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Bernanke testifies before congress on student loan difficulty

Watch this video to see what Bernanke said:
Go here to watch the video
A quick synopsis - Bernanke doesn’t expect Federal loans to tank much more, but does expect some disruption in the private loan market.

A quick note - he has some of his facts wrong!! The margin that was shrunken is actually in Federal loans, not private loans.

Cuomo now looking into college/credit card agreements

NY Attorney General is now looking into other aspects of college deals, especially those with credit card providers. Here’s an excerpt from the Chronicle of Higher Education’s article:

Cuomo’s Latest Targets Include Universities’ Deals With Credit-Card Providers
By PAUL BASKEN

During the past few months, New York State’s attorney general, Andrew M. Cuomo, has been drawing headlines for investigations involving insurance companies, home-appraisal services, and Internet-service providers.

But he hasn’t forgotten about colleges.

The attorney general, whose name last year became synonymous with the increased pressure on colleges to eliminate conflicts of interest in their student-lending practices, sent out a series of subpoenas this month asking institutions for details on their college-branded credit cards. Dartmouth College received a subpoena dated February 14, said Ellen L. Arnold, an associate general counsel at Dartmouth. “There are a number of other institutions who received the same subpoena on the same time frame,” Ms. Arnold said.

Agreements with credit-card providers, however, appear to be only a portion of what Mr. Cuomo is now exploring. A deputy counsel to the attorney general, Benjamin M. Lawsky, this week outlined widereaching plans to broaden the office’s investigations into conflicts of interest in the arrangements between colleges and companies that do business with the institutions or their students and alumni. The new investigative work will involve banking, health-insurance, textbook, food-service, and creditcard companies that have business relationships with hundreds of American colleges, Mr. Lawsky told a gathering of educators and guidance counselors from school districts on New York’s Long Island on Wednesday, Newsday reported.
…
The attorney general’s investigations so far have shown that “college campuses were becoming a place where big business was realizing it could basically pay its way to get to a captive audience,” Mr. Lawsky later told the newspaper. “They’re paying schools millions of dollars a year to make sure the students are indebted to them.”
…
One of the practices taking place at colleges that have attracted Mr. Cuomo’s attention involves a type of credit cards, known as affinity cards, that bear the logos of colleges, charities, or other organizations. One industry study estimated that by the end of 2006, consumers carried more than 320-million cobranded and affinity credit cards and used them for $849-billion worth of transactions.

Such credit-card partnerships are common with either colleges or their alumni associations. Mr. Cuomo and other critics have questioned whether such arrangements will encourage students to take on more debt than necessary, or encourage colleges to recommend lenders on the basis of financial relationships that aren’t in their students’ best interests.

Penn State becomes a Direct Loan school

Penn State is leaving the FFELP program. PHEAA’s inability to issue new loans is part of it.

Here’s what Penn State had to say in their press release:

In an effort to provide its students with a stable and predictable source of funding for their federal student loans, Penn State intends to become a direct student loan participant, with money coming from the U.S. Department of Education. The initiative will give the 44,000-plus Penn State students who currently have federal loans a secure source of funding along with a streamlined process for
obtaining loans.

Recent reports of instability in the national credit markets — initially caused by problems with subprime mortgages — have been compounded by new concerns over capital and bond markets. The turmoil has placed a burden on federal student loan lenders and raised concerns about the accessibility of federal student loan funding.

A little more than a week ago, the Pennsylvania Higher Education Assistance Agency (PHEAA) announced that it will no longer serve as a lender for federal Stafford Loans, a move that directly affects 40,800 Penn State students who use PHEAA as their lender. Some lenders of private student loans also are cutting back on loan services, although Penn State will continue to assist students with suggestions for private loan providers from which to choose.

Congress Prepares for Student-Loan Crisis…While Declaring It Unlikely

How’s that for irony? The Chronicle of Higher Education is reporting on Congress’ latest foibles. The irony is that Congress contributed to the student-loan-crisis last fall by slashing the amount of money companies make on student loans - essentially stripping away most of the profit.

Three more banks have dropped out of the FFELP student loan program, according to the Wall Street Journal. Several companies have outright closed and many have had rounds of layoffs.

To quote the Chronicle of Higher Education:

Several months into a credit crunch that has led at least 20 lenders to leave the guaranteed-loan program or suspend their lending operations, lawmakers have begun to respond with a sense of urgency-even as they seek to reassure students and parents that a crisis is unlikely and that federal student loans will still be available this fall. In the end, though, there may be little that Congress can do to shore up the federal student-loan system, beyond pressuring other government entities, like the Education and Treasury Departments, to take action.
…
But it was not until Pheaa, the largest of the state-based nonprofit loan agencies, announced that it was temporarily withdrawing from the federal student-loan market that Congress’s Democratic leaders really took notice.

Until then, only for-profit lenders had withdrawn completely from the federal program (although statebased lenders in Indiana, Missouri, and Iowa had announced in the previous weeks that they would stop making consolidation loans), and “most people were assuming that organizations as large and as strong as Pheaa could always find money to provide loans,” said Harris N. Miller, president of the Career College Association, which represents for-profit institutions.

After Pheaa’s announcement, “a lot of skeptics of the lenders’ arguments about student-lending liquidity problems … began to realize they were wrong,” he said.

Like many lenders that have exited the federally guaranteed loan program, Pheaa had relied on the asset backed securities market to finance its loans. That market has dried up in recent months, leaving some lenders without enough money to continue making student loans.

More info about Student Credit

Seniors are getting close to graduating, and pretty soon they’ll have a lot of financial responsibility thrust on them - apartments, cars… soon even houses maybe. But do they truly understand what credit actually his?

Courtesy of StudentPlatinum.com, here are some basic questions answered:

What is Student Credit Score?

Fundamentally, your credit score is a record of how timely you are in paying back money you have borrowed. Your credit is stored as a report and a score at a credit bureau. If you get a student credit card and use it wisely, your credit score will improve.

Student Credit Cards and your Credit Score?

Credit scores are used by any organization that deals with the lending of money, from student credit cards to colleges to realties. Companies that judge risk use your credit score, such as insurance agencies. Here is a short list of company types that are known to check your credit:

• Banks & credit unions
• Employers
• Cable & telephone service companies
• Cellular and Internet service companies
• Mortgage, loan, and student credit card companies
• Colleges and private schools
• Private college loans

Student credit scores and reports even impact your employment - if your current or future job exposes you to the financial workings of the company, your employer may use your credit as a means of judging risk. Employees or candidates with poor credit may be judged to be high risks for embezzlement, and may be denied employment.

FICO credit score is now being used for insurance purposes! What does this mean for you? If your credit is less than good, your insurance costs are going to go up.

Using a Student Credit Card - How is credit judged?

Credit scores are numerical indexes based on an algorithm developed by Fair Isaac Company, called a FICO score. Scores are negatively impacted by events such as late payment, incomplete or partial payments, defaults, and judgements or liens, and range from 300 to 850. The actual algorithm is a trade secret of Fair Isaac, but the following breakdown approximates the weighted values that compose your score.

35% Payment history
30% Outstanding debt
15% Length of your credit history
10% Recent inquiries on your credit report
10% Types of credit in use

The “average” credit score for “excellent” credit is 720 or better for most major lenders, such as mortgage lenders. Scores lower than 675 demand scrutiny, while scores lower than 500 will often be denied outright.

In addition to a credit score, up to four FICO “reason codes” may be included in your credit report. These reason codes explain why your credit request was approved or declined.

How do companies judge my credit?

Many companies have begun to institute automated loan decisioning, in which your credit score is requested from one or more credit bureaus and then matched against an arbitrary index. For example, a mortgage company may decide not to lend to any individual with a credit score less than 600. Other companies go one step further and assign levels of risk to lower scores; a borrower with a near-perfect score may receive a much lower interest rate on a loan or purchase than a borrower with a poor score. Still others may automatically decline an application if a certain FICO reason code is included in the report.

Below is a generalized average rating of FICO scores. Most lenders look for acceptable or better scores; each lender makes a decision about what level of risk they are willing to accept.

• 720-850: Outstanding credit (”AA”)
• 700-719: Very Good credit (”A”)
• 675-699: Good credit (”B”)
• 620-674: Acceptable credit (”C”)
• 560-619: Poor credit (”D”)
• 500-560: Very poor credit (”E”)
• Below 500: No credit, credit-based applications denied outright (”F”)

These scores plus the FICO reason codes form the basis for loan decisioning. Keep in mind that interest rates will also vary on loans based on your credit. Someone with outstanding credit may receive a loan at interest rates up to 3% lower than someone with very poor credit.

Loanster closes completely now.

Brazos, a major player in the student loan industry in the southern US, based in Texas, announced that it will stop student lending.

The wave of student lenders backing out of giving federally backed student loans is growing.

Monday, 33-year old Waco, Texas-based Brazos Higher Education Service Corp Inc. became the latest to suspend making new loans to students for the 2008 academic year. Brazos joins a list of at least 26 other lenders that have stopped providing loans through the FFEL, or Federal Family Education Loan program, due to developments in the credit markets, according to a list compiled by the student financial aid publication Finaid.org.

"We cannot finance anything in this market," says Ellis Tredway, executive vice president of governmental and ...

Source from here

Issues in 2008 Fair Debt Collection Practices Report to Congress

This is slightly off topic, but many of you have complained of abusive practices from debt collectors. Well, the FTC just issued it’s annual report analyzing complaints made about 3rd party debt collectors. You might find it an interesting read, so I thought I’d share the link:

http://www.ftc.gov/opa/2008/03/fdcpa.shtm

If you’re being harassed, let the FTC know. Register an official complaint. They can’t help you unless they know who needs helping.

Here’s an excerpt -

“The FDCPA prohibits deceptive, unfair, and abusive practices by third-party collectors. For the most part, creditors are exempt when they are collecting their own debts. The FDCPA permits reasonable collection efforts that promote repayment of legitimate debts, and the Commission’s goal is to ensure compliance with the Act without unreasonably impeding the collection process. The FTC recognizes that the timely payment of debts is important to creditors and that the debt collection industry offers useful assistance toward that end. The Commission also appreciates the need to protect consumers from those debt collectors who engage in abusive and unfair collection practices.”

Reduce Interest on Student Loans with Debt Loans

There is no doubt that while a college education is beneficial in that it offers a distinct advantage in the competitive job market, when it comes to paying the bills many people, both students and their parents, simply cannot see how they will be able to afford it. The tuition alone is unattainable for many, and add to this the cost of textbooks and dorm fees and the prospects are bleak indeed. As the price tag of higher education continues to climb, so does the demand from potential students for student loans. Once it is time to pay off the loan, many students find themselves unable to make the required monthly payments. The result is a vicious cycle of owing but not being quite able to pay. In order to bring down the cost of that student loan, many people opt to apply for debt loans.
There are many types of financial agencies that specialize in consumer debt consolidation, and student loans fall directly under this category. Therefore, credit consolidation is a viable alternative for those looking to further decrease the interest rates that come with student loans.

There are two types of student loans. The first is a federal loan, which have government financial backing. This means that these loans can be refinanced at low interest rates. The other type of student loan is private; they are usually unsecured and charge much higher interest rates than the federal ones. If a student has accumulated both kind of loans, it is important NOT to consolidate them into one lump sum. Instead, consolidate the federal ones and pay off the private ones first.

In order to consolidate a student loan, applicants must meet several criteria. Generally, the applicant will have to have been out of school for a certain period of time. They must also apply while still under the grace period of the original loan, which is generally within half a year of finishing school (either by quitting or by graduating). Alternatively, former students may already be making payments on their loans.

Remember that even though student loans are generally more lenient when it comes to payback than other types of loan, they will still have a direct effect on your credit score in the event that payments can not be made.If your loan debt goes over a certain percentage rate of your total income, you will receive a negative mark on any future credit assessments, which can lead to difficulty when the time comes to buy a house or apply for other loans.

Some consolidation companies will offer people with student loans additional reduction programs. These programs can be very beneficial in that they set up on-time payments, offer automated direct debit payments, have savings in place when you make payments during your grace period, and also reduce the overall interest rate.

When looking for a suitable company, keep in mind that not all consolidation companies are out to help you. Some are nothing more than elaborate scams, and it is important that you carefully consider a company and find out its background before applying for their services.

Finance for Education - Low Cost Funding Of College Education

Collage education is costlier and if the funds are not available easily, it may be a huge impediment in the way of seeking education further. Direct student loans come to the rescue of the needy students who have finished school and entering collage education which demands host of expenditures.
Direct student loans are low interest rate loans that are provided to the students. Direct student loans are offered by the US Department of Education. The biggest attraction of direct student loan is that it does not involve a private lender like a bank and the student is directly borrowing from the federal government.

For covering all types of students, direct student loans are available in subsidized and unsubsidized options. The federal government subsidizes the interest rate and students are not charged the rate of interest as long as they are taking collage education. On the other hand a subsidized direct student loan is offered to the students on the basis that the interest rate will be charged from the time of the loan approved till it is paid back completely. The loan amount for subsidized direct student loans ranges from £2625 to £8500 and increases each year. On unsubsidized direct student loans the loan amount ranges from £4000 to £10000 and increases each year.

As far as repayment plan of direct student loans is concerned, the students are given sufficient duration. Direct student loans can be return back in 10 to 25 years. If the student is unable to pay off the loan amount in time and wants to defer the payment, then there are number of provision under direct student loans for doing so. On some condition he can surely extend the repayment duration as suits him or her. However the student may have to pay some penalties for not paying the loan back in time.

You are automatically a direct student loan candidate as you fill a free form for Federal Student Aid. All a student has to do then is give his acceptance for taking the loan and t he loan amount is deposited in the account of the student.

More Info about Bad Credit Private Student Loans

Is your bad credit record creating hindrance in your way of pursuing higher education? The expenditure of education is soaring higher every year. And students are left with no other option than applying for student loans.

For people with a good credit record, it is not a very difficult thing to find excellent rates of private student loans. But, what about those people, who are suffering from a bad credit history? Bad credit private student loans are basically designed for those students, who are not fortunate enough to find a scholarship or any other source of funds. Let us get to know all about bad credit private student loans.

Bad credit private student loans are the most flexible, when it comes to repayment of the loan amount. The rate of interest is usually higher, as compared to any other loan. And for bad credit private student loans, your credit record holds utmost importance. But, these days you can find bad credit private student loans, in spite of bad credit record. All you need to do is search properly to find the best rates.

One thing that needs consideration is loan amount of the bad credit private student loans. Always borrow up to a limit, which you require and can repay easily. First of all, calculate the loan amount; you may need for your educational purpose. It may include text books expenses, hostel charges, tuition fees etc.

The repayment term for bad credit private student loans is usually up to 20 years. If you are planning to extend the term of repayment, it might affect rates of interest. So, think twice before planning any such thing. To deal with bad credit record, you should consolidate your debts before applying for bad credit private student loans. For mending your credit record, you need to have discipline and control over your finances.

You can make a list of expenditures and try to find more than one source of income. Take due care of expenses by keeping it, as low as, possible. Bad credit private student loans will help you to mend your credit record. Search through various online sources for bad credit private student loans. Compare the various quotes and crack the best deal.

About the author:
Rusty Ryan is an author who can certainly identify your kind of loan. He is proficient in the credit market because of a degree in finance from the esteemed University of Oxford.
Loans-for-students always ensure that our customers know exactly what they are getting into. To find Bad credit private student loans, Student loans, Student loan consolidation, Private student loans, College student loans in UK visit http://www.studenteducationloan.cn