What You Should Know About FFEL Student Loan Forgiveness?
FFEL student loan forgiveness is provided by private banks and state lenders and is guaranteed by guarantee organizations and the federal government. If a borrower failed to repay these loans, the bank would get an interest subsidy and the debt would be transferred to a guarantor agency or the Department of Education.
There were two types of FFEL loans available to student loan borrowers throughout the program’s existence:
Stafford loans with federal assistance: The government pays interest while students are in school, as well as during grace and deferral periods.
Non-subsidized Stafford loans include: The government pays no interest on these loans.
There are also loans are available to the following individuals:
- Graduate or professional students who are engaged at least half-time in a program leading to a graduate or professional degree or certificate
- Eligible are parents of a needy undergraduate student who is attending at least half-time at a recognized school.
Options for FFELP Loan Forgiveness
The good news is that there are several paths to FFELP loan forgiveness. If you have a lot of FFEL student loan debt, you should look at three possibilities. The Federal Family Education Loan Forgiveness Program is an outstanding way to settle your federal student obligations. If you consolidate your FFELP obligations into a Direct Consolidation Loan and make 120 qualifying monthly payments, your debts will be forgiven. FFELP debt forgiveness is a terrific motivation to keep up with your payments since you will be able to pay off your FFELP loans if you keep up with your monthly payments.
Furthermore, the FFELP debt forgiveness program is a substantial program that can help students in financial need. Everything else you need to know about FFELP loans, including repayment options and the best ways to receive FFELP loan forgiveness, is right here.
Forgiveness of Public Service Loans
If FFEL loans are consolidated into Direct Loans, they may be eligible for Public Service Loan Forgiveness. Borrowers who petition for Public Service Loan Forgiveness may have any remaining student loan balance forgiven after making 120 eligible payments (not necessarily consecutively) while working full-time for a qualifying firm.
Please bear in mind that any payments made while the loans were still in the FFEL program will not normally count toward the 120 necessary installments. Borrowers who consolidate their Direct Loans would often have to start over.
When Should You Refinance Your FFELs?
Looking to lower your student loan payments and pay off your debt faster? If possible, refinance your FFEL debts. When refinancing student loans, your payback time and interest rate will be decided by your credit history and current earnings. However, if you have fair to excellent credit, you may be able to qualify for a lower interest rate, potentially saving you hundreds of dollars.
If you refinance your student loans, your federal FFEL loans will be converted to private student loans. As a result, many of the federal government’s built-in protections will be removed. Among these precautions are:
- Your loan has been postponed.
- Loan Forbearance
- IDR Programs Are Available
Borrowers with poor credit will almost definitely need a good-credit cosigner to qualify for student loan refinancing. Keep in mind, however, that if you default on your student loans, your cosigners will be financially accountable. Make sure you can make your payments on time to avoid giving them financial stress.
What are The Benefits of The FFELP Loan Forgiveness Program?
Engaging in the FFELP loan forgiveness program has various advantages. If you are eligible for FFELP loan forgiveness, any outstanding debt on your loans will be canceled, providing you a fresh start. You won’t have to worry about your debts anymore, and the time you would have invested making payments may be spent on something more valuable. If you are experiencing financial hardship, you may request for FFELP debt forgiveness. Many borrowers seek help because their monthly earnings are too high to qualify for FFELP Loans under conventional repayment terms.
The fact that this aid is only available to debtors who are already in default is a significant constraint.
Borrowers with active FFEL loans, as well as those with private student loans, are still subject to interest charges. The move was made to protect debtors whose tax refunds would otherwise have been seized due to late obligations this year.
FFELP loans held by the Department of Education vs. FFELP loans controlled by private entities
Conclusion on FFELP Loan forgiveness
FFELP Loans are government student loans accessible earlier to 2010. All new FFELP Loans since then have had different advantages and criteria than the initial loans. Private lenders continue to make FFELP Loans available to borrowers, but they must be paired with a Direct Consolidation Loan to qualify for FFELP loan forgiveness.
The Safety Precautions an Employer Must Take to Avoid Accidents in a Construction Site
Depending on their profession or sector, all employers are bound to ensure the well-being and security of their employees. And regrettably, the sector with the most casualties every year is frequently the construction sector. Construction sites are pretty dangerous for any individual or even a worker to just walk in like that. Hundreds of employees suffer injuries on construction sites each year. It becomes crucial to take precautionary measures to prevent anyone from getting hurt suddenly.
In order to prevail safety and prevent any injury due to a construction accident, an employer must follow a few safety precautions like environmental factors, use of PPE, and so on while working. And these measures must be implemented from the beginning of a project until the mission is accomplished and the site is no longer a danger zone.
The Essential Safety Precautions an Employer Must Consider During On-Site Construction
Construction projects are well known as some of the riskiest places to work. Workforces’ well-being and security should come first at worksites, where protection is one of the contractors’ primary responsibilities. Check out the points below to learn about the safety measures employers must follow in every construction activity to prevent any mishaps from taking place.
Access restrictions should not just be implemented to safeguard equipment against damage or burglary. Safety is vital both during and after working time to protect pedestrians from possible construction pitfalls. This measure includes keeping an eye on things or granting access to visitors. In case of a security violation or unauthorized access, stringent privacy and safety methods will help shield employers from obligation and breach of duty.
First Aid Kits
It is of utmost importance for every construction site to have a ready supply of first aid kits accessible immediately in time of need. The personnel responsible for providing first aid should ideally be on duty throughout business hours. To guarantee that help is always available when needed, the number of kits and officials should match the building site’s size and the project’s scope.
Personal Protective Equipment
Also known as PPE, these consist of various safety devices that a worker must wear while working on a construction site, namely safety boots, gloves, helmets for head protection, etc. There can be the occurrence of unforeseen incidents at the construction site, like any harmful gas leakage, a major machinery breakdown, or a fire outbreak. So, in order to maintain everyone’s safety on the site, an employer has to provide such equipment to the workers or laborers.
On a worksite, each sign needs to be easily seen. Contract management officials should post alerts, safety, and warning signs wherever required to increase awareness and draw attention to crucial hazards for staff and passersby. For everybody’s security and well-being, this safety advice is essential. It is necessary to have distinct exit and entry points, and their proper use must be put in place to ensure a secure working atmosphere.
Severe weather patterns can pose significant safety risks. If you encounter any natural calamities, extreme weather, or other emergencies, your on-site emergency strategy should explicitly outline how employees should cease to operate.
Construction crews face more prevalent and severe threats than other sector employees during the task at hand. Construction sites are full of hazardous equipment, situations, dangers, and substances that, if not watched over carefully, can result in serious to fatal injuries. Workplaces can successfully reduce the risk of injury or worse by using secure equipment, chemical products, toolkits, and other precautions.
Facilities you can enjoy under Bank Savings Accounts
Savings Accounts are provided by public and private sector banks today. You can use them to park and grow your savings gradually. You should open one the moment you start earning if you already do not have one. While some organisations offer you an account to deposit the salary called Salary Account, you should also consider Savings Accounts through which you can avail a host of facilities.
Here are some of the most generic facilities banks offer under a Savings Account:
Conduct daily transactions
The most basic feature is that the account enables you to conduct different daily transactions. There is no upper cap on the amount you can deposit in this account. You can deposit funds through cash, cheques, or online transactions. However, banks have a daily withdrawal limit on such accounts. Typically, the withdrawal limits are higher when you withdraw money from your bank branch than from ATMs.
Comes with ATM or Debit Cards
Every Indian bank offers a Debit or ATM Card when you open Savings Account. This card features your name, along with a 16-digit number, the expiry or validity date on the front and a CVV number with a signature strip on the back. You can use it to withdraw money from any ATM vestibule. However, you also need to check the number of ATM transactions you can make from home or other banks.
Besides withdrawing cash at ATMs, you can use the card for shopping at retail stores and online websites. You can also use them to pay utility bills online.
Avail of Online Banking facilities
The best part about opening accounts online is you can access other Online Banking mediums. You can check them over the bank website or the Banking app and do transactions. The bank offers a default login and Online Banking password that you should change before you start transacting. You can use the account to transfer funds to other accounts through IMPS, NEFT and RTGS.
You can also pay utility bills, house rent, Loan EMIs, and other monthly expenses, directly through such accounts.
Earn better interest rates
All banks offer decent Savings Account interest rates. These are generally considered as a bonus for your loyalty towards the bank. While most banks offer a flat interest rate on the savings parked, a few offer higher interest rates to those who have maintained a higher balance or opened an account online. The amount maintained should be Rs. 1 lakh always.
The interest rates offered are between 4% to 7% depending on the bank and the savings parked. Also, the interest pay-out happens on a half-yearly or annual basis.
While opening the Savings Account with a bank, also ask about different accounts you can open. Nowadays, banks offer Savings Accounts catering to different genders and age groups.
3 Common Mistakes To Avoid While Selling Your Business Online
Having set up your enterprise by putting in the time, sweat, and capital it requires, you may now be considering selling it. The eCommerce boom of recent years, and the positive outlook for the future, have created a suitable environment for you to sell your business online for handsome rewards.
Selling your business online requires patience and careful consideration of various factors. Skipping the sequence of steps, impatience or anxiety-driven decisions, and oversight can be hazardous and reduce your potential proceeds from the sale. If you’re contemplating “how to sell my business online seamlessly and for maximum profits” then here are the common pitfalls you need to avoid.
Not knowing the true value of your online business
Undervaluing your online business for sale is one of the most common concerns that go through an entrepreneur’s mind. This has a direct correlation with the returns you will earn from the sale and selling it for lesser than its true value is bound to lead to a seller’s remorse later on. An equally perilous situation is overvaluing your business.
This happens more often than you may realize. As the creator of your own enterprise, it is easy to be swayed by emotions and ignores hard facts and figures while sell my business online. Overvaluation can lead to a lowered interest from potential buyers and even deter many from approaching you for further discussions. Moreover, combined with rigidity on price, it can also lead to long stalemates during the negotiation phase.
How to avoid this mistake – Sellers are recommended to get a formal business valuation done by professionals to establish the fair market value of your enterprise based on their industry experience. If doing it yourself, derive the worth of your business by carefully studying your past and present financial statements, understanding your operational performance, and evaluating your future growth prospects.
Not developing an exit plan
Before you sell my business online, you must already have an exit strategy in place. This exit plan is not created arbitrarily but is an offshoot of various factors such as your personal/professional objectives post the sale, your future aspirations (whether you wish to return to the segment or not), and the people relying on you (like employees, suppliers, etc.).
A carefully considered exit plan ensures there are no loose ends, and when you finally transfer the ownership all legal, contractual, financial, regulatory, and human obligations are catered to. But a plan is only fruitful if it is adhered to diligently. There may come several situations during the course of selling your business online, when you may be tempted to forego the plan and play it by ear. Resist that urge, and stick to the plan that has been holistically designed after putting in a lot of thought.
How to avoid this mistake – Make a draft of all the key affected aspects during the transfer of ownership. Notable ones include technical infrastructure, intellectual property rights, employee retention or rebadging, the continuation of supplier contracts, lease agreements, etc. Your exit plan should have a clear path for each of the identified factors and a mitigation plan for the associated risks.
Overconfidence and ‘going it alone’
If you have decided to sell my business online, then you must know the large amount of paperwork that you will need to deal with. Whether you’re selling for the first time or seasoned in the process, the undertaking will consume a massive portion of your time and effort. There are also several hurdles that you may encounter along the way, all of which will take your mind away from your core business. It is important to recognize this from the beginning and plan for it.
Right from preparing your business for sale to the conclusion of the negotiations phase, you will encounter various facets that require business, financial, legal, and contractual acumen. While you may be accomplished at wearing multiple hats, taking over all the specialist roles can be a recipe for disaster. Not only can it overwhelm you, but it can also lead to short selling or stagnating the sale, neither of which is a desirable outcome.
How to avoid this mistake – Employing the services of a broker or a team of domain experts can significantly reduce the load on your shoulders while ensuring you receive the fair-market price for your business and are paid on time. Yes, there may be a fee or brokerage involved in availing these services, but the overall benefit is likely to outweigh the cost. Do your own cost-benefit analysis before deciding.
You can also opt to sell my business online to an acquiring firm that will conduct a thorough evaluation of your business, establish its market value, and take it over in a seamless manner. Not only do you get the price you deserve, you also save on a lot of overheads associated with selling my business online and avoid the stress involved in the process.
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