Payment loan – Satori 34 Fri, 21 Jan 2022 00:39:10 +0000 en-US hourly 1 Payment loan – Satori 34 32 32 Al Hilal to ‘initiate loan move for Arsenal pariah Aubameyang and pay full £350,000 salary before PERMANENT move’ Thu, 20 Jan 2022 22:11:00 +0000

Saudi side Al Hilal want Arsenal pariah Pierre-Emerick Aubameyang on loan – and are ready to pay his £350,000-a-week salary in full, according to reports.

The 32-year-old has been heavily linked with a move away from the Emirates after falling out of favor under MIkel Arteta after being stripped as captain.


Pierre-Emerick Aubameyang could be set to leave Arsenal during the winter transfer windowCredit: PA

Aubameyang is reportedly already on the table with a loan offer from Al Nassr, with an obligation to sign him permanently for £6.7million.

And now their Saudi rivals Al Hilal have reportedly joined the race to lure the Gabon international to the Middle East.

According to the Daily Mail, Al Hilal are also looking to loan the player out in the Gulf nation, where he is ready to pay his full £350,000-a-week salary.

The outlet claim that they will cover his salary is seen as an attractive offer for Arsenal.

They even state that the club have put together a package to turn his potential loan into a permanent stay this summer.

It has been said that Aubameyang and his team will now consider Al Hilal’s proposal.


As well as interest from Saudi Arabia, European clubs are also eyeing a January swoop for the former Borussia Dortmund marksman.

Sky Sports reporter Dharmesh Sheth revealed at least FIVE teams love the centre-forward.

He tweeted: “Several European clubs are interested in signing Aubameyang. AC Milan, Juventus, PSG, Marseille and Sevilla among them.

“Al Nassr’s loan offer is still on the table. Arsenal will listen to the offers.”

Aubameyang is back in England after returning to Arsenal early after the Africa Cup of Nations after suffering heart anguish.

But he announced he was in great shape as he gave a fitness update in an Instagram post.

It read: “Hi guys, I’m back in London to do some more checks, and I’m very happy to say my heart is doing great and I’m in perfect health!!

“I really appreciate all the posts over the past few days and have already come back to it.”

⚽ Read our Transfer News Live blog for the latest rumours, gossip and closed deals

VM Mental Health Professional Loan Repayment Mon, 17 Jan 2022 21:59:00 +0000

PARKERSBURG, W.Va. (WTAP) — Student loan repayment is back in the national conversation, and one organization plans to offer just that to mental health professionals in West Virginia.

The West Virginia Higher Education Policy Commission recently announced the Mental Health Loan Repayment Program.

They say the program “provides loan repayment to licensed mental health professionals practicing in underserved communities in West Virginia.”

We spoke with the Director of Behavioral Health Programs, Carolyn Canini.

She says this program is an incentive “to help them stay in the profession/keep them in those underserved communities that maybe don’t pay as much as other fields.”

According to Canini, there has been an increase in the need for mental health services during the pandemic.

She says mental health professionals are helping more during this time while themselves feeling the burden of the pandemic and often the burden of student loans.

She hopes this loan repayment program will ease some of the burden.

The prizes are awarded by the Commission’s Health Sciences Division, “based on a competitive review process and the recommendations of an advisory committee.”

Application materials are due March 15.

More information can be found at

Copyright 2022 WTAP. All rights reserved.

Navient Settlement: Who Qualifies for Student Loan Forgiveness Fri, 14 Jan 2022 22:49:00 +0000 The settlement will result in the cancellation of $1.7 billion in private student loan debt and $95 million in small restitution payments for certain federal borrowers.

Navient, a loan servicing company, announced on January 13, 2022 that it had reached a settlement with attorneys general from 39 states regarding alleged unfair and deceptive student loan practices.

Pennsylvania Attorney General Josh Shapiro, along with the other attorneys general involved in the lawsuit, allege that Navient made subprime loans to borrowers who were unlikely to repay the money, and misled the borrowers into abstentions which “prevented them from repaying the principal on their loan and led many to rack up more debt and endless interest payments.

Navient denies these allegations and will no longer service Department of Education loans beginning fall 2021. Navient will continue to service federal student loans made under the Federal Family Education Loans (FFEL) program which belong to private lenders and non-federal private students. loans.

The settlement will result in the cancellation of $1.7 billion in private student loans and $95 million in restitution for some federal loan borrowers.

After the announcement of the settlement, some federal student loan borrowers wondered if their debt would be cancelled.


Does the Navient Settlement Cancel Loans for Federal Student Loan Borrowers?



No, the Navient settlement does not cancel loans for federal borrowers. Some federal borrowers may qualify for a small restitution payment, but are not eligible for loan forgiveness as part of the settlement.


Who Qualifies For Student Loan Debt Forgiveness

Navient said in an announcement about the settlement that it would forgive the loan balances of approximately 66,000 borrowers with certain eligible private education loans.

Here’s what borrowers need to know to determine if they qualify for loan forgiveness.

The settlement funds will primarily go to those who took out subprime private student loans, which are issued to borrowers with low credit scores, through Navient’s predecessor, Sallie Mae, between 2002 and 2014, according to the Massachusetts state government’s FAQ page on the settlement. These borrowers also had more than seven consecutive months of past due payments before June 30, 2021.

The lawsuit claimed that these practices unfairly targeted lenders who were unlikely to be able to repay the loans.

Other private student borrowers are also eligible for debt relief on loans made by Sallie Mae Bank and certain other lenders between 2002 and 2014 if they attended specific for-profit schools that were subject to “state or federal or enforcement action,” the FAQ page says. These for-profit institutions include the American Career Institute, University of Phoenix, DeVry University, Art Institute, ITT Technical Institute, and others.

To be eligible for debt relief, the borrower’s mailing address on file with Navient as of June 30, 2021 must be in one of the 39 restitution participating states. The full list of states is available online.

Delaware Attorney General Kathy Jennings, who participated in the lawsuit, wrote in a press release that Navient will notify private borrowers receiving debt forgiveness no later than July 2022. They will also receive a refund of any payments made on private loans canceled after June. 30, 2021.

Who is eligible for other payments from Navient

Restitution payments of about $260 each will be distributed to about 350,000 federal student loan borrowers who have been placed in some type of long-term forbearance, according to a website devoted to the attorneys general’s settlement with Navient.

According to the Massachusetts FAQ page, a person is generally eligible if they:

  • Lived in a returning state as of January 2017;
  • Repayment of a direct or federal Family Education Loan Program (FFEL) loan before January 2015;
  • Had at least one federal loan eligible for income-contingent repayment;
  • Had at least two years of consecutive verbal or administrative abstention between October 2009 and January 2017, where at least one of the abstentions was captured by a phone call, and where at least half of the abstention time was not used to bring an overdue loan outstanding); and
  • Did not enroll in the income-based reimbursement prior to the forbearance period.

Those who are eligible for a restitution payment will receive a postcard in the mail from the settlement administrator in the spring of 2022. Some borrowers may be eligible for both private loan debt relief and a restitution payment, according to the settlement website.

Federal borrowers don’t need to take any action except to update or create their account to make sure the Department of Education has their current address, Jennings said.

More CHECK: Has Biden already pledged to forgive $10,000 in federal student loan debt?

The VERIFY team strives to separate fact from fiction so you can understand what’s right and wrong. Please consider subscribing to our daily newsletter, SMS alerts and our YouTube channel. You can also follow us on Snapchat, Twitter, Instagram, Facebook and TikTok. Learn more “

follow us

Want something VERIFIED?

Text: 202-410-8808

Explained by a loan officer (Podcast) Wed, 12 Jan 2022 12:40:56 +0000

Learn how to get a mortgage

Getting a mortgage is easier than many buyers think. Once you’ve started with a lender, your loan officer will walk you step by step through the process.

But getting started can be the hardest part. How to find a lender and apply for a home loan? And how do you know which mortgage is the best?

To give you some tips, loan consultant Ivan Simental explained how to get a mortgage in a recent episode of The Mortgage Reports Podcast. Here is what you need to know.

Check your new rate (January 12, 2022)

Listen to Ivan on the Mortgage Reports Podcast!

Step 1: Define your budget

Before you even start shopping for a mortgage, you need to budget for a home. This means knowing what you can afford to pay up front (i.e. down payment and closing costs), as well as what you can afford on a monthly basis for your mortgage payment.

You can use our mortgage affordability calculator and down payment calculator to get an idea.

After you’ve figured out the numbers, Simental says to keep that budget in mind throughout the process of finding your loan.

“This will help keep you on track to achieve your goals,” he says.

Keep in mind that mortgage calculators can only give you an estimate. To know your exact budget, you’ll need to connect with a mortgage lender and get pre-approved. Finding a lender is therefore your next step.

Get matched with a mortgage lender (January 12, 2022)

Step 2: determine the type of lender you want to use

Next, you will need to consider the type of lender you want to work with. There are several types to choose from, including mortgage brokers, large banks, online lenders, and small local lenders and credit unions.

These all offer slightly different pros and cons:

  • Big banks may be able to get your loan faster
  • Local banks and credit unions can offer more help and practical advice
  • Online lenders can often be more convenient due to their digital processes and applications
  • Mortgage brokers can take a lot of stress off your shoulders, handling much of the buying and applying process for you

You can certainly consider more than one type of lender in your search, but getting an idea of ​​the type you might want to work with can help guide your rate buying and make the process more efficient.

Simental also says to tread lightly if you are considering an online lender.

“Be very careful with online lenders who advertise super, super low rates,” Simental says. “Most of the time, they’ll have these hidden charges and very, very thin print that you have to read with a magnifying glass. Nine times out of 10, this incredible interest rate is not free.

To learn more about comparing the rates and terms of your mortgage offers, read How to buy a mortgage: tips for comparing quotes and rates.

Step 3: Get referrals from lenders

Now ask your social circle for lender recommendations. As Simental explains, “My first recommendation would be to ask family and friends, ‘Hey, who helped you buy your house? And how did this experience go? “

Then, if they are particularly happy with their lender’s service, ask for the name and contact information of their loan officer or banker. You can then preselect them and include them when shopping.

Be sure to only ask from people you really trust (and for whom you would risk money). “You want to ask your family, your friends, your coworkers and the people you trust and who are very dear to you,” says Simental.

You can also check out reviews and ratings online once you have a few referrals.

“Go on Google and check the reviews there, or go to Yelp,” Simental says. “That way you can see, okay, they’ve got 100 reviews. And out of those 100 reviews, they have 4.7 stars or 4.5 stars. It’s pretty good in my book.

Just keep in mind that the best lender for a friend or family member won’t necessarily be the best for you. Lenders tailor their rates and fees to each borrower, which is why it’s important to shop around for your better deal.

Step 4: Get a loan estimate

You will then need to request a quote from each of the lenders you are considering. This usually requires some basic information about your credit, income, and the price you plan to buy.

Once you’ve completed the lender’s application, the lender will provide you with a loan estimate – a detailed breakdown of all the costs and fees associated with the loan being offered to you.

“Be very, very careful when the lender gives you an estimate,” Simental says. “Take a look at your loan estimate and go line by line and ask them to explain to you what the items are and what the fees are and what is associated with the cost of the loan because sometimes they will have some hidden fees in there. . “

You’ll also want to compare your estimates line by line to make sure you pick the best deal possible.

Compare the offers of several lenders. Start here (January 12, 2022)

Step 5: Ask questions

Finally, ask lots of questions of the lenders you are considering. Make sure that you feel comfortable with them and that you have confidence in their abilities, knowledge and skills.

“This will probably be the biggest purchase you’re going to make, so ask questions,” Simental says. “Ask ask ask.”

Simental recommends asking questions about fees, closing times, the underwriting process, etc.

You should also inquire about pre-approval. Is this just a prequalification, or are they offering fully subscribed pre-approval Who can guarantee a hiccup-free closing (and give you a head start in negotiations)?

You should also discuss communication styles. You want a lender who communicates with you in the way that you would like to communicate. Are they responsive over the phone? What if you prefer to send texts and emails? Get an idea of ​​the response times you can expect and their availability for questions.

Step 6: shop

It might seem intimidating to reach out to multiple lenders and get loan estimates and information from each of them, but it could save you a lot of money up front and in the long run.

It will also have an impact on the service you receive and your entire experience in one of the most important transactions of your life. So be prepared to put a little elbow grease on finding the right fit.

According to Jon Meyer, loan expert for The Mortgage Reports and MLO Chartered, finding the right loan officer is especially important in today’s competitive real estate market.

“When looking for a loan officer for a purchase, I really think it’s more important to find a knowledgeable and efficient agent who can close as quickly as possible versus one who can save you a fraction of a percentage point. Says Meyer.

He adds, “The speed of closing is going to be an important point that the seller side will look at in offers that are not entirely cash. ”

Therefore, when shopping, be sure to ask potential lenders about their closing time and how reliably they can meet those deadlines.

Step 7: Complete your request and close

At this point, you’ve set your budget, got pre-approved, compared rates, and chosen a lender. Provided that you also have a signed purchase agreement for the home you wish to purchase, the rest of the process should be fairly straightforward. With the advice of your loan officer, you:

  • Complete your mortgage loan application
  • Submit all required documents
  • Have the house inspected
  • Have the house appraised (your lender will order the appraisal)
  • Wait until your mortgage lender has finished taking out the loan
  • Receive final approval
  • Sign your final papers
  • Pay the money to close (down payment, closing costs and other upfront costs)

As a final tip, it’s wise not to make big financial changes when you’re in the mortgage process.

For example, don’t quit or change jobs, take a new loan, open new credit cards, or make large purchases before closing. These types of moves can change your financial profile and potentially jeopardize your mortgage approval.

Maintain the status quo and follow the advice of your loan officer to give you the best chance of getting a mortgage smoothly and on time.

Start Your Mortgage Process

Are you seriously considering buying a home? So now is the right time to get your funding in order.

To get started, contact at least three lenders. Apply for pre-approval with each one, then carefully compare the rates, terms, and fees offered to you. Then you can choose the lender with the best deal for you and go ahead with a full application.

Ready to start?

Check your new rate (January 12, 2022)

[Decoded] What should be the ideal length of your mortgage loan? Sun, 09 Jan 2022 03:49:00 +0000

[Decoded] What should be the ideal length of your mortgage loan? | Photo credit: BCCL

With mortgage rates at an all-time low, this is probably the best time to buy a home. Home loans make home ownership convenient and affordable. If you have decided to buy a property by taking the help of a home loan, there are several crucial factors that you should keep in mind. Besides the loan amount, interest rates, Equivalent Monthly Payments (EMI), an important factor that you need to consider is the length of the loan. The tenure periods for mortgage loans are generally between 5 and 30 years. You pay your IMEs during this time.

While a longer mortgage term of 20 to 30 years reduces EMI expenses, it requires a larger interest payment. A shorter loan term increases the EMI obligation but reduces the total amount of interest paid over the life of the loan. Thus, a longer tenure period results in lower EMIs than a mortgage with a shorter tenure period.

Here are four key elements that will help you choose the ideal length of your mortgage.

Your age

The term of a home loan is generally synchronized with the age of the borrower. So if you are in your 20s or early 30s and just starting your career, going for a 20-30 year term will help you manage growing financial responsibilities. Managing your regular expenses with a smaller IME may be easier for you. You can only go for a shorter term home loan at this point in your career when you are financially strong and able to support the load of a large IME. If you are nearing 40 or about to retire, it is advisable to opt for a shorter loan term to meet the bank’s eligibility standards.

Usually, the maximum loan term is capped by the lender at 30 years. Some can be up to 35 or even 40 years old. However, seniority takes into account the age at which the borrower will retire. So, for example, a 25-year-old is considering retiring at age 60 and may try to get a 35-year term. On the other hand, if you have 10 years to retire, this might be the maximum time you can get. Exceptions can be made for government employees who are in receipt of a pension and can comfortably pay their IMEs even in retirement.

Amount of your loan

A higher loan requirement means a higher EMI obligation. You need to decide on the length of the loan taking into account your current income. For example, if your loan is about two to three times your annual income, you can opt for a shorter term to avoid unnecessary additional interest expense. But if the loan is larger, a longer term may be preferable to avoid strain on your finances.

Existing debt securities

You need to take into account existing debts such as personal loans, car loans, credit card bills, gold loans, etc. Although having more than one existing debt decreases the borrowing capacity of the loan to this extent, so to increase the lending capacity you have two options. The first option is to close your existing debts if you want to qualify for a short term loan. The second option is to apply for a longer term loan while continuing with the other loans. You may decide to close your existing loan based on your cash flow or your current financial situation.

Make a final decision

Your priority should be to reduce the risk of loan default as much as possible. You can reduce the risk of default by borrowing within your financial capacity. When estimating your financial capacity, you should take into account your current and future income, other financial goals, long-term income stability, etc. A home loan is one of the cheapest borrowing tools that also offers several tax advantages.

If you want to get rid of your debts quickly and have no liquidity constraints, you can opt for a short or medium term mortgage. On the other hand, if you want to take advantage of the tax advantages of home loans as well as lower-cost financing and have a limited debt repayment capacity, you can opt for a longer-term home loan. And during tenure, if you ever have the option to prepay your loan, go ahead and take the opportunity to get out of debt.

Adhil Shetty is a guest contributor. The opinions expressed are personal.

Source link

IDFC First Bank Personal Loan Review – Forbes Advisor INDIA Thu, 06 Jan 2022 12:06:45 +0000

You can apply online or by visiting a branch of the IDFC bank.

First IDFC Bank Loan Balance Transfer

One can transfer an existing personal loan from another bank to IDFC Bank at a reduced interest rate. It requires a bit of documentation and here are the required items. At this point, they are offering a 1% discount off the current interest rate.

IDFC First Bank Insurance loan

Any borrower can take out a personal loan insurance policy with the bank or a service provider acceptable to the bank to protect against loan repayment in the event of disability such as death, serious illness, permanent disability, loss of life. ’employment, etc.

Borrowers pay a separate premium for this insurance and if they face any of the above issues, the insurance pays the rest of the amount and the balance is paid to the account holder’s agent.

IDFC First Bank personal loan recharge

Borrowers can benefit from additional personal credit, allowing them to contract credit in addition to their existing credit. This is only granted to customers with a good credit rating. The interest on a top-up loan is about 1% higher than the original interest, and the total top-up amount can go up to 80% of the original amount.

Source link

UPL raises $ 700 million in sustainability loans Mon, 03 Jan 2022 04:46:18 +0000

UPL Ltd., a global leader in sustainable crop protection products and agricultural solutions, today announced that it has raised the second tranche of $ 700 million in Sustainable Development Loans (SSL) on December 31, 2021, with a reduction in interest charges of 35 basis points and a possibility of a further reduction of 5 basis points on the achievement of sustainability indicators agreed with the banks. The first tranche of $ 750 million was raised in March and April 2021.

Of the $ 1.45 billion, the debt maturity of $ 1.25 billion is extended by two years until fiscal year 2026 (compared to fiscal year 2024 earlier). SLL also offers full prepayment flexibility.

The company said in a statement, “UPL’s mission is to reinvent sustainability in everything it does – develop and distribute solutions that secure our future while preserving the environment. UPL firmly believes that agriculture is an underestimated resource and an integral part of the solution to the climate crisis. ” He added, “The exchange of a $ 1.45 billion acquisition loan to SLL with an opportunity to further reduce interest charges is an example of our focus on sustainability and ESG offering a cost advantage. “

Jai Shroff, Global Managing Director of UPL Limited, said, “We are delighted to lift this second tranche of the sustainability related facility, which not only reflects UPL’s sustainability performance, but also offers us the opportunity to engage with a new set of investors. We transform our business from a product to a solutions business through our technology platforms – Natural Plant Product (NPP), and the broad portfolio of differentiated products and organic solutions, as well as our diverse product portfolio. and extended. , these agricultural solutions can dramatically reduce carbon emissions, mitigate the impact of global warming and deliver shared prosperity to our people and our planet. “

Anand Vora, Global Chief Financial Officer of UPL, said: “UPL is proud to be one of the first Indian companies to secure a sustainability related loan and the largest from any Indian company to date. The second tranche was motivated by our constant focus on balance sheet management. , reduced interest charges and continued focus on sustainable and profitable businesses. “

In 2021, the company was ranked by Sustainalytics as the top performing global crop protection company among its peers for the second year in a row. UPL also recorded strong performances in the most recent Dow Jones Sustainability Index (61% improvement from 2018) and FTSE Russell (68% above the industry average).

Source link

Four Premier clubs keen on loaning Coutinho out as ex-Red likely to cut wages – report Fri, 31 Dec 2021 14:37:50 +0000

Philippe Coutinho could be set for a return to English football in the winter window with Everton, Tottenham, Arsenal and Newcastle all expressing interest in a loan transfer.

It comes from Star of the day, the post claiming that the Brazilian international’s personal preference is a move to the Gunners.

Given Barcelona’s well-documented financial woes, this is a change that would obviously suit both the player and the club as the Catalan giants seek to cut their massive payrolls.

READ MORE: Exclusive: Ex-Red offers radical solution for Liverpool & PL clubs to promote player welfare

It’s hardly unheard of to suggest the 29-year-old has had a scorching time in the Spanish top flight, with minutes this quarter scarce under Xavi.

The Barca legend seemed to offer hope of a new start for the playmaker, although few risks could be taken personally for a player approaching his 30s.

If it would be any bit strange to see the ‘little magician’ don anything other than the famous red jersey, a return to English football would most likely make Coutinho the world of good.

# Ep28 from The Red Nets podcast (special edition): The Koppies Awards…

Source link

I want a loan, how long will it take to get my money? Tue, 28 Dec 2021 18:58:57 +0000

Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are ours.

The Credible Money Coach explains how long it can take to complete different types of loans. (Credible)

Dear credible money coach,

How long does it take to complete a loan from start to finish? – Mary Ann

Hello, Marie Anne. Thanks for your question! The time it takes to get a loan will vary depending on the type of loan, your financial situation, and even underwriting requirements that are beyond your control.

Let’s take a look at how these factors might affect the length of the loan process, from applying to getting the money.

Deadlines for the different types of loans

The type of loan you apply for can have a significant effect on the time it takes to get funds, and much of that time difference relates to risk and paperwork.

Mortgages and refinancing

Since mortgages are large loans, they pose a significant risk to lenders. They have to go through a long and expensive foreclosure process if you default. They could lose hundreds of thousands of dollars if a mortgage is not paid off as agreed.

Therefore, mortgage lenders carefully screen borrowers, which can take at least 30 days to complete a loan. Depending on your financial situation and how much you want to borrow, getting a mortgage can take much longer, say 45, 60, or even 90 days.

Personal loans

Although it usually takes less time to get approved for a personal loan, the time limit varies depending on your credit, the amount you want to borrow and the lender.

It usually takes one to five business days to complete a personal loan, although some online lenders may deposit your funds as soon as the the same day or the next working day.

Student loans

Usually, it takes two to ten weeks to get a student loan. If you are applying for a federal student loan, you must complete the FAFSA, or Free Federal Student Aid Application.

However, it may take longer to get your student loan funds, as they’re usually only paid a week or two before the semester. And lenders typically send funds directly to your school for private and federal student loans.

Auto loans

If you apply for financing from a dealership when buying a car, the approval process is usually reduced to a few hours. If you go through a bank or credit union to get pre-approved before you buy a car, it may take a few days to get the funds.

Short term loan

There are many short term loan options if you have an urgent need for cash, such as payday loans and title loans. Because of the fees associated with payday loans and property titles, their effective annual percentage rate, or APR, can be in the range of 400%, according to research by the Consumer Financial Protection Bureau.

With a personal loan, you may have to pay it off on your next paycheck. Otherwise, your balance can be transferred to a new loan with additional fees, which becomes even more difficult to pay off. Therefore, be extremely careful and only use a short term loan when you have nowhere to go.

Your credit and finances

While having good credit may not process your loan application any faster, it helps you get the best rates and terms. Here are some other tips to make your loan application go smoothly:

  • Pay off the debt. Having relatively low debt balances lowers your credit utilization rate, thereby increasing your credit score.
  • Pay your bills on time. Having a good payment history is the most critical factor in maintaining a great credit rating.
  • Monitor your debt-to-income ratio (DTI). Most mortgage lenders have strict DTI limits that you must meet for approval.
  • Prepare your documents. Before you apply for a loan, find out what is required, such as a W-2, bank statements, and tax returns. Preparing your papers will save you time.

One last word

No matter how quickly you can get a loan, it’s a good idea to shop around – check the rates and terms of several lenders – before committing to a credit product. Rates, terms and fees can vary widely from one lender to another. They can also vary depending on the type of loan. Comparison shopping can help you get the best deal available.

Ready to learn more? Discover these articles …

Need Credible® advice on a money issue? Email our credible money coaches at A Money Coach could answer your question in a future column.

This article is intended for general informational and entertainment purposes. The use of this website does not create a professional-client relationship. Any information found on or derived from this website should not be used as a substitute for and should not be construed as legal, tax, real estate, financial, risk management or other advice. If you require such advice, please consult a licensed or competent professional before taking any action.


About the Author: Laura Adams is a personal and small business finance expert, award-winning author and host of money girl, a top rated weekly audio podcast and blog. She is frequently cited in the national media, and millions of readers and listeners benefit from her practical financial advice. Laura’s mission is to empower consumers to live richer lives through her work as a speaker, spokesperson and advocate. She received an MBA from the University of Florida and lives in Vero Beach, Florida. Follow her on, Instagram, Facebook, Twitter, and LinkedIn.

Source link

How to prepare to pay off your student loan when the payment freeze ends: NPR Sat, 25 Dec 2021 22:04:00 +0000

NPR’s Elissa Nadworny speaks with Betsy Mayotte of the Institute of Student Loan Advisors about the latest student loan hiatus extension and what borrowers can do to prepare for repayments.


This week, the Biden administration extended the pandemic pause in student loan repayments until May 1 of next year. The hiatus was previously scheduled to expire in just over a month. It’s a welcome relief for the more than 41 million Americans with federal student loan debt. They now have three more months to prepare to start making their payments. We called a few borrowers to get their feedback, including two in California that we’ll be hearing from here on out. This is Elsa Cavazos, who lives in Los Angeles and juggles multiple loans at the same time.

ELSA CAVAZOS: It’s very refreshing, like, oh thank goodness you know because I already have to make so many payments every month. And, I mean, I was mentally preparing to do that in January, you know, like, OK, here we go (laughs).

NADWORNY: We also spoke to Lauren Quinn, a teacher at an LA public school who has over $ 58,000 in student debt.

LAUREN QUINN: It’s just a kick in the road. We’re kind of already talking about, oh, how are we going to be able to pay that monthly bill again?

NADWORNY: So how should borrowers prepare? We called Betsy Mayotte for some advice. She is the founder of the Institute of Student Loan Advisors, a nonprofit organization that offers free advice to borrowers. And Betsy Betsy Mayotte is joining us now. Welcome.

BETSY MAYOTTE: Thank you for inviting me.

NADWORNY: So many questions from so many borrowers, so we’ll get right to it. You know, a year and nine months is a long time for a lot of borrowers who have taken a break from repaying these loans. With the extra 90 days, what should borrowers do right now before their first repayment?

MAYOTTE: Well, it depends on their financial situation. In addition to not being due in any payment, these loans benefit from an interest rate of 0%. So, for those borrowers who might be in a comfortable financial position, this might be the perfect time to pay off as much of that debt as possible at 0% interest. For those borrowers who are having financial difficulty preparing, the best thing to do is to make sure you know what type of loan they have. Get an idea of ​​what their payment will be after the payment break is over, and if they will need assistance, figure out which option will best suit their particular financial situation.

NADWORNY: The Education Data Initiative reports that the average federal student loan debt is around $ 36,000. What if someone can’t afford to start paying their upcoming monthly bill? What should they do?

MAYOTTE: Well luckily with the federal student loan program there are a lot of lower payment options. Some of them are based on balance. And some of them are based on the borrower’s income. Fortunately, there are some great tools out there to help borrowers determine not only how much their payment will be under each of these plans, but more importantly, how much they will be paying in the long run under each of these plans. . So one of them is the loan simulator on the Department of Education website, which is And then we also have a calculator that does this on our website, which is

NADWORNY: So basically you would put in what you know about your situation. Can that kind of help you get out of the monthly system and how much you would pay overall?

MAYOTTE: Right. And if you are someone who pursues loan forgiveness programs like the civil service loan forgiveness, these two calculators will also tell you if you would be ready for long term forgiveness, which is great. And you only have to enter the numbers once, and it spits it all out at you, so you can compare the different shots with each other right in front of you.

NADWORNY: You know, as we get closer and closer to repayment, we’re starting to see more and more student loan scams on social media and in your inbox. I wonder what are the tips to recognize these scams and how not to fall into the trap?

MAYOTTE: I’m so glad you brought this up. Student loan scams are one of the main reasons I founded the Institute of Student Loan Advisors, to try and give people some sort of, in quotes, “safe place to go” if they are looking for third-party advice. If someone contacts you and asks for your student loan account PIN or password, that’s a huge red flag. No legitimate student loan company will ever ask you this. In fact, under the recently passed STOP law, it is illegal for them to do so. But that doesn’t stop the crooks. If they promise you forgiveness from the start without really knowing anything about your situation, that’s another huge red flag.

NADWORNY: So a lot of the borrowers I’ve spoken with recently are still hopeful that President Biden will take action to write off student loans altogether. From my reports, it seems unlikely. What do you think about that? Is this a question that needs a major political solution in your opinion?

MAYOTTE: This question has become a kind of mess. First of all, I agree with you. The chances of a 100% loan forgiveness are slim to none. Here is the problem. And here’s why it’s, you know, the people that say, well, it would be so easy for him to do it. Student loans are not the problem. The problem is the cost of higher education. And it doesn’t necessarily make a lot of political sense to use US tax dollars to pay off student loan debt that will only pile up the next day. Forgiving student loans is like figuring out how to minimize bleeding, rather than figuring out how to prevent injury in the first place.

NADWORNY: I wonder, for borrowers who are listening right now, what’s next on their to-do list? What are the little things they need to be doing right now?

MAYOTTE: So despite the fact that the break has been extended, borrowers should take this opportunity to put things in order, so to speak. The first thing they need to do is make sure they know where all of their loans are because the one thing that is happening is that the services have changed. So make sure you know where your loans are. Federal loans, you can just log into, and it will tell you who holds your loans.

The next thing to do is to make sure that these loan holders have your correct communication information so email, post, phone number. Because when the break ends, there will be some very important information that they send to you that you want to see. And then the last thing is to figure out what your payment will be. Is it affordable? And if not, find out about the different payment options and which one is best for you, so that you are ready to submit this request as we get closer to the end – the real end of this break.

NADWORNY: It was Betsy Betsy Mayotte, founder of the Institute of Student Loan Advisors. Thank you very much for joining us, Betsy.

MAYOTTE: Thank you for having me. I had fun.

Copyright © 2021 NPR. All rights reserved. See the terms of use and permissions pages on our website at for more information.

NPR transcripts are created within an emergency time frame by Verb8tm, Inc., an NPR entrepreneur, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative recording of NPR’s programming is the audio recording.

Source link