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NYSLRS – Loans: Getting One and Paying it Back #10000 #loan


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3 Ways to Reverse Student Loan Default – Student Loans and Paying for College Blog #bankruptcy #auto #loans


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3 Ways to Reverse Student Loan Default

When it comes to paying your federal or private student loans, pretending they don’t exist or ignoring those past due notices is not a smart idea. At the first sign of financial trouble, the best thing to do is contact your student loan servicer. If you have a federal student loan, you may be able to reduce your payments by simply changing your student loan repayment plan. or asking for forbearance or deferment of your loans. Private lenders offer fewer options, but may be willing to reduce your payments temporarily, if you contact them prior to missing a payment. It s very important to communicate with your loan servicers and show that you are attempting to repay your debt. Failing to do so can have serious consequences, including student loan default .

If you have federal student loans, you won t be considered in default until you are 270 days late on your payments. Private student loans, on the other hand, are not so forgiving. Each lender has its own rules determining when your loan is in default, and it could be triggered as soon as you miss one payment. Once your loan has gone into default, many unpleasant things can happen. You may be required to pay your loan balance in full (immediately) or have your paycheck garnished, you could face staggering collection fees or have your tax refund seized, and you will definitely lose eligibility for any additional federal aid, including Pell Grants. You will also lose deferment and forbearance options (federal), and could have your social security or disability income seized. In addition, your defaulted loan will appear on your credit report, which may prevent you from obtaining credit cards, car or home loans, or even prevent you from renting an apartment. You could also face higher insurance bills, have difficulty opening up new bank accounts, or be denied employment based on your poor credit.

Fortunately, you do have some options for getting your student loans back on track and out of default.

For Federal Student Loans, You Have Three Basic Options
    Payment in Full – If you pay the total amount owed, including any accrued interest or penalty fees, this will reverse the default status of your loan. Of course, this probably isn t a viable option since you were having difficulty making the smaller payments, but it s the quickest way to get out of default. Even if you can find a way to pay off a portion of the debt, it may help because collection fees (up to 25%) will be applied to your loan balance 120 days after your loan defaults. Consolidation – This option could give you more time to repay your loan and may reduce the amount of collection fees assessed. Before you can consolidate your loan(s), you will need to make a satisfactory repayment arrangement with your loan servicer. Basically, you ll need to make three (3) consecutive payments. After you have made the payments, you must also agree to enroll in either an Income-Based. Income-Contingent. or Income-Sensitive Repayment Plan. The type of plan you select will depend on which type of federal student loan you possess. Keep in mind that if you decide to consolidate your loans you will be charged a fee of 18.5% in collection costs, which must be paid in addition to your principal loan amount and any accrued interest. Rehabilitation – Another way to get your loans out of default is to enter a loan rehabilitation program. Once you make nine (9) qualifying, on-time payments to your guarantor, you will receive a rehabilitation agreement that you must sign and return. Upon notification that your loan has been rehabilitated, it will be transferred to a new lender and servicer. The loan will then be considered in ‘good standing’ and you will continue to make monthly payments to your new servicer. This option also carries a collection fee of 18.5%, but unlike the other two options, the default entry will also be removed from your credit report. Unfortunately, this is a one-time deal, so make sure you keep up with your payments or you won t get a second chance.
Fewer Options for Private Loans

If you have defaulted on a private loan, you will have to contact your lender to discuss modifying your payment terms. Expect to pay any reasonable debt collection costs, as well as the outstanding balance and accrued interest fees. Keep any paperwork you receive regarding your debt, and review your rights when dealing with debt collectors. If you have difficulty communicating with your private student loan lender, you may should contact the Consumer Financial Protection Bureau (CFPB) and ask for assistance or file a complaint.


Student Loans, Paying for College #instant #approval #loans


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Student Loan Options

College planning is no easy task, nor is paying for it. To help ease the financial strain of college, we have listed some student loan options and services available to high school students.

You never know, one of these options just might be the perfect solutions for you and your budget. Please take note that all federal financial aid programs are regulated by the government and based on financial need.

Gift aid Federal Pell Grants help pay for undergraduate education and are for students who demonstrate financial need. The Federal Supplemental Education Opportunity Grant (SEOG) is for undergraduates with exceptional financial need. Recipients are chosen from Pell Grant recipients with the lowest Expected Family Contribution.

Federal College Work Study Program provides jobs for students at school. The student works for the school, a nonprofit organization or government agency, and earns at least minimum wage.

Self-help (loans) The Federal Family Education Loan Program (FFELP) provides low-cost, federally guaranteed student loans for students attending eligible institutions at least half-time. The school’s financial aid office determines federal loan amounts.

Monthly payment plan A payment plan, which is usually administered through the school, allows families to pay education costs in equal monthly installments (usually ten) over the course of the year. Because it is not a loan, there are no interest charges. These plans usually charge a small service fee upfront.

Federal Family Education Loan Program (FFELP) The private sector student loan program that makes higher education affordable and accessible for millions of students and their families. The lenders may be a bank or other financial institution.

Federal Direct Student Loan Program Some schools require that students and parents obtain loans directly from the federal government rather than from traditional lenders through the FFELP (Federal Family Education Loan Program).

Federal Subsidized Stafford Loan Available to undergraduate and graduate students, based on need. Interest is paid (subsidized) by the federal government during the in-school, deferment and grace periods. Repayment is deferred for six months after graduation.

Federal Unsubsidized Stafford Loan Available to undergraduate and graduate students regardless of financial need. Loan interest is paid by the borrower from the day the student loan is disbursed. Repayment is deferred until six months after graduation.

Federal PLUS Loan (Parent Loan for Undergraduate Students) Available to parents of dependent undergraduates, regardless of financial need. A parent can borrow up to the total cost of education minus financial aid, with interest accruing while the student is in school. Repayment starts within 30 days following full disbursement of the student loan.

Federal Perkins Loan A low-interest loan for undergraduate and graduate students with exceptional financial need. The loan is made through and repaid to the school.


Improve Cash Flow By Paying Off Low Interest Debts – The Simple Dollar #commercial #loan #rates


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Improve Cash Flow By Paying Off Low Interest Debts

Quite often, when I write answers to reader mailbag questions, I encourage people to keep pushing hard against their debts no matter the interest rate. Almost everyone agrees that it makes sense to rapidly pay off the 15% debts, but I ll often get a lot of disagreement about the 3% debts. People will often ask why they should hurry to pay off a 3% debt. After all, they can get a better return in other investments.

The reason is simple. It s all about the cash flow .

What is Cash Flow?

Let s start off with the basics and explain what cash flow is. Cash flow refers to the amount of income you take in minus the required bills you have to pay. Ideally, you have money left over at the end of this process, and the more cash you have left over, the better. That cash can be saved for the future, invested, or applied to extra debt payments.

Let s say, for example, that you re bringing home $3,500 a month. You have a $1,000 mortgage at 6.75%, a $500 student loan payment at 3%, and another $1,000 in required bills (electricity, food, fuel, etc.). At this point, you must have $2,500 in monthly income to pay for your minimum required bills. At the end of the month, with a $3,500 income, you re left with $1,000 to do with what you please.

Now, let s look at your situation if the mortgage is paid off. You still has a $500 student loan payment and another $1,000 in required bills. You must have $1,500 in monthly income to pay for your minimum required bills. At the end of the month, with a $3,500 income, you re left with $2,000 to do with what you please.

Because your mortgage is paid off, your monthly cash flow is far better than before. This helps you in countless ways.

Let s say you lose your job and can only find one that gives you a 40% pay cut. At this point, you re bringing home only $2,300 a month. In the first scenario, you have $2,500 in required bills. You re going to have to make some major scary cuts in your life in order to make ends meet. In the second scenario, you have only $1,500 in required bills. You ll be just fine and still have a surplus.

There are countless other examples of life changes, planned or otherwise, that can significantly alter your income. The greater the amount of required bills each month, the more difficult it is to swallow those life changes.

This is why it s nearly always useful to improve your cash flow. Improving your cash flow improves your life options. It makes job transitions far less painful, for one. When you re fired or downsized, you can take a lower paying job without pain. On the other hand, you also have a lot more flexibility with your career choices as you re able to take a lower-paying but more career-building job. In fact, this is exactly what I did: I paid off a lot of debts, which reduced my monthly required payments and made it easier for me to live on less income, which enabled me to switch to writing The Simple Dollar full time because my cash flow was in much better shape.

The worse your cash flow situation is, the more you re tied to your current job. It gives your boss more power and you less power because the threat of losing your job is devastating. Your job becomes more stressful by default because the always-present threat of losing that job and the pain it would cause is always hanging over your head. Your career options are limited, too, because you can t deal with a reduction in pay.

In short, pinching your cash flow pinches your options.

Debt pinches your cash flow, of course. For example, getting a car loan pinches your cash flow because you re now responsible for those payments. On the other hand, living without a car loan for a while and saving up for your next car is a much better cash flow option, as it allows you to simply pay cash for the next car, keeping your cash flow as wide as possible.

Overspending pinches your cash flow, too. If you needlessly spend a lot of money, you ve pinched your cash flow for that month. You take money away from your savings. Thus, at a later point when you need that cash for a purchase, you re forced to rely on debt, which forcibly pinches your cash flow.

It s because of these things that I usually encourage people to just get rid of all of their debt. Eliminating all of your debt opens that cash flow up, making it easy to save for the future, change to a different job, or make other significant life changes that would be nearly impossible with a constant debt payment hanging around your neck.


Registered Nurse Salary – Job Description > Interviews – Career Options #registered #nurse #salary, #registered #nurse #job #description, #how #much #do #registered #nurses #make, #pay, #career #options, #jobs, #career, #advices, #challenges, #opportunities, #goals, #future, #guide, #information, #options, #best #paying #careers, #good #paying #careers


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Interview with a Registered Nurse

What do you do for a living?

I am a Registered Nurse.

How would you describe what you do?

I take care of patients who are recovering from a wide range of illnesses or from recent surgery.

What does your work entail?

I’m responsible for making sure that the patient’s pain is under control, that they receive their prescribed medicine on time, that their vital signs are stable, that the doctor’s orders are being followed and I act as a liaison between the doctor and the patient’s family.

What is a typical workweek like for you?

I work three, twelve-hour shifts and I’m stuck on night shift right now. The night shift is really hard. The money is good but the rest of your family is scared to call during the day because they’re scared that I’ll be sleeping. But you kind of get used to it and then eventually you get to work days. So I work 3-twelve hour shifts that usually end up being about 13 or 14 hours because you have to stay late sometimes to finish charting. It ends up almost being a 40 hour work week.

How did you get started?

I actually started by going to college and getting a psychology degree and with that degree I was only able to get a job as a receptionist.

I knew a psychology degree doesn’t really do anything unless you go for your PhD or Masters so I really wanted to help people but I didn’t feel like I was really getting that opportunity and my sister was in nursing school and loved it so I went too.

I went to a school that offered a one year accelerated Bachelor’s degree in nursing program.

It was twelve months because I had already had my Bachelor’s degree. I didn’t have to take all the other classes and so I got a second Bachelor’s.

It was a crazy year. It was probably the most difficult year of my life but it was worth it.

What do you like about what you do?

The best part is seeing patients get better and knowing that I played a small role in that. We get a lot of patients who are in a lot of pain after their surgery which can be pretty stressful trying to get their pain under control. But once they’re comfortable and smiling it does feel really good to know that I helped them out.

What do you dislike?

I wish I had a lot more time to spend with my patients. There are some busy nights where I’ll run into a room to see something and my patient wants to tell me a joke or a story about her grandkids and it absolutely breaks my heart to have to interrupt them and leave because the patient in the room down the hall is throwing up and another patient is crying in pain and another patient has to go to the bathroom. So there’s sometimes that there is so much going on that I feel like I can’t give my patients the attention that they desire and that I want to.

How do you make money or how are you compensated?

Nurses are all hourly so they’re not a salary. It’s not a salary position unless you’re in management.

How much money do you make as a registered nurse?

In Kansas City it seems like most hospitals for new graduate nurses start around $21 or $22 an hour and then every year the salary goes up by a little bit less than a $1 a year. I’ve been a nurse for 5 years and I’m making $26 an hour.

Hospital nurses tend to make more than other types of nurses. At doctor’s offices they only make like $18 or $19 an hour even if you are a registered nurse. So you definitely get more in the hospital and then hospitals usually pay night shift workers a shift differential which for me is $3 an hour so I get my base pay and then for the night hours I get $3 more an hour and I also get additional pay. If it’s a weekend you get $2 an hour extra.

How much did you make starting out in this career?

I started out at $22 an hour maybe but that was in TX.

What education or skills that are needed to be a Registered Nurse?

Most hospitals require a registered nurse degree but you can do that two ways. There’s actually a Bachelor’s degree which is called a BSN and some hospitals prefer that and pay more; other hospitals don’t distinguish between a diploma nurse, which is an RN without the Bachelor’s, and the Bachelor’s.

What is the most challenging about what you do?

The patient load and the severity of their sickness.

If I have five patients and I have one patient who demands a lot of time because they’re in a lot of pain or they’re really sick then my other four patients might not get the attention that they deserve. So I’ve learned time management skills are just absolutely critical and even then sometimes I’ll have my whole night figured out and something will come up and throw everything off. So it’s definitely a skill learning to prioritize and juggle my plans for the night I guess. That takes a long time to learn.

What is the most rewarding for you?

The patients, just getting to know the patients and their families and seeing them get better.

What advice would you offer someone that’s considering this career?

The best advice I could offer would be to contact a hospital in the area and see if there’s any way that you can shadow a nurse for a full shift because I think that a lot of people watch TV shows and see doctors doing all the work and they think that’s the way things actually are and it’s not like that. Nursing is a very, very physical job. It’s a lot of thinking and it’s a lot of work. I love it but I’ve met a lot of people who I think if they would have actually seen what it was really like before they went to school that they might have chosen something different.

I don’t want to sound discouraging by any means but I think it’s a good idea to actually shadow someone to see what it will be like.

How much time off do you get or take?

Well we technically have a 12 hour shift. It’s only three days a week so every week you get four days off and then it seems like hospitals give you a lot of paid time off because you don’t get holidays paid. With most jobs you get paid when you don’t have to work on a holiday but hospitals they’re open every day all day so you sometimes have to work holidays so we do rack up a lot of paid time off and so it just seems like occasionally I’ll be able to take a day or two off which is really nice.

What is a common misconception that people have about what you do?

That nurses just give medicine and they don’t do much else.

What are your goals or dreams for the future?

I guess to eventually to try different areas of nursing and just see what is all out there because that’s one of the best things about nursing, there are so many different areas that if you get bored with something or something isn’t the right fit you can try a different specialty, or you can go from being a floor nurse to an operating room nurse and it’s almost like a different profession. So you have a lot of options I guess. In the future I would like to try out different things and see what the best fit is for me.

What else would you like people to know about what you do?

That’s a good question. To be nice to their nurses! No, I’m kidding. It’s a very rewarding job, you learn a lot, it’s constantly evolving, that people should only go into nursing if it’s their true passion.

And that if you really do want to help people and you are interest in medicine that it is a very rewarding and exciting career.


Strategies For Paying Off Your Student Loan Debt Fast #instant #loans


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Strategies For Paying Off Your Student Loan Debt Fast

O n a recent Money Mastermind Show we had on an interesting guest, Zina Kumok of debtfreeafterthree.com .  Zina s claim to fame is paying off $28,000 worth of student loans within 3 years of graduating college.

On the show we discussed quite a few topics surrounding student loan debt, including just how accepted it is these days to take on a mountain of student debt and how too many students go to school without a plan for their future career or how to pay off their student loans.

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I think we all agreed on the show that how you pay off your student loans is a pretty personal decision based both off of math and psychology.  For Zina, she wanted to pay off her loans as fast as possible, to get rid of the near 7% interest loans she had taken out. Miranda Marquit. a regular on the show and a contributor to this site, was on the other end of the spectrum. Her loans were sub 2% in interest, and she plans on paying the minimums until it s paid off investing her extra money instead.

Today I thought it might be interesting to take a look at some facts surrounding student debt, talk about the pros and cons of paying off your student loans as fast as you can, and then look at what some of the options that people have when it comes to their student debt.

Student Loan Facts Figures

Student debt has been growing over the years, faster than the  inflation rate. According to the economist, since 1983 college costs have risen at a pace almost five times the rate of inflation .

..the cost of university per student has risen by almost five times the rate of inflation since 1983, and graduate salaries have been flat for much of the past decade. Student debt has grown so large that it stops many young people from buying houses, starting businesses or having children.

Not only has the cost of college risen, but more people are having a hard time keeping current on their student loans, in part because graduate salaries have been so stagnant.

The Project on Student Debt, a non-profit, says that 15% of borrowers default within three years of entering repayment. At for-profit colleges the rate is 22%. (source )

Here are a few more factoids about student loans and student debt.

  • Costs to attend college have more than doubled in the past decade.
  • Average debt of 2014 U.S. four-year grad $33,000.
  • Average debt of 2014 Canada four year grad. $26,000
  • According to the College Board, 4 years of tuition and fees at a private college will cost about $129,700. In 18 years it will be around $312,200.
  • Tuition and fees at a public university (in-state resident) currently costs about $38,300. In 18 years it will be closer to $92,200 (source ).
  • A Discover Loans study found that 47% of parents said that their kids should pay part of their own way. Some said their child should be solely responsible for  paying for school (15%), while other said their kids should foot most of the bill (32%) for their college education.

College costs more than ever, and on top of that more parents are saying that their kids should have at least some part in paying for their own education. Since most students aren t independently wealthy, that means that many are having to pursue alternate methods of financing their education including scholarships, grants and (shudder) student loans.

Should You Pay Off  Your Student Loans?

When you talk about whether or not you should pay off your student loans, people usually come down in one of two camps. Yes, you should pay them off quickly or no you should take your time . Some things to consider when deciding whether or not to pay off your loans:

  • Interest rate. If your loan as an extremely high interest rate, you re likely better off doing your best to pay it of fast as quickly as you can.
  • Opportunity cost. What is the opportunity cost of not investing when you re younger?  Are you missing out on compound returns you might otherwise have had by investing earlier?
  • Personal debt tolerance. Are you allergic to debt like me? Or are you OK with carrying some low interest student loan debt?
  • Psychological boost given by paying it off. Many people will get a psychological

Yes you should pay them off quickly

Those in favor of paying off the loans argue that any debt is dragging you down and holding you back, even if the interest rate isn t that high. It s a constant weight on your shoulders and a psychological drain. You re better off paying it off as quickly as you can so that you can feel the freedom of not having that debt anymore.

No, you should pay the loans off over time

Those in favor of just paying the minimums on student loans often argue that it s the lowest interest debt you re likely to have, and you can probably make more in the stock market by investing.  Pay the minimums, and invest the rest.  If you have a higher tolerance for carrying debt than others, it might be something to consider.

Get Your Finances In Order Before While You re In School

For me, the idea of taking out a ton of student loans is abhorent, and I think most people would be best served by planning out their future at least to some degree before they go to school.

Have a plan before you go to school

Think about what you want to do for a career, and choose a school, major and cost that is suitable.  If you re getting a liberal arts degree like I did, you don t need to go to an ivy league school. Just go to an in state school with lower tuition.  If you re going to school for a STEM degree you may want to consider a better school, but still remember to do your research and find the best school for your money. The most expensive school is not always the best.

Have a budget and don t overspend when you re in school

Once you re in school, you d be best served by making sure you have your finances in order. Most students are not keeping a budget and tend to overspend when it comes to discretionary spending (40% of student income goes to discretionary items such as entertainment, apparel, services, travel, vacation).  The result is they take out too many loans and spend too much money that they ll have a hard time paying back once they graduate and find the job market is tougher than they thought.

Here are some things you can do when you re in school.

  • Get a basic no-fee checking and savings account .
  • Figure out how to do a budget .
  • Track your income and expenses when you first start school. (YNAB4 budget software is free for students! )
  • Figure out how much you’ll need for the basics. Set aside a little for fun. Don t allow yourself to go overboard.
  • Don t overspend and do your best not spend extra loan money if you have it.

Strategies For Getting Rid Of Student Loan Debt

So what are some things you can do to get rid of your student loans as fast as you can?

  • Take extra money and put it towards debt payoff. If you get extra windfalls of unexpected money like a bonus or a tax refund.
  • Get a short term part time job to help pay it off. If you re extremely motivated to pay off a loan, you might consider getting a part time job on the weekends or evenings, and putting the money towards debt payoff. Or start a blog!
  • Make it a line item in your budget: Make debt payoff a line item in your budget, and budget for an amount that is larger than the minimum payment, even if only a little bit larger.
  • Make it a game. Turn paying off your student loans into a game, trying to figure out when you ll pay it off, finding ways to get extra money to put towards the debt and then having a reward once you finally do pay it off.
  • Consolidate loans. If you have multiple loans you might want to consider consolidating your loans, especially if you can get a lower rate on all of the loans.  Be wary of just wrapping all the loans up into one for convenience, however, if they don t all have a lower rate afterwards.
  • Loan forgiveness programs. If you meet the qualifications for certain programs you can have portions of your student loans forgiven .  For example, one program for teachers will forgive up to $17,500 in loans if they teach at certain schools for a full 5 years.

Be creative and you ll find ways to make the loan payoff happen sooner!

Have your own strategies for paying off student loans?  Tell us what they are in the comments.


J. C. Penney (NYSE: JCP) paying off $500 million loan – Dallas Business Journal #payday #lenders


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J.C. Penney paying off $500 million loan

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Upping a revolving line of credit is allowing J.C. Penney Co. Inc. (NYSE: JCP) to pay off a $500 million loan.

The company announced Monday that it received $500 million in incremental bank commitments, increasing its revolving line of credit under its senior secured asset-backed credit facility from $1.85 billion to $2.35 billion.

With that money, Plano-based Penney is prepaying a $500 million term loan that would have matured in June 2019. Both the credit increase and loan repayment are expected to close in December.

“We proactively pursued this transaction to reduce our long-term debt and ongoing interest expense and to further enhance our financial flexibility while maintaining our strong liquidity position as we continue to make progress on our goal of $1.2 billion in (earnings before interest, taxes, depreciation and amortization) by 2017,” J.C. Penney CEO Marvin Ellison said in a statement.

The $2.35 billion credit facility, which also matures in June 2019, will remain open and be used for seasonal working capital and general corporate purposes, the company said.

Paying off the loan is expected to reduce Penney’s interest expenses by $20 million annually beginning next year. In its third quarter 2015 earnings reported Friday, the company logged $102 million in net interest expense and nearly $5.15 billion in long-term debt.

Co-leading the credit facility increase were Wells Fargo & Co. (NYSE: WFC), J.P. Morgan Chase (NYSE: JPM), Barclays, Bank of America Merrill Lynch, Citizens Bank, Regions Bank and HSBC.


How to get rid of your student loans without paying #interest #rates #on #car #loans


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How to get rid of your student loans without paying

Students hoping to become public defenders, work in the health field, or hopeful veterinarians in the state of Kentucky specializing in large food animals — you’re in luck.

You might be eligible for a number of programs that will help to repay your student loan debt. (Problem is, these programs aren’t easy to find out about.)

“The information can be really buried within a website or can be fractured,” said Betsy Mayotte, director of regulatory compliance at the nonprofit organization American Student Assistance. “You kind of have to dig for the details.”

With the interest rate on new subsidized Stafford loans doubling from 3.4 percent to 6.8 percent on July 1, 2013, students taking on debt to pay for their graduate degrees might consider researching the different programs out there. To help guide students interested in forgiveness programs, ASA has put together an eBook called “60+ Ways To Get Rid Of Your Student Loans (Without Paying Them). ” The organization divides the programs into two broad categories.

“Forgiveness programs are generally programs where you are rewarded for something that you do. Generally it’s some sort or volunteer or a specific working profession where there’s a need for people to work in that profession,” said Mayotte. “Unfortunately, discharge is for when something bad happens to you.”

The loan forgiveness and discharge programs were instituted by the federal government (as well as some state governments, organizations and private businesses) to eliminate all or part of a student’s loans if he or she qualifies. Borrowers who give back to their community, work in fields or areas of need, or face unpredicted, extenuating circumstances are eligible for these different programs.

To apply for forgiveness, you may need proof that you’ve worked for the required number of years at the location or profession that makes you eligible for the program.

The types of loan forgiveness programs available can be divided among these broad categories:

  • Community service

One community service option is applying for an AmeriCorps. award. It repays part of a person’s student loans based on their service in the AmeriCorps program. The U.S. federal government program is meant to engage adults in intensive community service work with the goal of “helping others and meeting critical needs in the community.” Other volunteer organizations offering loan forgiveness include the Peace Corps. and Volunteers in Service to America (VISTA ).

  • Military
    Perhaps one of the most well-known ways to forgive your student debt. Generally there are two types of programs — ones that pay for school while you’re in school and then programs relating to existing loan forgiveness. You should speak with a recruiter about the different plans out there. Find out more information at Military.com .
  • Profession
    The most common professions eligible for loan forgiveness tend to be in the health and teaching fields. Mayotte says some states are really thirsty for nurses, doctors, teachers, or public defenders — and may have forgiveness programs to attract those types of workers. You can find more career-based forgiveness programs with an online search or by talking to your employer. Find out more information at FinAid.org .
  • State specific

    You may be eligible for a program in a particular state if you are a legal resident in that state, work in one of the selected jobs, have a license for one of the jobs in the state, or went to school there. Search online to see what programs are available to you. Go to the state’s website and search around. State specific programs can change or be eliminated based on budget, so keep an eye out.

For more advice on dealing with your student loans check out these links:

The types of loan discharge options include:

  • Closed schools/school errors

Borrowers may be eligible if their school closed while they were attending or within 90 days of leaving it. They may also be eligible if they withdrew from school and were not refunded the correct amount. Borrowers are only eligible if they received their loans on or after January 1, 1986.

  • Disaster
    There’s a discharge option for spouses of eligible public servants or other eligible victims who died or became permanently and totally disabled due to physical injuries suffered as a result of the September 11, 2001 attacks.
  • Financial hardship
    Borrowers who face financial hardship based on income or debt could be eligible for these options:
      • Bankruptcy
        Contrary to popular belief, you can get rid of your loans in bankruptcy. But it’s difficult to do so. You must prove to a bankruptcy judge that repaying your loans would be an undue hardship. This standard generally requires you to show that there is no likelihood of any future ability to repay. Learn more .
      • Income-based repayment
        To qualify you must have a partial financial hardship, which means that payments to your eligible loans exceeds 15 percent of your discretionary income. After 25 years — 10 working in public service — any student loan debt left over is forgiven. Learn more .
      • Income-contingent repayment
        Similar to the income-based repayment program, but payments are capped at 20 percent of discretionary income. Learn more .
      • Pay as you earn forgiveness
        Only for newer borrowers. You must be a new Direct Loan borrower as of October 1, 2007, with a disbursement made after October 1, 2011. Any Direct Consolidation loan made on or after October 1, 2011, that does not include a Parent PLUS loan or a loan made prior to October 1, 2007 is eligible. Learn more .
  • Fraud
    If someone fraudulently obtained the loan in your name you may be eligible to have your loan discharged.
  • Medical

    For borrowers who suffer from physical or mental impairments or have died.

Mayotte said it’s important to note that for many of these loan programs, the amount that’s forgiven can be taxed as income.

She says the best way to find out what programs are available to you is searching online and asking.

“Ask a potential employer if student loan repayment is part of a benefit. Ask a school that you’re attending if the school is aware,” says Mayotte. “I wouldn’t be surprised if there were some super secret programs out there that weren’t online.”

Learn more about student loan forgiveness programs — click play on the audio player above to hear the Marketplace Money   interview with Mayotte.


Top 20 college degrees with the highest starting salaries #best #paying #bachelor #degrees


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Top 20 degrees with the highest starting salaries

Of the top 20 highest starting salaries for 2014-15 college graduates, engineering degrees from five disciplines are among them. (Photo: Mark Wilson/Getty Images )

Story Highlights

  • Hiring overall is expected to jump 16% for new college grads in 2014-15.
  • Engineering degrees from five disciplines pay among the top salaries.
  • The most growth expected in 2014-15 is within the field of information services.

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For University of Michigan industrial operations engineering student Julie Hahn, her decision to seek a degree in a highly sought STEM — science, technology, engineering and mathematics — field was an easy choice since it fused her love for math and science.

But her choice also could prove to be a lucrative one when she graduates nearly two years from now, according to a recent study by Michigan State University’s College Employment Research Institute.

Of the top 20 highest starting salaries for 2014-15 college graduates, engineering degrees from five disciplines are among them, according to findings released from the study Recruiting Trends, an annual survey of nearly 5,700 companies by MSU economist and CERI Director Phil Gardner.

The five are electrical engineering, computer engineering, mechanical engineering, chemical engineering and civil engineering.

Guide for high school seniors as they prepare to apply for college

Hahn, 19, and a peer adviser at U-M’s Engineering Career Resource Center, said knowing that graduates with engineering degrees receive some of the highest starting salaries did play a part in deciding her major.

“I think it was definitely something I considered because I ultimately have to make a living off of this, but I higher-prioritized what I was passionate about,” she said. “I think engineering is one of those fields you can do a lot with.”

In fact, according to Gardner, it’s no surprise that engineering is the one college labor market that doesn’t change year after year. His research shows that at every degree level, graduates with engineering degrees receive the highest starting salaries. Engineering salaries across all disciplines are expected to increase nearly 16% from last year, according to data from the Bureau of Labor Statistics. Hiring within professional, business and scientific services fields — which includes engineering — is expected to increase 24%, Gardner said.

“Engineering always top the average starting salary list,” Gardner said. “While averages fluctuate because of economic conditions, engineering salaries have not been exceeded by other disciplines going back 65 years.”

Samuel Foran, a 2013 Penn State University engineering graduate who now works at the General Motors Milford Proving Grounds, said he’s not surprised the field has remained on top for the past several years.

Community colleges offering four-year degrees, too

Foran, 23, said the numerous auto suppliers and auto companies drew him and several friends to Michigan.

“There’s a huge opportunity for just about any type of engineering here in Michigan,” he said.

Gardner said it should be a good year for 2014-15 college graduates overall, since hiring is expected to jump 16% to a level that has not been seen since the “dot-com frenzy” of 1999-2000.

If math and science aren’t your thing, there are other fields that are expected to show significant growth.

Gardner’s survey shows the most growth expected in 2014-15 is within the field of information services—which includes telecommunications companies, publishing and broadcasting. Hiring is expected to jump by 51% over last year, according to Gardner’s research.

Almost all job sectors are expected to hire graduates with bachelor’s degrees, with six — nonprofits; manufacturing; government; professional, business and scientific services; finance and insurance; and information services — reporting double- digit growth ranging from 16% to 51%.

“This is a hot market,” Gardner said of the overall hiring trends. “As my report said, we have not seen double-digit growth like this since 2007. Drivers include growth, turnover and retirements.”

What’s tops in salaries

Here’s a list of the top 20 starting salaries for 2014-15 graduates, according to Michigan State University’s Recruiting Trends 2014-15 report:

Electrical Engineering – $57,030

Computer Engineering – $56,576

Mechanical Engineering – $56,055

Software Design – $54,183

Computer Programming – $54,065

Chemical Engineering – $53,622

Computer Science – $52,237

Civil Engineering – $51,622

Mathematics (includes applied) – $47,952


IRS Offers Free Tax Help #help #paying #taxes


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IRS Offers Free Tax Help

Update Nov. 3, 2014 — Please note that 1040 Central has been replaced by theFilingpage.

Jan. 5, 2010 — Links to the obsoleted rebate credit calculator and How Much Was My 2008 Stimulus Payment? online tools have been deleted.

FS-2009-6, January 2009

Free tax help is available from the Internal Revenue Service for taxpayers by telephone, in person and via the Internet where information is available 24 hours a day, seven days a week.

When seeking help over the Internet, the IRS cautions taxpayers to make sure to go to the authentic IRS Web site by typing www.IRS.gov into their browser. The official Web site does not end in .com. net. org or any other designation. Click on “Español” for content in Spanish.

Taxpayers should check out 1040 Central for all the latest updates and information needed to prepare and file their 2008 returns. Taxpayers can readily access forms and instructions from this section of the Web site.

In the Online Services section, taxpayers can access numerous applications to help with their taxes, including:

Free File, which is a fast, free and easy way to prepare and file a tax return, if adjusted gross income is $56,000 or less 2008.

IRS Withholding Calculator. which helps taxpayers make sure the amount of income tax they have withheld from their pay isn’t too high or too low.

Find An Authorized E-File Provider. which helps individual taxpayers find someone who can electronically file their tax return.

Alternative Minimum Tax (AMT) Assistant. which can be used to determine whether a taxpayer may be subject to the AMT.

EITC Assistant, available in English and Spanish, which helps taxpayers find out if they are eligible for the Earned Income Tax Credit.

Sales Tax Deduction Calculator. which is available to help taxpayers prepare their returns.

Online Payment Agreement. which is for taxpayers who cannot pay their tax completely by April 15.

Taxpayers may also check their 2008 refund online using Where’s My Refund? 72 hours after IRS acknowledges receipt of an e-filed return or three to four weeks after a return is mailed. Taxpayers will need to enter a Social Security number (or Individual Taxpayer Identification Number), filing status (such as single or married filing jointly) and the exact whole dollar amount of the refund shown on their 2008 tax return. In addition to the status of their refund payment, they will receive instructions to resolve refund-related problems. The Where’s My Refund? tool is available in English and Spanish.

Taxpayers will have two tools to help them determine if they are eligible for a recovery rebate credit. Most people already received this benefit in 2008 in the form of the economic stimulus payment. However, if certain conditions changed for taxpayers in 2008, they may be eligible for an additional one-time benefit. Taxpayers can use the online tools How Much Was My 2008 Stimulus Payment? and the Recovery Rebate Calculator.

Taxpayers may also order current and prior year tax forms, instructions and publications by calling 1-800-TAX-FORM (1-800-829-3676). Taxpayers may ask tax questions by calling the toll-free customer service line at 1-800-829-1040 for individual tax issues or 1-800-829-4933 for business-related tax issues. TTY/TDD users may call 1-800-829-4059 to ask tax questions or to order forms and publications.

Taxpayers can also listen to information with little or no waiting by calling TeleTax toll-free at 1-800-829-4477 to hear pre-recorded messages in English or Spanish covering various tax topics or to check on the status of a refund. TeleTax topics, which range from “IRS Assistance” to “Who Must File,” are listed on pages 84 and 85 of the Form 1040 Instructions booklet. In January, they will also be able to access How Much Was My 2008 Stimulus Payment? by calling the Rebate Hotline at 1-866-234-2942.

In-Person Assistance with Returns

Free tax preparation is available through the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) sites in many communities. Taxpayers should check community newspapers for VITA site locations or call 1-800-906-9887 for more information. Taxpayers may also call AARP — the largest TCE participant — at 1-888-227-7669 to find the most convenient location.

Taxpayer Assistance Centers

IRS Taxpayer Assistance Centers are a source of personal tax help when taxpayers believe their tax issues cannot be handled on-line or by phone, and they want face-to-face assistance. IRS representatives in these offices can help with inquiries, adjustments, letters and notices and payment plans for those who owe tax and cannot pay the full amount. Locations are posted on IRS.gov under the “Individuals” tab. Just click the link Contact My Local Office or type “Contact My Local Office” in the search box on IRS.gov to find availability by state. Also, taxpayers can hear a recorded message detailing office hours and addresses by calling the number listed in their local phone directory.

The IRS provides non-English-speaking taxpayers equal access to all Taxpayer Assistance Centers.

Tax Forms and Publications Walk-In Service

Many post offices and libraries offer IRS tax publications, forms and instructions for pick up. Participation of post offices and libraries changes from year to year so taxpayers should check with their local community organization before making the trip. Electronic kiosks containing commonly-used forms (Form 1040 series) and tax information are available in some locations. All local IRS Taxpayer Assistance Centers have tax publications, forms and instructions available to pick up.

Braille Tax Material

A variety of Braille materials may be ordered at no charge by calling the IRS at 1-800-TAX-FORM (1-800-829-3676). The Braille print files are in .brf format and can be sent directly to an embosser for high-quality Braille output. Braille materials are available at libraries that have special services for people with disabilities.

Taxpayer Advocate Service

The Taxpayer Advocate Service (TAS) is an independent organization within the IRS whose employees assist taxpayers who are experiencing economic harm, who are seeking help in resolving tax problems that have not been resolved through normal channels, or who believe that an IRS system or procedure is not working as it should. Taxpayers who believe they are eligible for TAS assistance can reach TAS by calling their toll-free case intake line at 1–877–777–4778 or TTY/TTD 1-800-829-4059.

Low Income Taxpayer Clinics (LITCs)

Low Income Taxpayer Clinics (LITCs) are independent organizations that provide low income taxpayers with representation in federal tax controversies with the IRS for free or for a nominal charge. The clinics also provide tax education and outreach for taxpayers with limited English proficiency or who speak English as a second language. IRS Publication 4134. Low Income Taxpayer Clinic List, provides information on clinics.

For a comprehensive listing of free tax services, taxpayers can download or order IRS Publication 910, Guide to Free Tax Services.

Page Last Reviewed or Updated: 22-Jan-2015