529 College Savings Plan allows an individual to save money in a tax-advantaged savings account, where the money grows tax-free.

This account also makes education-related expenses tax-exempt, such as payment for tuition, room, and board.

Family members and friends can contribute to a 529 plan, making the money grow.

Scholarships and grants are a way to save

Non-refundable financial aid is also available in the form of scholarships and grants.

During the 2019-2020 period, prospective university students received an average of $7,626, which covered about 25% of their expenses.

This financial aid is widely available and students should research which one is best for them and which ones they are eligible for.

Enroll in a work-study program

Federally funded work-study programs that provide part-time jobs to eligible students are available, with the money earned from these programs can cover tuition, books, fees, and any other related expenses.

The first step is to complete the free application process for Federal Student Aid or FAFSA and once your college awards the student financial aid, they will be able to apply for available work-study positions.

Payment plans are also an option

Payment plans are often offered by colleges and universities so that students can spread tuition and fees over the semester or academic year.

They usually have a small down payment and monthly payments which are more suitable for a low income student, but interest is usually charged on the balance of the aid so it is imperative to know all the information before enrolling.

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Police arrest scammer entangling hundreds of IPB students in online loans https://informare-wissen-und-koennen.com/police-arrest-scammer-entangling-hundreds-of-ipb-students-in-online-loans/ Fri, 18 Nov 2022 09:58:09 +0000 https://informare-wissen-und-koennen.com/police-arrest-scammer-entangling-hundreds-of-ipb-students-in-online-loans/

TEMPO.CO, Jakarta – Bogor police arrested a woman with the initials SAN, a suspected scammer, who entangled hundreds of students from the Agricultural University of Bogor (IPB) in online loans.

“We are still investigating the suspect (SAN). This has led to a name of another (suspect),” Bogor Police Chief Iman Imanuddin said in Cibinong, Bogor Regency on Thursday, November 17, 2022 .

He mentioned the arrest of suspect SAN, which came after police interviewed several witnesses who said they were tricked into an online loan with an investment in an online store.

Bogor Police are still investigating the case and have been unable to reveal in detail the timeline of SAN’s arrest and his role in the activities that allegedly caused billions of rupees in losses.

Iman said he is still investigating whether other people have helped the SAN organize these activities. Is the other person active and aware of the investment offer from the start? “If that can be accomplished, then they can also be subjugated as accomplices,” Iman said.

Previously, Bogor Police had received two official reports and 29 complaints filed by 311 students of the Agricultural Institute of Bogor (IPB) who claimed they were tricked into online loans after investing in an online store while on offered them a profit of 10%. But the students did not get the promised benefit.

The total money involved was 2.1 billion rupees. Regarding the investment program, SAN would have offered online collaboration with a profit sharing of 10% per month.

The requirement was that the victims must apply for the loans online. In total, there were five online loan platforms used by students. The loan money was then transferred to the SAN.

It turned out that SAN did not pay out the benefits to the students as promised. To date, IPB students are obligated to repay the loan.

antara | Translator: Intern / Imaji Lasahido

Click here to get the latest news from Tempo on Google News

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Booming segments of the payday loan market; Investors looking for stunning growth: Speedy Cash, OppLoans, Ace Cash Express, Money Mart https://informare-wissen-und-koennen.com/booming-segments-of-the-payday-loan-market-investors-looking-for-stunning-growth-speedy-cash-opploans-ace-cash-express-money-mart/ Fri, 18 Nov 2022 06:44:14 +0000 https://informare-wissen-und-koennen.com/booming-segments-of-the-payday-loan-market-investors-looking-for-stunning-growth-speedy-cash-opploans-ace-cash-express-money-mart/

This press release was originally issued by SBWire

NJ New Jersey, United States — (SBWIRE) – 11/17/2022 – The latest published Payday Loans Market Research has assessed the future growth potential of the Payday Loans market and provides useful insights and statistics on the structure and size of the market. The report aims to provide market insights and strategic insights to help decision makers make sound investment decisions and identify potential gaps and growth opportunities. Furthermore, the report also identifies and analyzes changing dynamics, emerging trends along with essential drivers, challenges, opportunities and restraints in the Payday Loans market. The study includes analysis of market shares and profiles of players such as CashNetUSA (USA), Speedy Cash (USA), Approved Cash Advance (USA), Check n’ Go (USA ), Ace Cash Express (US), Money Mart (US), LoanPig (UK), Street UK (UK), Peachy (UK), Satsuma Loans (UK), OppLoans (United States).

Download sample PDF report (including full TOC, table and figures) @ https://www.advancemarketanalytics.com/sample-report/124850-global-payday-loans-market#utm_source=SBWireKavita

Definition: Payday loans are small, short-term, unsecured loans that borrowers promise to repay on their next paycheck or regular income. Loans are typically $500 or less than $1,000 and mature within two to four weeks of receiving the loan and are usually priced at a flat rate, which means finance charges for the borrower. These unsecured loans have a short repayment period and are called payday loans because the term of a loan generally matches the payday period of the borrower. According to the Federal Reserve Bank of St. Louis, in 2017 there were 14,348 payday loan storefronts in the United States. About. 80% of payday loan seekers borrow again to pay off a previous payday loan. Payday loan regulations are the strictest in the Netherlands.

Market opportunities:
Growing adoption of payday lending in developing countries

Market trends:
~43% use 6 or more installment loans per year and 16% use more than 12 small loan products per year
Payday loans are an attractive alternative to popular credit cards

Market factors:
A growing number of payday loan users in North America and payday loans are only legal in 36 US states
Growing use of Quick Cash for emergencies

The global payday loans market segments and market data breakdown are illustrated below:
by type (one hour, instant online, cash advance), request (mortgage or rent, food and groceries, regular expenses (utilities, car payment, credit card bill or prescription drugs), unexpected expenses (expenses emergency medical services), others), Reimbursement period (up to 14 days, 1-2 months, 3-4 months, more than 4 months), end user (men, women)

The Global Payday Loans Market report highlights insights regarding current and future industry trends, growth patterns, as well as offers business strategies to help stakeholders make sound decisions that can help ensure the trajectory of earnings over the forecast years.

You have a question ? Market a request before purchase @ https://www.advancemarketanalytics.com/enquiry-before-buy/124850-global-payday-loans-market#utm_source=SBWireKavita

Netherlands: Payday lenders must now acquire the appropriate license to operate and must comply with the maximum interest rate of the bank prime rate plus 12%. In 2013 and 2014, the Dutch government enforced this legislation in two landmark court cases in which it fined two companies found to be operating outside these regulations – this included a $2.2 million fine ( 2 million euros) to betaaldag.nl for failing to comply with tariff restrictions. and Canada: British Columbia has the strictest set of regulations: lenders cannot legally charge more than $15 per $100 for a two-week payday loan, and penalties for returned checks or debits pre-authorized are capped at $20.

Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions:
The Middle East and Africa (South Africa, Saudi Arabia, United Arab Emirates, Israel, Egypt, etc.)
North America (United States, Mexico and Canada)
South America (Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, etc.)
Europe (Turkey, Spain, Turkey, Netherlands Denmark, Belgium, Switzerland, Germany, Russia UK, Italy, France, etc.)
Asia-Pacific (Taiwan, Hong Kong, Singapore, Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia and Australia).

Report objectives
-To carefully analyze and forecast the Payday Loans market size by value and volume.
-Estimating the market shares of the main payday loan segments
– To present the Payday Loans market development in different parts of the world.
– To analyze and study the micro markets in terms of their contributions to the Payday Loans market, their prospects, and individual growth trends.
-Offer accurate and useful details on factors affecting Payday Loans growth
-To provide a meticulous assessment of crucial business strategies employed by leading companies operating in the Payday Loans market, which include research and development, collaborations, agreements, partnerships, acquisitions, mergers, new developments and product launches.

Buy a Full Payday Loan Market Review Now @ https://www.advancemarketanalytics.com/buy-now?format=1&report=124850#utm_source=SBWireKavita

Main highlights of the table of contents:

Payday Loans Market Research Coverage:
It includes major manufacturers, emerging player’s growth story and major business segments of Payday Loans market, years considered and research objectives. Further, segmentation based on product type, application, and technology.
Executive Summary of Payday Loans Market: It gives a summary of overall studies, growth rate, available market, competitive landscape, market drivers, trends, and issues, along with macroscopic pointers.
Payday Loans Market Production by Region Payday Loans Market profile of manufacturers-players is studied based on SWOT, their products, production, value, financials and other vital factors .
Key points covered in the Payday Loans market report:
Overview, Definition and Classification of Payday Loans Market Drivers and Obstacles
Payday Loans Market Competition by Manufacturers
Analysis of the impact of COVID-19 on the payday loan market
Payday Loans Capacity, Production, Revenue (Value) by Region (2021-2027)
Payday Loan Supply (Production), Consumption, Export, Import by Region (2021-2027)
Payday Loan Production, Revenue (Value), Price Trend by Type {One Hour, Instant Online, Cash Advance}
Payday Loans Market Analysis by Application {Mortgage or Rent, Food and Groceries, Regular Expenses [Utilities, Car Payment, Credit Card Bill, or Prescription Drugs]Unforeseen expense [Emergency Medical Expense]Others}
Payday Loans Manufacturers Profiles/Analysis Payday Loans Manufacturing Cost Analysis, Industry/Supply Chain Analysis, Sourcing Strategy and Downstream Buyers, Marketing
Strategy by major manufacturers/players, standardization of connected distributors/traders, regulatory and collaborative initiatives, industry roadmap and analysis of value chain market effect factors.

Browse Full Abstract & Table of Contents @ https://www.advancemarketanalytics.com/reports/124850-global-payday-loans-market#utm_source=SBWireKavita

Answers to key questions
How feasible is the payday loan market for a long-term investment?
What are the factors influencing the demand for payday loans in the near future?
What is the impact analysis of various factors on the growth of the Global Payday Loans Market?
What are the recent regional market trends and how successful are they?

Thank you for reading this article; you can also get individual chapter wise section or region wise report version like North America, Middle East, Africa, Europe or LATAM, Southeast Asia.

For more information on this press release, visit: http://www.sbwire.com/press-releases/payday-loans-market-booming-segments-investors-seeking-stunning-growth-speedy-cash-opploans-ace-cash-express-money-mart-1366587. html

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Prepare your finances to refinance student loans https://informare-wissen-und-koennen.com/prepare-your-finances-to-refinance-student-loans/ Thu, 17 Nov 2022 21:16:10 +0000 https://informare-wissen-und-koennen.com/prepare-your-finances-to-refinance-student-loans/

Borrowers may not want to refinance federal student loans until the payment pause expires on December 31, 2022. After all, refinancing federal loans with private lenders means resuming repayments immediately.

But with interest rates rapidly rising and student loan forgiveness suspended, those considering refinancing must prepare their finances soon. If you start now, you can work to pay off high-interest debt, improve your credit score, and find the best refinance deals.

When you refinance your student loans, you are replacing your student loans with a private student loan. Unlike federal student loans, refinance lenders base eligibility and interest rates on creditworthiness and overall financial health. While some lenders offer refinance loans for those with less than stellar credit or low income, it doesn’t make sense to refinance without a better interest rate or better terms.

There is no one-size-fits-all approach to refinancing. However, following these steps can increase your chances of getting better rates and being approved.

1. Pay off high-interest debt

If possible, pay off high-interest debt before applying for refinancing. Lenders base eligibility on a number of financial health factors. One of the main ones is your debt-to-income ratio, which is the amount of your monthly debt payments divided by your gross annual income.

For the lender, your DTI indicates your ability to handle another monthly payment. The higher your DTI, the harder it will be to get approved. With a lower ratio, you are more likely to be approved and receive the lowest interest rates. Generally, lenders favor co-signers and primary borrowers with a DTI below 50%.

Before refinancing, check the DTI requirements on the lender’s website. Typically, this information is listed under “eligibility requirements” or in the terms and agreements document.

Next, calculate your ratio using a calculator or a simple equation. Add up all of your monthly debts, including mortgages, credit cards, and other loans, then add up all of your monthly gross income. Divide the monthly debt by your income to arrive at your DTI percentage.

2. Improve your credit score

Improving your credit score is a great way to prepare for refinancing your student loans. Lenders want creditworthy borrowers, and your credit score is a primary indicator of your financial habits.

With the FICO scoring system – which most lenders use – a very good to excellent score is above 740. The average score in America is between 670 and 739 and most lenders accept borrowers with these scores. But it’s likely that if your score is at or below average, you won’t be offered the most competitive rates.

Generally, those with a credit score in the mid-700s and above have the best chance of getting the lowest interest rates.

How to improve your credit score

Factors such as paying your bills on time, how many lines of credit you have, how long specific accounts have been open, and how much debt you owe determine your score.

Your score improves over time, but some habits can cause a small jump quickly. For example, your credit utilization rate — the amount of available credit you’re using against your overall limit — accounts for about 30% of your score. Reducing your usage rate on all your cards and making your monthly payments on time are the fastest ways to increase your score.

Time is also an important factor in growing your credit. If you have a poor credit history, you’ll likely need a creditworthy co-signer to increase your chances of approval.

How to check your credit score

If you have a credit card, you can probably check your score for free through your account portal on the repairer’s website. You can also view your credit report free of charge from one of three credit bureaus: Experian, Equifax or Transunion.

Due to the ongoing pandemic, you can get a free credit report every week. Normally, free reports are limited to once per year per office.

Your credit report records your credit score in depth, listing every hard check, missed payment, and account history. It’s essential to check your report at least once a year to get a complete picture of your financial health.

If you notice a discrepancy or error in your report, dispute it with the reporting agency. Clearing mistakes can help improve your score.

3. Shop

When refinancing your loans, one of the most important things you can do is shop around. Each lender offers different requirements, repayment terms and interest rates. When you prequalify with multiple lenders, you can compare lenders and find the one that best suits your needs.

Most refinance companies offer prequalification, allowing you to see your eligibility and expected interest rate without applying. Prequalification does not impact your credit score like the application does and minimizes the risk of getting multiple rigorous checks on your credit report.

If the lender offers minimal information about eligibility requirements and no prequalification tools, it may be better to choose a more transparent lender. Your goal of refinancing is to save money, and if you can’t guarantee that, applying is probably not worth it.

See if the lender offers fixed or variable interest rates. Due to inflation, the Federal Reserve has raised rates at record speed. Private lenders raised their rates in response. If the lender you choose only offers variable rates — interest rates that are subject to change based on market conditions — your rates will likely continue to rise as the Fed attempts to rein in rising inflation.

Finally, consider hardship options, potential discounts, and any other unique features offered by the lender.

If you only have high-interest private student loans, consider refinancing as soon as possible. Interest rates should continue to rise. If you lock in the lowest possible fixed rate now, you can always refinance again once rates deflate.

If you have a combination of federal and private student loans and are considering refinancing, start preparing your finances now. It may be best to wait until the federal payment break expires on December 31 so you don’t have to resume payments sooner. But if you’re currently making payments and have prequalified for a lower rate with a refinance loan, consider applying as soon as possible to lock it in.

Remember that you lose access to rebate programs and repayment benefits after refinancing federal loans. Research your federal benefits and private lender relief programs to determine if the time is right to refinance your federal debt.

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