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Loan Repayment – Study Assist, study loan.#Study #loan


StudyAssist

Information for students about government assistance for financing tertiary study.

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The Australian Government has announced a range of reforms to improve the higher education sector. These reforms will deliver a more sustainable sector, more choices for students and increase transparency and accountability in higher education.

For more information about how these changes might affect you, click here.

For more detail about the reform measures, visit the Department of Education and Training Higher Education Reforms webpage (opens in a new tab).

How much do I owe?

You can now view your HELP debt, confirm your payment reference number (PRN) and view payment options online via the myGov website. To access this online services for individuals, you need to create a myGov account linked to the ATO (opens in a new window).

Alternatively, you can contact the ATO on 13 28 61 to find out the balance of your HELP debt. Be sure to have your tax file number (TFN) handy when you call. The ATO will ask you for it for security purposes before they disclose any personal information to you.

When do I have to repay my HELP debt?

You have to start repaying your HELP debt through the taxation system once your repayment income is above the compulsory repayment threshold, even if you are still studying. The compulsory repayment threshold is adjusted each year. The compulsory repayment threshold for the 2015-2016 income year is $54,126 and the compulsory repayment threshold for the 2016-2017 income year is $54,869.

Repayment income is calculated from the amounts given on your income tax return for:

  • your taxable income;
  • reportable fringe benefits (reported on your payment summary);
  • total net investment loss (which includes net rental loss);
  • reportable super contributions; and
  • exempt foreign employment income amounts.

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How much will my repayments be?

The amount you repay each year is a percentage of your income. The percentage increases as your income increases, so the more you earn, the higher your repayment will be. The ATO will calculate your compulsory repayment for the year and include it on your income tax notice of assessment.

Will I be charged interest?

Can I pay off my debt sooner?

Yes. You can make a voluntary repayment to the ATO at any time and for any amount. Voluntary repayments are in addition to the compulsory repayments made through your tax return.

You can find more information on voluntary repayments here.

Note: The 5% voluntary repayment bonus ceased on 1 January 2017.

How do I make a voluntary repayment?

You can make a voluntary repayment by BPAY or direct credit, credit card or by posting a cheque to the ATO. To make a voluntary repayment you will need your PRN. You can contact the ATO on 13 28 61 for further information on how to make your voluntary payment or visit ATO voluntary repayments.

The HELP voluntary repayment bonus was removed on 1 January 2017.

  • checking your PRN from previous ATO notices or payment slips,
  • asking your tax agent
  • phoning 1800 815 886, 8.00am–6.00pm, Monday to Friday, or
  • emailing your request to:[email protected]

You will have different PRNs for different types of tax, for example income tax and HELP debt. Make sure you use your HELP PRN to make a voluntary repayment on your HELP debt.

Once you have your PRN, and have selected your payment option, check out the ATO How to pay webpage ATO how to pay.(opens in a new window)

You can contact the ATO on 13 28 61 for further information on how to make your voluntary payment or visit ATO voluntary repayments ATO voluntary repayment webpage.

What happens if I can’t afford the repayments?

If you believe that making your compulsory repayment would cause you serious financial hardship or there are other reasons why you should not have to make a compulsory repayment, you can apply to the ATO to defer your repayment. You will need to complete the Deferring your compulsory HELP, HECS or Financial Supplement repayment form, which is available on the ATO website (opens in a new window). The form asks for a detailed statement of your household income and expenditure to justify your claim of serious hardship.

The ATO will write to say whether your application is successful. If you are unhappy with the decision, you may apply to have it reviewed within 28 days of receiving the notice. If, after the review, you still believe the ATO has made the wrong decision, you may then apply to the Administrative Appeals Tribunal (AAT) for a review. You need to lodge your application with the AAT within 28 days of the day you receive the outcome of the ATO’s review.

For more information on applying to defer a compulsory repayment, contact the ATO.

What happens if I go bankrupt?

Accumulated HELP debts are not provable under the Bankruptcy Act 1966. This means you will have to pay it as if you had not been declared bankrupt.

Can I get my HELP debt remitted?

Please see Re-crediting a HELP debt for information about having your HELP debt remitted (cancelled).

What happens to my HELP debt if I die?

A trustee or executor needs to lodge all outstanding tax returns on behalf of a deceased person, up to the date of the person’s death. A deceased person’s estate is only liable to repay any compulsory HELP repayment amounts that relate to their income in the period before the person’s death. Any remaining HELP debt is cancelled upon the person’s death.

Neither the deceased person’s family nor the trustee is required to pay the rest of the accumulated HELP debt.

Need more information?

Contact the ATO on 13 28 61 or visit the ATO website (opens in a new window). The ATO will ask you for your tax file number before they disclose any personal information to you. International callers should phone +61 2 6216 1111 and ask for the HELA Unit or fax +61 2 6216 7771.


Study in Taiwan, study loan.#Study #loan


Study in Taiwan

Fun in Taiwan

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Taiwan is a modern, free, democratic society whose people are hardworking, fun-loving, educated and friendly. While eagerly embracing the future, the people of Taiwan hold onto traditional values and ideals. The family, including ancestors, is of utmost importance; education and scholarship are held in high esteem. Traditional forms of writing, architecture and art are part of everyday life. Yes, in Taiwan the ancient and modern, traditional and new are seamlessly woven together, creating a fascinating, dynamic society like no other in the world.

  • Study loanFirst ∣ A Perfect Place to Learn Chinese
  • Study loanSecond ∣ A Repository of Chinese Culture
  • Study loanThird ∣ Learn Complete, Traditional Chinese Characters
  • Study loanFourth ∣ An Excellent Environment for Learning Chinese
  • Study loanFixth ∣ Available Scholarships
  • Study loanSixth ∣ A Free and Democratic Society
  • Study loanSeventh ∣ Easy to Reach, A Great Place to Travel
  • Study loanEighth ∣ High Standard of Living
  • Study loanNinth ∣ Test of Chinese as a Foreign Language (TOCFL)
  • Study loanTenth ∣ Work While You Study

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Study in Taiwan

Learning plus adventure!

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Elite Study in Taiwan

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Taiwan Quality Institution Directory

Results of institutions, programs and overseas accreditation, as well as international affairs are provided here at Taiwan Quality Institution Directory, TQID.

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English Programs

All English, high quality, no Chinese barrier

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Meet the Students

“Meet the Students” will be available by 5/15

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Publications

Download the latest Publications of SIT

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Scholarships

See more scholarship information

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Taiwan has an outstanding higher education system that provides opportunities for international students to study a wide variety of subjects, ranging from Chinese language and history to tropical agriculture and forestry, genetic engineering, business, semi-conductors and more. Chinese culture holds education and scholarship in high regard, and nowhere is this truer than in Taiwan. In Taiwan you will experience a vibrant, modern society rooted in one of world’s most venerable cultures, and populated by some of the most friendly and hospitable people on the planet. A great education can lead to a great future. What are you waiting for? Come to Taiwan and fulfill your dreams. There are many reasons international students will find Taiwan an exciting and rewarding place to pursue their education.

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Funding for postgraduate study, study loan.#Study #loan


Funding for postgraduate study

You can get funding for postgraduate study through loans, studentships, bursaries and grants – you might also get help from your employer.

Search for postgraduate funding on the Scholarship Search or Prospects websites.

Postgraduate Loan for master’s degrees

If you’re starting a master’s course, you can apply for a Postgraduate Loan of up to £10,280 to help with course fees and living costs.

Studentships

Studentships are postgraduate positions that have funding attached for fees, living expenses or both. They’re mainly funded by Research Councils UK.

Teacher training, social work, medical and healthcare courses

You can apply for funding for:

Graduate-entry medical students can also get support from Student Finance England for fees charged over £3,465.

Charities and trusts

Charities and trusts sometimes provide grants, often for students from poorer backgrounds or those who’ve achieved academic excellence. Find out more at your local library in these publications:

  • the Educational Grants Directory
  • the Charities Digest
  • the Grants Register
  • the Directory of Grant Making Trusts

Learned societies

Societies sometimes offer funding for postgraduate or postdoctoral research. They include:

  • the British Academy (for humanities and social sciences – postdoctorate only)
  • the Royal Academy of Engineering (for engineering)
  • the Royal Society (for science – postdoctorate only)

Other help

You might be able to get funding from:

  • an individual – sometimes people donate awards to help postgraduates (these are usually offered through your university or college)
  • your employer – they might sponsor you if the course is relevant to your job
  • a Disabled Students’ Allowance
  • a Professional and Career Development Loan
  • the Student Awards Agency for Scotland if you’re from Scotland

Funding applications usually have to be in by the spring before you start studying in the autumn.


Student Loans South Africa – Approved Study Loans, study loan.#Study #loan


Student Loans – Approved Loans

A good education is your best bet for a bright future. With the high cost of education nowadays, it is getting harder to get into a decent school and get a rewarding job afterwards. What are your options then?

What is a student loan and is it necessary to get for enrolling in college?

Student loans are funds that are available to help finance your education. If you have enough savings to pay for school, then you do not need one

How does a student loan affect your credit?

Student loans affect your credit score like any other loans. As long as you pay on time, your credit should be fine.

Does a student loan and a bank loan affect your credit the same way?

They are both installment loans on your credit report. It is not advisable to take a bank loan since this is most likely not tax deductible like the student loan.

What happens to your credit score in you default on a student loan?

You can’t actually default in making payments. This doesn’t go away. While you may have stopped making payments, you will have to resume because it does not “age” off the credit reports, can not be discharged in bankruptcy and the interest keeps getting added to the outstanding balance.

Somebody with a huge outstanding student loan balance and no job to pay it off. can be set back decades in achieving their financial and social goals.

How do you fix a student loan that is over what you originally borrowed?

Have you exhausted all forbearance or deferment options? Or have you inquired about income-based payment plans? If you haven’t, this can be your first consideration.

What happens after your student loan application has been approved?

They usually don’t give you the money until right before the semester starts.

How does student loan forgiveness work?

Interest accumulates on any loan any time there’s a remaining balance.

Is it possible to get a student loan from a bank without a co-signer?

If you have a good credit history, it is possible to get a student loan without a co-signer. You should go to your bank and discuss this with your personal banker.

How can i get a student loan if i have bad credit?

For private student loans, you can only be approved on your own merit or you have to have a cosigner. Local banks might give you a loan but with a higher than normal interest rate.

Is there a difference between a regular loan and student loan?

Student loans don’t have to be paid until you finish school.

Loans have to be re-paid immediately with monthly payments.

What is the fastest way to get rid of student loan debt?

In order to attack this debt you first have to write out a budget and pay off your consumer debt on a “snowball method” which is you roll over the payments to the next step and add it to the minimum payment and that will add to the point it will be a big chunk of money to be applied to the student loan. But you have to really be diligent on getting this paid off. Otherwise it will take you forever.

Better to pay off student loan debt or invest in a home?

As long as you both have (relatively) stable employment, buy a home and buy one you can afford while paying on your loans. After awhile your student loans will be paid off and you’ll have equity in your house to upgrade to a bigger one if you want.

Is there a student loan available before actually enrolling in college?

No you can’t. And if you have any excess loan money you won’t get it until well after the semester has already started. at least 2 weeks in. Sometimes even longer depending on if you met the schools deadlines for turning all your paper work in.

How do I take out a private student loan?

Try to avoid private student loans unless you absolutely have to. They have higher interest rates, substandard extra fees, and require cosigners or good credit history.

I have a student loan payment but I want to go back to school. Is it possible to have my payments deferred?

Its possible, but most loan providers only let you defer it for the 4 years your in school, your going to have to contact your loan provider to see what there policy is if you go on to grad school.

How long do you have to pay off a student loan?

Budget your finances. It is essential to create a budget so you can keep track of how much money is coming into your bank account, and how much money you are paying to cover expenses. Identify areas in which you can cut back on spending. Consolidate your student loans. Ask for student loan payment deferrals if you are unable to make your student loan payments on time. Focus on paying off your student loan sooner than later. Check to see what tax benefits you can get from paying your student loan.

How can I lower my monthly student loan payments?

If you have been paying them on time, there should be a way. Call them and ask if it would be possible to combine all the loans to gather with one interest rate. and ask them what they can do to lower your Payments. if that dose not work go to a bank or a credit union and ask if they can help you by giving You a loan to pay off the loan and just have one payment to them.

Study now, pay later seems like a good thing. After seeing all the facts, you will know for yourself if a study loan is the product for your requirements. One thing is for sure though –a good education is your guarantee for success.

Providers of study loans in South Africa

higher education is very important for securing your future, and that is why many south africans are keen to study further after completing high school. however, tertiary education can be very expensive, especially for the majority of people who need the education, but simply cannot afford it. this is primarily why study loans in south [ ]

Do you qualify for online loans in South Africa?

There has been an increase in providers of online loans in south africa over the last few years. they have managed to successfully assist thousands of people in need of financial assistance with quick and easy loans. one of the reasons why online loans have been successful is that many people have easy access to [ ]

Career development solutions | Bank student loans

tertiary education is very important for securing your future in today s competitive world. however, it is often very expensive to pursue one s dreams and those not fortunate to qualify for scholarships or bursaries may need to apply for bank student loans. these prove to be most helpful in allowing would-be students to pay for their [ ]

Best Study Loans Options for a Brighter New Year

so you’ve chosen to further your studies in the new year? that’s probably the best decision you can make for your future, but the future seems a long way away – doesn’t it? in fact, you’re probably wondering how you will accumulate the money to pay for your studies. working and studying at the same [ ]

Student Loans for a Brighter Future

although bursaries and other forms of grants are always the preferred form of financial aid, a lot of students don’t have this luxury and have to rely on student loans. to most students a student loan can help them to concentrate on studying rather than worrying about sourcing of funds. this article analyses the advantages [ ]

Secure a Brighter Future with Student Loans

student loans remain a popular option for many young people aspiring entrepreneurs, leaders, academics and so on to secure a brighter future. higher education unlocks the door to endless possibilities, which is why finding finance for a degree or diploma has become an important issue for thousands of parents and prospective students alike. [ ]

Paying Off Your Student Loans Fast

Study loan

you are now a one of the fresh graduates out to conquer the world. before you set your sights in climbing the career ladder, don’t be weighed down by your student loans first. take time to study your options in how you can quickly pay off the loans so you can be on your way [ ]

A Word on Borrowing and Repaying Student Loans

Study loan

you need to bridge that college education funds gap. you find out about student loans and wonder if this is right for you. here are some tips that might help you borrow sensibly. it is still borrowing isn’t it? a student loan is still a loan even if you don’t have to pay the loan [ ]

Dos and Don’t s of Student Loans

Study loan

getting a student loan for the first time can be quite a challenge. it is new and the fate of your future education rests in the hands of a private lender or the government. you need help. a student loan is expensive and you don’t just sign a lot of papers and head straight to [ ]

Student Loans Primer

Study loan

are you thinking of getting a student loan to pay for your college education? learn the facts first on student loans so you will pass and succeed with flying colors. accrued interest-interests on student loans are accrued over time default rate-a student is in default when he or she hasn’t kept up with payments. the [ ]


Student Loans South Africa – Approved Study Loans, study loan.#Study #loan


Student Loans – Approved Loans

A good education is your best bet for a bright future. With the high cost of education nowadays, it is getting harder to get into a decent school and get a rewarding job afterwards. What are your options then?

What is a student loan and is it necessary to get for enrolling in college?

Student loans are funds that are available to help finance your education. If you have enough savings to pay for school, then you do not need one

How does a student loan affect your credit?

Student loans affect your credit score like any other loans. As long as you pay on time, your credit should be fine.

Does a student loan and a bank loan affect your credit the same way?

They are both installment loans on your credit report. It is not advisable to take a bank loan since this is most likely not tax deductible like the student loan.

What happens to your credit score in you default on a student loan?

You can’t actually default in making payments. This doesn’t go away. While you may have stopped making payments, you will have to resume because it does not “age” off the credit reports, can not be discharged in bankruptcy and the interest keeps getting added to the outstanding balance.

Somebody with a huge outstanding student loan balance and no job to pay it off. can be set back decades in achieving their financial and social goals.

How do you fix a student loan that is over what you originally borrowed?

Have you exhausted all forbearance or deferment options? Or have you inquired about income-based payment plans? If you haven’t, this can be your first consideration.

What happens after your student loan application has been approved?

They usually don’t give you the money until right before the semester starts.

How does student loan forgiveness work?

Interest accumulates on any loan any time there’s a remaining balance.

Is it possible to get a student loan from a bank without a co-signer?

If you have a good credit history, it is possible to get a student loan without a co-signer. You should go to your bank and discuss this with your personal banker.

How can i get a student loan if i have bad credit?

For private student loans, you can only be approved on your own merit or you have to have a cosigner. Local banks might give you a loan but with a higher than normal interest rate.

Is there a difference between a regular loan and student loan?

Student loans don’t have to be paid until you finish school.

Loans have to be re-paid immediately with monthly payments.

What is the fastest way to get rid of student loan debt?

In order to attack this debt you first have to write out a budget and pay off your consumer debt on a “snowball method” which is you roll over the payments to the next step and add it to the minimum payment and that will add to the point it will be a big chunk of money to be applied to the student loan. But you have to really be diligent on getting this paid off. Otherwise it will take you forever.

Better to pay off student loan debt or invest in a home?

As long as you both have (relatively) stable employment, buy a home and buy one you can afford while paying on your loans. After awhile your student loans will be paid off and you’ll have equity in your house to upgrade to a bigger one if you want.

Is there a student loan available before actually enrolling in college?

No you can’t. And if you have any excess loan money you won’t get it until well after the semester has already started. at least 2 weeks in. Sometimes even longer depending on if you met the schools deadlines for turning all your paper work in.

How do I take out a private student loan?

Try to avoid private student loans unless you absolutely have to. They have higher interest rates, substandard extra fees, and require cosigners or good credit history.

I have a student loan payment but I want to go back to school. Is it possible to have my payments deferred?

Its possible, but most loan providers only let you defer it for the 4 years your in school, your going to have to contact your loan provider to see what there policy is if you go on to grad school.

How long do you have to pay off a student loan?

Budget your finances. It is essential to create a budget so you can keep track of how much money is coming into your bank account, and how much money you are paying to cover expenses. Identify areas in which you can cut back on spending. Consolidate your student loans. Ask for student loan payment deferrals if you are unable to make your student loan payments on time. Focus on paying off your student loan sooner than later. Check to see what tax benefits you can get from paying your student loan.

How can I lower my monthly student loan payments?

If you have been paying them on time, there should be a way. Call them and ask if it would be possible to combine all the loans to gather with one interest rate. and ask them what they can do to lower your Payments. if that dose not work go to a bank or a credit union and ask if they can help you by giving You a loan to pay off the loan and just have one payment to them.

Study now, pay later seems like a good thing. After seeing all the facts, you will know for yourself if a study loan is the product for your requirements. One thing is for sure though –a good education is your guarantee for success.

Providers of study loans in South Africa

higher education is very important for securing your future, and that is why many south africans are keen to study further after completing high school. however, tertiary education can be very expensive, especially for the majority of people who need the education, but simply cannot afford it. this is primarily why study loans in south [ ]

Do you qualify for online loans in South Africa?

There has been an increase in providers of online loans in south africa over the last few years. they have managed to successfully assist thousands of people in need of financial assistance with quick and easy loans. one of the reasons why online loans have been successful is that many people have easy access to [ ]

Career development solutions | Bank student loans

tertiary education is very important for securing your future in today s competitive world. however, it is often very expensive to pursue one s dreams and those not fortunate to qualify for scholarships or bursaries may need to apply for bank student loans. these prove to be most helpful in allowing would-be students to pay for their [ ]

Best Study Loans Options for a Brighter New Year

so you’ve chosen to further your studies in the new year? that’s probably the best decision you can make for your future, but the future seems a long way away – doesn’t it? in fact, you’re probably wondering how you will accumulate the money to pay for your studies. working and studying at the same [ ]

Student Loans for a Brighter Future

although bursaries and other forms of grants are always the preferred form of financial aid, a lot of students don’t have this luxury and have to rely on student loans. to most students a student loan can help them to concentrate on studying rather than worrying about sourcing of funds. this article analyses the advantages [ ]

Secure a Brighter Future with Student Loans

student loans remain a popular option for many young people aspiring entrepreneurs, leaders, academics and so on to secure a brighter future. higher education unlocks the door to endless possibilities, which is why finding finance for a degree or diploma has become an important issue for thousands of parents and prospective students alike. [ ]

Paying Off Your Student Loans Fast

Study loan

you are now a one of the fresh graduates out to conquer the world. before you set your sights in climbing the career ladder, don’t be weighed down by your student loans first. take time to study your options in how you can quickly pay off the loans so you can be on your way [ ]

A Word on Borrowing and Repaying Student Loans

Study loan

you need to bridge that college education funds gap. you find out about student loans and wonder if this is right for you. here are some tips that might help you borrow sensibly. it is still borrowing isn’t it? a student loan is still a loan even if you don’t have to pay the loan [ ]

Dos and Don’t s of Student Loans

Study loan

getting a student loan for the first time can be quite a challenge. it is new and the fate of your future education rests in the hands of a private lender or the government. you need help. a student loan is expensive and you don’t just sign a lot of papers and head straight to [ ]

Student Loans Primer

Study loan

are you thinking of getting a student loan to pay for your college education? learn the facts first on student loans so you will pass and succeed with flying colors. accrued interest-interests on student loans are accrued over time default rate-a student is in default when he or she hasn’t kept up with payments. the [ ]


Loan Processor Certification and Certificate Program Overviews, study loan.#Study #loan


Loan Processor Certification and Certificate Program Overviews

Community colleges and vocational schools offer loan processing certificate programs, which equip students with the skills needed in dealing with loan applications. Individuals who meet education and experience requirements may opt for certification.

Essential Information

Loan processor certificate programs provide a basic overview of the real estate and banking industries while also supplying practical knowledge of how to process a mortgage loan application. While most loan processors only determine the accuracy and quality of a loan application, loan processor certificate programs often cover the entire loan approval process, including loan underwriting, brokerage, and closing. The educational prerequisites necessary to gain enrollment into a loan processor certificate program vary by the school or organization hosting it, but the primary prerequisite is often a high school diploma or its equivalent.

Find schools that offer these popular programs

  • Banking Related Services
  • Credit Management
  • Financial Mgmt Services
  • Financial Planning Services
  • International Finance
  • Investments and Securities
  • Public Finance Mgmt

Loan Processor Certificate Program

Students in a loan processor certificate program should have a strong attention to detail and an aptitude for mathematics. Examples of courses include:

  • Loan processing ethics
  • Real estate law
  • Real estate fraud
  • Escrow
  • Loan underwriting
  • Brokerage and banking

Popular Career Options

Individuals who earn this certificate are qualified to work in a variety of loan-granting organizations. Loan processors can find work in:

  • Banks
  • Brokerage firms
  • Real estate companies
  • Mortgage lending firms
  • Financial institutions

Employment Outlook and Salary Info

Mortgage loan processors are responsible for reviewing incoming residential loan applications, verifying their accuracy and passing them along to loan underwriters. While the U.S. Bureau of Labor Statistics doesn’t provide information specific to loan processors, the closely related field of loan officers was projected to see an 8% increase in employment opportunities from 2014-2024. The mean annual wage for this field was $75,170 as of May 2015.

Certification and Continuing Education

Loan processors are not strictly required to gain certification, but the National Association of Mortgage Processors (NAMP) does offer certification options to professionals in the field. The organization offers three credentials: the Certified Purple Processor (CPP) for loan processors just starting out in the field, the Certified Master Loan Processor (CMLP) for loan processors with at least five years of professional experience or the Certified Ambassador Loan Processor (CALP) for professionals who have at least 15 years of work experience.

Certificate programs in loan processing provide training in all the tasks involved to successfully handle credit requests and applications. Obtaining a certificate allows students to gain employment in various institutions and eventually apply for the voluntary professional certification offered by the NAMP.


How to Become a Loan Broker, study loan.#Study #loan


How to Become a Loan Broker

Learn how to become a loan broker. Research the job description and the education and licensing requirements and find out how to start a career in real estate finance.

Should I Become a Loan Broker?

Loan brokers and loan officers act as client representatives and advisers for real estate loan transactions. They work closely with banks to originate loans, qualify a client, recommend approvals, and facilitate the entire transaction process. Loan brokers mainly handle residential or commercial real estate loans, representing people or businesses.

Find schools that offer these popular programs

  • Banking Related Services
  • Credit Management
  • Financial Mgmt Services
  • Financial Planning Services
  • International Finance
  • Investments and Securities
  • Public Finance Mgmt

Career Requirements

Sources: U.S. Bureau of Labor Statistics (May 2014), O Net OnLine, Job postings by employers (October 2012)

Step 1: Earn a Bachelor’s Degree

Although not formally required to become a loan broker or loan officer, earning a bachelor’s degree might improve job prospects and salary negotiations. Completing the degree in a relevant field, such as finance, business or economics, can give an individual the financial background necessary to become a successful loan broker and display a candidate’s dedication to prospective future employers. Once an individual has completed a 4-year bachelor’s degree program, he or she can go on to take approved courses designed specifically for licensure.

Success Tips:

  • Develop excellent communication skills. Loan brokers and officers need excellent verbal and writing skills to communicate effectively with clients, coworkers and other business affiliates. A student enrolled in a bachelor’s degree program can opt to take courses in communications, public speaking or writing to improve his or her communication abilities.
  • Gain work experience in the field. If a student plans to work while completing his or her undergraduate degree, getting a job in the financial services industry through internships or paid positions can help build field experience and assist with future career prospects. Working in related businesses might also help a student with networking opportunities.

Step 2: Complete a Loan Broker Training Course

Although states have varying requirements for loan broker licensure, federal law as of 2008 mandated the Mortgage Loan Originator (MLO) license for any residential loan broker or officer that provides client services. To earn the license, an individual needs to complete 20 hours of approved coursework that is usually offered online. Some typical areas of study include federal law, ethics and non-traditional mortgage lending. The course is designed to be completed in a short period of time, usually between three days to a week. Once the training is complete, a student is ready to get licensed.

  • Complete MLO license training during bachelor’s program. A student may opt to complete the MLO license training while still enrolled in a 4-year bachelor’s program to save time. For example, the 20 hours of training might be completed during a student’s summer session to give him or her a head start.

Step 3: Get and Maintain MLO License

After completing the education necessary for licensure, the final step entails successfully passing a national exam. Some states may also require passing an additional state exam. Finally, a licensee must pass criminal background and credit history checks. Failing to meet these background requirements can delay or prevent an individual from getting the license.

The MLO license needs to be renewed every year, and many states require the completion of continuing education to qualify for license renewal. Continuing education typically involves revisiting topics in ethics, such as fair lending, consumer protection and fraud.

Step 4: Consider Voluntary Certification

After becoming formally licensed, a loan broker is eligible for voluntary certification. Certifications are offered through various non-profit organizations, including the American Bankers Association and the Mortgage Bankers Association. In general, eligibility requirements include completing an approved training program and may also require proof of at least two years of industry work experience and a professional reference letter. The final step for most certifications is to successfully pass an exam. Maintaining or renewing certifications can entail completing approved continuing education.


International Student Loans, Study abroad loans #embrace #home #loans


#study loan
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International Students

Sallie Mae ® Smart Option Student Loan ® 1

If you are an international student, you and your cosigner can apply online by clicking above. Or, learn more about the Smart Option Student Loan.

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Encouraging Responsible Borrowing

1 You must attend a participating school or have attended one in an eligible prior enrollment period. You must be a U.S. citizen or a permanent resident or a Non-U.S. citizen borrower who is attending or has attended a school located in the U.S. applying with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and required U.S. Citizenship and Immigration Service (USCIS) documentation. U.S. citizens and permanent residents enrolled in eligible study abroad programs or who are attending or have attended schools located outside the U.S. are also eligible. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Smart Option Student Loans, Bar Study Loans, Residency and Relocation Loans, and Career Training Smart Option Student Loans are made by Sallie Mae Bank or a lender partner.

WE RESERVE THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

Sallie Mae, Smart Option Student Loan, Bar Study Loan, Residency and Relocation Loan, Career Training Smart Option Student Loan and the Sallie Mae logo are service marks or registered service marks of Sallie Mae Bank or its subsidiaries.


Study Shows Blacks, Hispanics Charged Higher Auto Loan Rates #refinance #rates


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Study Shows Blacks, Hispanics Charged Higher Auto Loan Rates

By Michelle Singletary

It’s probably fair to say that most car buyers know they don’t have to pay the manufacturer’s suggested retail price on a new car. We know the deal: The vehicle price is negotiable at dealerships where haggling is still the industry norm.

But for many borrowers, that same knowledge needs to carry over to the interest rate they pay to finance a vehicle. This is particularly true for African-Americans.

An analysis of the most recent Federal Reserve Board’s Survey of Consumer Finances data, completed on behalf of the Consumer Federation of America (CFA), found that in 2004, African-American car buyers paid much higher loan rates on new and used autos than white Americans.

On 2004 loans for new car purchases, blacks paid a median interest rate of seven percent, compared with five percent for white borrowers and 5.5 percent for Hispanic borrowers. On used car loans, African-Americans and Hispanics both received considerably higher interest rates. The median rates for African-Americans and Hispanics were 9.5 and nine percent respectively, compared with 7.5 percent for whites.

Additionally, CFA found that more African-Americans paid auto loan rates of at least 15 percent. For new car loans, six percent of African-American borrowers paid 15 percent or more, compared with just 1.7 percent for whites and 1.8 percent for Hispanics. On used car loans, 27 percent of black borrowers and 18.5 percent of Hispanic borrowers paid 15 percent or more, compared with only 9.2 percent of white borrowers, the analysis found.

For CFA, the findings suggest possible discrimination. It is likely that most of the difference in rates reflects disparate treatment, said Stephen Brobeck, CFA’s executive director.

An industry representative challenged CFA’s conclusion. The data do not contain the necessary information regarding a host of variables that have direct and substantial impact on the rates, including, most notably, the borrower’s creditworthiness, and prevailing rates at the time the credit was issued, said David Hyatt, vice president of public affairs for the National Automobile Dealers Association.

And yet expert research in 11 class-action lawsuits against major auto finance companies and banks found that blacks and Hispanics were consistently charged higher interest rates on their loans even when there was little difference in such factors as amount financed, term of loan and, most important, creditworthiness, said Stuart Rossman, director of litigation for the Boston-based National Consumer Law Center (NCLC), which was a co-counsel in all the lawsuits.

The NCLC charged that the finance companies and banks put in place policies that allowed car dealers to mark up the interest rates on auto loans to minorities based on subjective criteria unrelated to their credit risk. All the cases have been settled the most recent in March without the lenders acknowledging any wrongdoing.

When a consumer asks the dealer to arrange financing, the loan is not made by the dealer. Instead, the dealer is acting only as a middleman, sending the consumer’s credit application to a lender, which may include a bank or finance company owned by the automobile manufacturer. Taking into account that person’s credit history and other information, a lender approves the finance application for a certain annual percentage rate known as the buy rate.

Generally, the consumer does not know their buy rate and doesn’t know the interest rate may have been marked up, Rossman said.

Let’s look at this in real dollars. Suppose the car you want to buy costs $28,000. Currently the national average interest rate on a 48-month new car loan is 6.9 percent, according to bankrate.com. At that rate over the life of the auto loan, you would pay about $4,100 in interest. If the rate is kicked up to 15 percent, the total interest would be $9,400.

Dealers defend markups as legitimate compensation for helping to arrange loans. But there is a difference between a fair profit and gouging. Certain borrowers should be charged a higher interest rate if their credit history and other factors indicate they’re a risk. But arbitrarily increasing a loan’s interest rate based on someone’s skin color, national origin and yes, even naivete, is despicable.

The CFA data are a picture of what was happening before the recent lawsuit settlements. Let’s see how things change once the terms of those settlements go into full effect. For example, consumers will have to be told in writing that their financing is negotiable. The settlements also impose markup caps that range from 1.5 to 2.5 percentage points depending on the length of the loan, Rossman said.

We hope that the many lawsuit settlements will reduce the disparity significantly, Brobeck said.

So how do you get the best financing deal?

All consumers, not just African-Americans, need to protect themselves by getting an auto loan rate quote from their own bank or credit union before they go shopping for a car, Brobeck said.

Notice he said before you set a foot onto the car lot or go online to shop for a car. If you don’t follow that advice, you’re likely to pay more for your auto loan than your risk profile suggests.