software company packages – Sentry Parental Controls http://sentryparentalcontrols.com/ Tue, 30 Aug 2022 18:23:23 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://sentryparentalcontrols.com/wp-content/uploads/2021/06/favicon-9-150x150.png software company packages – Sentry Parental Controls http://sentryparentalcontrols.com/ 32 32 How to prepare now to apply for student loan forgiveness https://sentryparentalcontrols.com/how-to-prepare-now-to-apply-for-student-loan-forgiveness/ Tue, 30 Aug 2022 18:23:23 +0000 https://sentryparentalcontrols.com/how-to-prepare-now-to-apply-for-student-loan-forgiveness/ HOUSTON, TEXAS – AUG 29: Students study at Rice University Library on August 29, 2022 in Houston, Texas. Brandon Bell | Getty Images News | Getty Images The US Department of Education could have its application for student loan forgiveness pending as early as the next few weeks. Borrowers could start to see their balances […]]]>

HOUSTON, TEXAS – AUG 29: Students study at Rice University Library on August 29, 2022 in Houston, Texas.

Brandon Bell | Getty Images News | Getty Images

The US Department of Education could have its application for student loan forgiveness pending as early as the next few weeks.

Borrowers could start to see their balances reduced or eliminated by the end of the year, according to a ministry spokesperson.

Here’s how to prepare to be ready for the jubilee.

1. Make sure you qualify based on your income

President Joe Biden announced last week that most federal student loan borrowers will be eligible for some remission: up to $10,000 if you haven’t received a Pell grant, which is a type of assistance available to low-income undergraduate students, and up to $20,000 if you did.

Relief will be limited to borrowers earning less than $125,000 a year, or married couples or heads of households earning less than $250,000.

Learn more about personal finance:
13 States Can Mandate Student Loan Forgiveness
Fewer Americans are living paycheck to paycheck as inflation begins to subside
How to know if you qualify for student loan forgiveness

Review your recent tax returns to confirm that your income has fallen below these thresholds. The Department of Education will take into account the so-called Adjusted Gross Income, or AGI, which may be different from your gross salary.

To confirm your AGI for 2020 and 2021, locate line 11 on the first page of your tax return, known as Form 1040.

2. Make sure your loans are eligible

The vast majority — about 37 million borrowers — will be eligible for the forgiveness based on their type of loan, because their debt falls under what’s called the federal William D. Ford Direct Lending Program. This group includes direct Stafford loans and all subsidized and unsubsidized direct federal student loans. Under the Direct program, Parent Plus and Grad Loans are also eligible for relief.

If you are one of the 5 million borrowers with a Federal Family Education Loan (FFEL), your debt is actually held with a private company, not the government. To ensure that you are included in forgiveness as soon as possible, you may wish to consolidate your loan into the Direct Lending Program.

3. Gather records

It’s not quite clear yet what applying for student loan forgiveness will look like, but it’s a good idea to have all the relevant documents on hand proving you qualify, experts say.

About 8 million borrowers who have been enrolled in income-based repayment plans may not have to certify their income because the government already has their data.

For everyone else, it may be helpful to keep the tax returns you dug up for Step #1 and print your loan records from Step #2.

When you log into StudentAid.com, the scholarships tab allows you to find out if you received a Pell scholarship during your undergraduate years and if you are eligible for $20,000 aid. If you received a Pell grant, take a screenshot or print the document confirming this fact.

Also print a screenshot of your current student loan balance so you can later verify that your debt has decreased by the correct amount.

4. Stay up to date with the process

Borrowers can register now on the Department of Education website for updates on the student loan cancellation process, including when the application will be ready.

A spokesperson for the US Department of Education said it could take about eight weeks after getting all the necessary information from a borrower until their debt is cleared.

The deadline to submit a pardon application will be December 31, 2023.

– CNBC’s Kate Dore contributed reporting.

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SFAI closes with a legacy of student debt https://sentryparentalcontrols.com/sfai-closes-with-a-legacy-of-student-debt/ Fri, 26 Aug 2022 19:18:45 +0000 https://sentryparentalcontrols.com/sfai-closes-with-a-legacy-of-student-debt/ When you’re an adult and think back to the places you spent time as a kid, chances are they feel noticeably smaller than you remember. But 12 years later, that’s not the case with the San Francisco Art Institute, the gray monolith that now sits alone and empty on Russian Hill. The school, once famous […]]]>

When you’re an adult and think back to the places you spent time as a kid, chances are they feel noticeably smaller than you remember. But 12 years later, that’s not the case with the San Francisco Art Institute, the gray monolith that now sits alone and empty on Russian Hill.

The school, once famous for its maximalist Halloween parties and illustrious teachers, who included Ansel Adams, Dorothea Lange and Mark Rothko, recently made headlines after graduating from school – marking the end of a 151-year saga as one of the oldest arts institutions on the West Coast. In a dark July 15 press releasehe announced he could not survive amid ongoing financial problems, low enrollment, and a failed USF acquisition that left the school on the edge.

Like many former students and alumni, I have strong and mixed emotions about his closure and even stronger feelings about the complicated legacy he left behind. In many ways, I feel like I’m mourning the loss of a troubled parent or partner, a parent I had to push away but with whom I still share lifelong memories.

Most of these memories are “firsts” I experienced as part of SFAI’s pre-college program: a month-long summer program where teens were able to live in a dorm in downtown San Francisco and simulate college life. When my parents dropped me off at the corner of Sutter and Taylor, I was only 15.

A collage I made of my friend Jeremy during the SFAI pre-college program.

Ariana Bindman, a long time ago

I’m not being hyperbolic when I say that this program changed me: at the height of the indie sleaze era, that’s when I first fell in love and had my first real kiss ( sadly, it was actually at the AMC Theater on Van Ness, but I usually spare that detail). It was there that, for the first time, I felt a deep sense of community among my peers, some of whom I still keep in touch with well over a decade later. These experiences have been invaluable, and my friend Jeremy Cain – with whom I still exchange postcards – says he has met people “worth staying connected for life”.

A year later, it seemed natural to finish high school early and enroll in the SFAI bachelor’s program. I didn’t really know who I was yet, but I knew I loved taking pictures, so I decided to pursue photography. But once I settled in, the students around me started dropping out or transferring after just two semesters, sometimes less. That’s when I started noticing that many of us, myself included, were falling into a black hole of student loan debt — and no college credits transferred to public universities.

In 2020, SFAI only had one 39.2% graduation rateand we understand why: previously, KQED’s Sarah Hotchkiss reported that a four-year degree from the “nonprofit” school cost nearly $280,000. The median tuition costs $45,664, which is $31,264 more than the average cost for specialized institutions, according to Data USA.

By the time I left for second grade, I had taken out enough student loans to buy a small 7-acre island in Nova Scotia.

So when I arrived at the administrative office at San Francisco City College and found that almost none of my credits were transferring to local public schools—meaning I had to start all over again—my sanity took a turn for the worse. is deteriorated. Thus followed the course of my life.

The entrance leading to the SFAI library.

The entrance leading to the SFAI library.

Beckstrand Cat

After years of “taking breaks” from school, working minimum-wage jobs, and navigating San Francisco State University’s strict enrollment standards, it made me wonder if I even had the strength to get a diploma. That’s when the panic attacks started. And racing thoughts. And the dissociative episodes that nearly landed me in the hospital. Either way, I maintained this emotional and financial balance for almost a decade. Looking back, it almost broke me.

Right now, my family is appealing to erase my student loans, but it’s not yet clear if this burden will ever be lifted or if my wounds will truly heal from this experience.

That’s why, when I see poor and stupid popular campaigns to save the SFAI – an institution that cost so cruelly that it forced 90% of national students to take out loans that they will probably spend a lifetime repaying – I want to shake the organizers by the shoulders and shout “STOP”. There are so many ways to support artists, and the best way to do that is to give them money directly instead of letting some incompetent middleman fumble the bag.

Savash, Cat's colleague in the school library.

Savash, Cat’s colleague in the school library.

Beckstrand Cat

Apart from the financial and emotional upheaval the SFAI caused me, it also nearly prevented me from becoming the journalist I am today. Some of my instructor reviews were so unnecessarily harsh and personal that I stopped taking pictures for a while. I couldn’t stand being tossed in front of my classmates for my shoddy darkroom work, even though I tried my best. Years later, when I got my digital camera back and started publishing photo essays for small media outlets, I finally became the photographer I always wanted to be. But I’m not the only student who took issue with the way we were sometimes criticized by the teachers who were supposed to help us.

“If I or another student didn’t do the job exactly the way they thought we should, we got pretty heavily criticized for that,” said my friend Cat Beckstrand, a San Francisco photographer and alumnus of the SFAI which uses the pronouns them/them. . “I was a bit shocked to experience this in an artistic setting.”

The students were sunbathing, smoking and overlooking the horizon on the roof.

The students were sunbathing, smoking and overlooking the horizon on the roof.

Beckstrand Cat

Beckstrand, who transferred from community college and graduated from SFAI’s urban studies department, said the school was “classist” and inhospitable to low-income students. At the time, they say photography instructors told them to use entire rolls of film for a single project. These days, a roll of 35mm black and white film costs between about $8.50 and $13. “And I remember telling my instructors that I literally couldn’t afford to work that way and spend so much money on rolls,” they said. In response, the instructors allegedly told them that “they didn’t care” and that they just had to “make it work”.

My own experience was quite similar. To this day, I’m still furious that one of my photography professors mocked me and my ideas in the review, only to use the same for their own editorial projects in The California Sunday Magazine and National Geographic years later. late.

When asked if the SFAI had any programs to support low-income students, if an SFAI degree still retained its academic value, or if student loans still had to be repaid, press secretary Margot Frey replied tersely. “We no longer have employees. , so we have no one to answer these questions.

The rooftop was a popular meeting place for students between classes.

The rooftop was a popular meeting place for students between classes.

Beckstrand Cat

“My whole art degree feels like a receipt,” said 2016 graduate Oskar Malone Peyak. While he agrees he had an incredible community of artists and teachers, he admits the administration let down many students. He also said they dropped out or transferred because they couldn’t afford to keep paying tuition. It is a story that touches us closely. “It worked for some people, but like the majority, not really,” he continued. “… From an institutional point of view, especially everything that I learned myself.”

Under Instagram post from SFAI about its closure, an alumnus, Jerry Gogosian, said he paid $175,000 for a “useless” degree. “This school had a history of financial embezzlement, poor leadership, and NEGLIGENT educational practices for its students,” he wrote. “It deserves to close”

But on the contrary, some students say the SFAI experience was not limited to the classroom.

Anthony Russell, who graduated in 2012, loved learning from cult filmmaker George Kuchar and admiring legendary Bay Area artists Carlos Villa and Richard Berger. For Russell, SFAI was his “anchor” that brought him to the city and helped build an artistic community. But he, too, noticed that few students had graduated from the school.

Sophia Germer, a pre-college alumnus who is now a photographer at the Advocate in Louisiana.

Sophia Germer, a pre-college alumnus who is now a photographer at the Advocate in Louisiana.

Ariana Bindman, a long time ago

He said he couldn’t afford to leave the “brutally expensive” institution since he had already invested so much money in it. “I am definitely angry. It was so expensive,” he said, “but I knew it would be, and I knew it wasn’t something that necessarily guaranteed me an income to pay off the debt I was accumulating, but I don’t regret it.

Russell, who works at The Lab, a non-profit arts and performance space in San Francisco, gets by with art manipulation and voice acting gigs for adult films. He said that while college life at SFAI taught him how to socialize and build friendships in the creative world, the school did not guide him on how to find a job and build a career. “I wish there were more instructions on how to sail professionally,” he said. I did too.

The San Francisco Art Institute on a sunny spring day.

The San Francisco Art Institute on a sunny spring day.

Diana Cheng/FlickrVision/Getty Images

Long ago, while browsing the school’s marketing materials and choosing classes for the fall semester, I read that SFAI had made some of its students who they are today. But in my case, I’m relieved that’s not the case.

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Washington State Has Fourth-Less Student Loan Debt in the Nation | Washington https://sentryparentalcontrols.com/washington-state-has-fourth-less-student-loan-debt-in-the-nation-washington/ Thu, 25 Aug 2022 21:35:00 +0000 https://sentryparentalcontrols.com/washington-state-has-fourth-less-student-loan-debt-in-the-nation-washington/ (The Center Square) – Washington State ranked No. 48 on a list of states and designated states with the most student debt, according to a new study published Tuesday by WalletHub. Only California, the District of Columbia and Utah have less student debt. The personal finance website’s study is timely in that it was released […]]]>

(The Center Square) – Washington State ranked No. 48 on a list of states and designated states with the most student debt, according to a new study published Tuesday by WalletHub. Only California, the District of Columbia and Utah have less student debt.

The personal finance website’s study is timely in that it was released on the same day as President Joe Biden’s. announcement that his administration wipe out $10,000 in federal student loan debt for those earning less than $125,000 a year. Pell Grant recipients with loans held by the Department of Education will receive up to $20,000 in debt forgiveness.

According to the WalletHub report, “Student debt is a huge problem in America. With the exception of mortgages, student loans make up the largest portion of US household debt. Our collective debt also continues to grow. At the end of the first quarter of 2022, total outstanding college loan balances stood at nearly $1.61 trillion, according to the Department of Education. That works out to an average of $37,000 for each of the 43.4 million borrowers.

WalletHub compared the 50 states and the District of Columbia across 11 key metrics in two broad categories: student debt and student scholarship and work opportunities. Some of the 11 measures include average student debt, the unemployment rate among 25-34 year olds, and the proportion of students with delinquent loan balances.

Jill Gonzalez, an analyst at WalletHub, explained Washington State’s ranking.

“Washington is the fourth-lowest state in student debt,” she told The Center Square via email. “Average student debt is among the lowest at just under $24,000, less than half of students are in debt, and student debt is only about 26% of median household income, one of the lowest percentages lower in the country. This means that overall, student debt is not a serious problem statewide.

Here’s how the Evergreen State ranked in some specific categories: #30 in unemployment rate for population aged 35-34; #39 in percentage of student loan debt past due or in default; No. 30 in the offer of student jobs; No. 11 in the offer of paid internships; and No. 39 in Grant Growth.

Washington State fared better overall than its Pacific Northwest neighbors.

WalletHub ranked Oregon at No. 40 and Idaho at No. 37.

The 10 most indebted states:

1. West Virginia

2. Pennsylvania

3. South Dakota

4.New Hampshire

5. Mississippi

6.Delaware

7.Kentucky

8. Rhode Island

9. South Carolina

10. North Dakota

The 10 States and Designated States with the Least Student Debt:

51.Utah

50. District of Columbia

49. California

48.Washington

47. New Mexico

46. ​​Florida

45.Wyoming

44. Colorado

43. Alaska

42. Nevada

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Student loan payment break: what to expect https://sentryparentalcontrols.com/student-loan-payment-break-what-to-expect/ Mon, 22 Aug 2022 16:00:22 +0000 https://sentryparentalcontrols.com/student-loan-payment-break-what-to-expect/ President Joe Biden (Photo by Mario Tama/Getty Images) Getty Images Here’s what to expect with the student loan payment break. Here’s what you need to know — and what it means for your student loans. Student loans This week could be the most important period in the history of student loans. President Joe Biden is […]]]>

Here’s what to expect with the student loan payment break.

Here’s what you need to know — and what it means for your student loans.

Student loans

This week could be the most important period in the history of student loans. President Joe Biden is considering two major proposals that could impact more than 40 million student borrowers. First, Biden is considering whether to extend the student loan payment pause, which could delay the restart of federal student loan payments. Second, the president plans to enact a large-scale student loan forgiveness. There are several reasons why Biden could extend the student loan payment pause and enact large-scale student loan forgiveness. Here are some predictions for the student loan payment break.


1. Pausing student loan payments: Expect Biden to announce decision this week

The student loan payment pause ends on August 31, 2022. In the absence of an extension, student loan payments for federal student loans will resume on September 1. US Department of Education Secretary Miguel Cardona confirmed yesterday that Biden will announce his decision on the student loan payment pause. this week.


2. Biden could extend student loan payment break again

Expect Biden to extend the student loan payment break again. The Biden administration has been relatively silent on whether the president will extend the student loan payment pause. If Biden extends the student loan payment break, expect these 5 things. Federal student loan repayments have been temporarily suspended since March 2020, when Congress approved historic student loan relief. President Donald Trump and Biden have collectively extended the student loan payment break six times. Typically, student borrowers have received at least several weeks notice prior to previous extensions. With student loan repayments set to resume next week, Biden is unlikely to let the student loan payment pause expire on just a few days’ notice. The Department of Education has also advised student loan servicers — the companies that collect student loan payments — not to issue federal student loan bills to student borrowers. If borrowers don’t receive their student loan bills, it’s another sign that Biden could approve a seventh extension to the student loan payment break.


3. The student loan payment pause could last several months

If the president extends the student loan payment break, expect the extension to last several months. Republicans have criticized a possible extension of the student loan moratorium, calling it fiscally irresponsible and a ploy by Democrats to win votes in November’s midterm elections. Democrats say student borrowers are grappling with the ongoing Covid-19 pandemic and aren’t ready to restart student loan repayments. Like Sen. Elizabeth Warren (D-MA), Biden is also concerned about student borrowers facing default, which is why he’s giving them a “fresh start.” If Biden extends the student loan payment pause, it will likely extend beyond the November 8, 2022 election. A logical deadline could be December 31, 2022. Given that day is a holiday, Biden could also choose on January 31, 2023.


4. If Biden extends the student loan payment break, expect it to be the last break

Never say never, but if Biden extends the student loan payment break, expect it to happen until the final extension. Biden may not label the potential extension as “final,” but you should plan as if student loan repayments start up again afterward. Biden could weigh several factors when deciding whether or not to extend the student loan payment break. For example, among other factors, Biden will likely consider the economy, inflation, the Covid-19 pandemic, the cost of suspending student loans.


Student loans: next steps

The next step for your student loans is to follow Biden’s announcement on the student loan payment pause, which could come any day. The US Department of Education should also contact you in writing regarding the status of federal student loan repayments. If you have any questions, you should contact your student loan officer. It is important to note that there is no guarantee that the student loan payment pause will continue or for how long. Also, the student loan payment pause is temporary. Therefore, you need a long-term strategy for repaying student loans. Here are some of the best ways to save money and pay off student loans faster:


Student Loans: Related Reading

Cancellation of student loans: Congress proposes 0% interest rates for student loans

Student loan forgiveness must be extended, attorneys general warn

BidenStudent loan forgiveness: 5 key takeaways from the new student loan forgiveness plan

Senators propose major changes to student loan forgiveness

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Biden canceled $32 billion in student loans, but student loan forgiveness is still missing https://sentryparentalcontrols.com/biden-canceled-32-billion-in-student-loans-but-student-loan-forgiveness-is-still-missing/ Sat, 20 Aug 2022 12:30:00 +0000 https://sentryparentalcontrols.com/biden-canceled-32-billion-in-student-loans-but-student-loan-forgiveness-is-still-missing/ President Joe Biden (Photo by Scott Eisen/Getty Images) Getty Images President Joe Biden has canceled $32 billion in student loans, but large-scale student loan forgiveness is still lacking. Here’s what you need to know — and what it means for your student loans. Student loans Biden is potentially days away from one of the biggest […]]]>

President Joe Biden has canceled $32 billion in student loans, but large-scale student loan forgiveness is still lacking.

Here’s what you need to know — and what it means for your student loans.

Student loans

Biden is potentially days away from one of the biggest decisions of his presidency: the large-scale cancellation of student loans for more than 40 million student borrowers. Biden has promised to announce his decision on the blanket student loan forgiveness by August 31, 2022. That’s the same day the student loan payment break ends. However, with days to go, Biden remained silent on both the general student loan forgiveness and the student loan payment pause.


Student loan forgiveness: Biden forgave $32 billion in student loans

Since becoming president, Biden has forgiven nearly $32 billion in student loans, including:

  • Defense of the borrower until reimbursement: $13 billion in student loans for 1 million student borrowers who received a student loan discharge through Borrower Defense for Student Loan Repayment and School Closures;
  • Public service loan forgiveness: $9.6 billion in student loans for 175,000 student borrowers; and
  • Total and permanent disability: $9 billion in student loans for over 425,000 student borrowers due to total and permanent disability.


Student loan forgiveness: What Biden’s student loan forgiveness means for broad student loan relief

There are two ways to view Biden’s student loan cancellation date.

  1. No General Student Loan Cancellation: Biden’s $32 billion student loan forgiveness is a ‘replacement’ for broad student loan forgiveness; Where
  2. Targeted + Broad Student Loan Cancellation: Biden’s targeted student loan cancellation is a precursor to large-scale student loan cancellation.

No general student loan cancellation

Student borrowers are trying to avoid a nightmare scenario of no student loan forgiveness and the end of the student loan payment break. That said, Biden’s $32 billion student loan forgiveness might be the only student loan forgiveness borrowers could get. One theory is that Biden is accelerating student loan forgiveness because he won’t embrace a broad student loan forgiveness. Biden has now canceled more student loans than any other president. Its goal is to simplify student loan repayment and expand access to student loan forgiveness so that more student borrowers get student loan relief.

Targeted Cancellation of Student Loans + General Cancellation of Student Loans

An alternative theory is that Biden will adopt both a targeted student loan forgiveness and extensive student loan waiver. If this theory is correct, then Biden’s $32 billion student loan forgiveness is a precursor to broad student loan relief. This theory is based on the idea that Biden can continue to increase student loan forgiveness for specific borrowers while canceling student loans for all student borrowers. For example, Biden could cancel $10,000 in student loans for all borrowers while easing rules for large-scale student loan forgiveness.


Student loans: next steps

Biden’s immediate next steps are clear: to ensure transparency in his decisions on large-scale student loan forgiveness and student loan payment pausing. Expect decisions on both within days. Currently, federal student loan repayments will resume on September 1. Without advice, borrowers can feel uncertain about their financial future. Will student loan repayments start again? Will your student loans be forgiven? Student loan borrowers want to know whether Biden’s plans for student loan forgiveness will be limited to targeted student loan forgiveness or will be expanded to include student loan forgiveness for all. Without guidance on pausing student loan payments, for example, borrowers should expect student loan payments to resume. Here are some of the best ways to prepare for student loan repayment and save money:


Student Loans: Related Reading

Student Loan Forgiveness: 5 Key Takeaways from the New Student Loan Forgiveness Plan

Cancellation of student loans: Congress proposes 0% interest rates for student loans

Senators propose major changes to student loan forgiveness

Student loan forgiveness must be extended, Biden attorneys general warn

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How do I get an SBA self-employed loan? – Forbes Advisor https://sentryparentalcontrols.com/how-do-i-get-an-sba-self-employed-loan-forbes-advisor/ Tue, 16 Aug 2022 17:20:06 +0000 https://sentryparentalcontrols.com/how-do-i-get-an-sba-self-employed-loan-forbes-advisor/ Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. If you are self-employed and need financial assistance, you may qualify for a loan from the US Small Business Administration (SBA). These loans can provide much-needed funds at competitive interest rates, but […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

If you are self-employed and need financial assistance, you may qualify for a loan from the US Small Business Administration (SBA). These loans can provide much-needed funds at competitive interest rates, but you’ll need to meet eligibility criteria set by the SBA and its network of individual lenders.

Who qualifies as self-employed?

The IRS defines someone as self-employed if they are a sole proprietor or an independent contractor carrying on a trade or business. Likewise, a member of a partnership or someone who is otherwise in business for themselves is considered self-employed under IRS guidelines. This also includes part-time businesses. Since LLC members are generally taxed as sole proprietors, LLC owners are also considered self-employed.

Although the SBA does not define the term self-employed, it restricts its loan programs to small businesses. What constitutes a small business is an industry-specific determination, but small businesses generally must have fewer than 1,500 employees.

SBA loans available for the self-employed

Eligible self-employed people can benefit from several types of SBA loans. In general, SBA loan rates are competitive and come with lower down payments than other business loans. Some of the more popular options include:

SBA microloans

SBA microloans are available through a nationwide network of government-backed nonprofit lending organizations. Microloans can be used for a variety of purposes aimed at rebuilding, reopening, repairing, improving or improving a small business. Approved expenditures include working capital, inventory or supplies, furniture, fixtures, machinery and equipment.

The maximum amount you can borrow through an SBA microloan is $50,000 and the maximum repayment period is six years. SBA microloan interest rates range from 8% to 13% as of August 2022.

Since the microcredit program is administered by a network of intermediary lenders, eligibility requirements vary. In general, however, business owner applicants must provide security and personally guarantee the loan in addition to demonstrating their qualifications.

SBA 7(a) Small Loans

The SBA 7(a) loan program is the SBA’s flagship and most popular loan program. Funds are available up to $5 million and can be used for a variety of purposes, including working capital, purchasing equipment, and business expansion costs. Business owners can even use the proceeds to finance the purchase of real estate.

The interest rate on an SBA 7(a) loan is pegged to a base rate (prime, LIBOR, or an optional anchor rate) plus 2.25% to 4.75%, depending on the amount and term of the loan. ready. Loan terms extend up to 15 years for real estate and 10 years for equipment, working capital and inventory loans.

Eligible borrowers must operate for profit in the United States or its territories and demonstrate that they have reasonable equity to invest. As with other SBA loans, it is also necessary to use other sources of funding (such as personal assets) before applying for the government guaranteed loan.

SBA Express Loans

SBA Express loans fall under the 7(a) program and are available for up to $500,000, with a maximum SBA guarantee of 50%. Interest rates are ultimately negotiated by individual lenders and borrowers, but cannot exceed the SBA maximum prime rate plus 6.5%. Repayment periods extend up to seven years for lines of credit, 25 years for real estate and 10 years for other loans.

Express Loans are a great choice for self-employed applicants who need quick access to cash, as the SBA responds to Express Loan requests within 36 hours of receiving them. This is significantly faster than the five to 10 business days it takes for small 7(a) loans.

Credit and eligibility decisions are made by individual lenders, so requirements vary. However, borrowers must meet the lender’s credit rating, minimum time in business, and annual income requirements.

How to apply for an SBA loan as a freelancer

The process for applying for an SBA loan as a self-employed person varies by loan program and individual lender. However, there are some general steps to follow when applying for an SBA loan:

  1. Check your credit score. Before applying for an SBA loan, check your personal FICO score and review a credit report from at least one of the major credit bureaus – Equifax, Experian, and TransUnion. SBA loans generally require a credit score of at least 680, but lenders impose their own requirements. Understanding your credit profile can help you gauge your chances of approval and give you a chance to improve your score before you submit an application.
  2. Write a business plan. To qualify for a business loan, you will need to create a business plan that demonstrates how your business makes money and how it will use the loan proceeds. This is especially important if you have been in business for less than two years.
  3. Determine the type of SBA loan you need. Visit the SBA website to view available loan programs. Choose an option with a borrowing limit and approval time that suits your needs. Also review any program-specific requirements to make sure you qualify.
  4. Select a lending partner. Enter your postal code on the SBA Lender Match tool to locate a lender in your area. Familiarize yourself with the lending partner’s credit and income requirements and the application process to confirm your eligibility.
  5. Identify sufficient safeguards. Depending on the SBA program and the lender, collateral may be required to secure the loan. Compare lenders and programs to determine collateral requirements and consider these when choosing a loan offer.
  6. Gather the necessary documentation. The SBA loan application process varies by lender, but applicants are generally required to provide documents such as tax returns, business financial statements, projections, and outstanding debts. Streamline the process by compiling these documents before submitting an application.
  7. Submit an application. Once you have identified an SBA lending partner and lending program, submit a formal application. A loan officer will contact you by phone or email if additional information or documentation is needed. Keep an eye on these communications to avoid delays in loan processing and approval.

Ways to Use SBA Loan Funds

There are several ways to use SBA loan funds to help your business, but permitted uses may be restricted by the specific loan program. Some common uses of SBA loans include:

  • Purchase of inventory or equipment
  • Pay for renovations or repairs
  • Hiring new employees
  • Pay marketing or advertising costs
  • Develop your business operations
  • Buy a new commercial space

Are SBA loans hard to get?

It’s not difficult to qualify for an SBA loan, but the application, approval, and funding processes can be lengthy. This means that self-employed business owners who need quick access to cash may be best served by an online loan, business credit card, or other alternative.

Eligibility criteria

SBA lending requirements vary by lending program and individual SBA-approved lenders. However, the SBA imposes some basic eligibility guidelines that all applicants must meet as part of the application process. For example, a company must demonstrate that it is able to repay its loan.

Here are the basic eligibility requirements for a business to obtain an SBA loan:

  • Must operate for profit in the United States or one of its territories
  • The owner must have already committed their time and money to the business
  • Must have exhausted all other financing options

Alternatives to SBA Loans

If you are not approved for a loan, you may still be able to obtain financing from other sources. SBA loan alternatives often come with higher interest rates or less favorable terms, but they may be easier to obtain.

Consider these options if an SBA loan isn’t right for your business.

Online loans

Independent business owners can use some personal loans to cover start-up or operating expenses or apply for business loans. Although these loans are available from banks and lenders, it can be difficult to qualify with a traditional financial institution, and the rates and terms are often less competitive than with online options.

Expect to pay between 4% and 36% annual percentage rate (APR) for an online personal loan with terms up to seven years. As always, compare personal loans and the best small business loans before deciding on one and prequalify if possible.

Business credit cards

Business credit cards are easier to obtain than SBA loans and offer much faster approval speeds, with consumers often receiving a same-day or even immediate decision. This approach to business financing can also help you build your credit history and make it easier to get approved for future loans.

Although credit cards can be a convenient way to pay for small expenses, they usually have high interest rates (around 9% to 27%), so look for one that offers a 0% introductory period. .

Personal savings

If you have money in a savings account, consider using some of it to fund your business. We don’t recommend taking money out of retirement accounts or emergency funds, but using cash can be a good option if you don’t have good credit or have trouble getting loan approval.

Equity financing

Independent business owners who need access to large sums of money can also opt for equity financing. It involves selling part of your business in exchange for funding. However, this option can be risky as it may involve handing over the decision-making to someone outside of your organization. For this reason, it should only be considered as a last resort, and you should always have a business attorney review the terms of the agreement.

Find the best small business loans of 2022

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State Attorney General urges public sector workers to apply for student loan forgiveness before deadline | New https://sentryparentalcontrols.com/state-attorney-general-urges-public-sector-workers-to-apply-for-student-loan-forgiveness-before-deadline-new/ Wed, 10 Aug 2022 18:38:08 +0000 https://sentryparentalcontrols.com/state-attorney-general-urges-public-sector-workers-to-apply-for-student-loan-forgiveness-before-deadline-new/ In partnership with California Attorney General Rob Bonta, the Campaign for California Borrowers’ Rights launched a “California Student Debt Challenge” on Monday, a statewide information campaign on the cancellation of student loans. Some one million Californians in the public service sphere are eligible for loan forgiveness, but only 10,000 have received it since 2007, according […]]]>

In partnership with California Attorney General Rob Bonta, the Campaign for California Borrowers’ Rights launched a “California Student Debt Challenge” on Monday, a statewide information campaign on the cancellation of student loans.

Some one million Californians in the public service sphere are eligible for loan forgiveness, but only 10,000 have received it since 2007, according to state data. Local leaders want to make sure that as many residents as possible get the help they are entitled to.

Teachers, firefighters, non-profit employees, civil servants, and anyone working in the public service are eligible for loan forgiveness after 10 years on the job, through the Federal Public Service Loan Forgiveness Program. But it’s a largely misunderstood program, despite its potential to provide tens of thousands of dollars in aid to those repaying their debts.

For a limited time, the federal government is allowing eligible workers to recover funds from past repayment periods they missed, which for some could significantly reduce or completely wipe out their loans. But borrowers must apply by October 31 to receive these past credits.

“October 31 is the key day to get those past credits. That’s a little less, I understand, than three months to put you on a path to low or no student debt,” the California governor said, Gavin Newsom, at Monday’s press conference. “California, we’re making big changes across the board, not just to promote this program, but to make college more affordable.”

Bonta and a coalition of students, higher education advocates and borrower protection organizations are calling on government and nonprofit employers to “rise to the challenge” of informing their employees of these benefits and signing application forms, which will cost them nothing.

“We must ensure that every public sector employee – from teachers to firefighters, non-profit administrators and state employees – is aware of the public service loan forgiveness period before its closure on October 31, before difficult hurdles are overcome,” Bonta said.

Bonta said the program began in 2007 as an alternative for residents who are turning to private practice instead of public service careers due to high loan repayments. That promise of relief never came after the Trump administration rejected 99% of loan cancellation requests in the first round, he said.

Bonta’s office previously sued former U.S. Secretary of Education Betsy DeVos and the Trump administration, Congress took action, and his team ultimately “won the fight,” he said.

“But our battle, of course, continues,” he said. “The Biden administration has waived major demands on officials to have their federal student loan debt wiped out, but here’s the rub – you need to act, and you need to act now. As I urged the Department of Education to extend the deadline and push for further fixes to the program, this waiver period is currently limited and the deadline is fast approaching.”

State Senator Monique Limón hopes to shed some light on the growing problem of student loans facing graduates looking for jobs. She is the author of Senate Resolution 96, a bill pending approval to recognize August as Student Loan Debt Awareness Month. Students should be able to pursue jobs that are meaningful to them, she said.

“It is unacceptable that this debt disproportionately affects women and people of color. In an economy where higher education is a prerequisite for many jobs, we cannot allow our dreams to be stifled by debt” , said Limon.

Public service employers across the country are struggling to add and retain workers in this job market, and student debt relief is one way to keep people in the industry, said Ashley Harrington from the Federal Student Aid Office of the Department of Education.

“Advertising this program, talking about the benefits and making sure people know about this program which has a clear path to loan forgiveness is really important. We are committed to ensuring that every eligible public servant receives the credit that he won,” Harrington said.

In the Bay Area, residents owed nearly $26.6 billion in student debt, according to a 2018 analysis from the San Francisco Treasurer’s Office. San Francisco Treasurer Jose Cisneros said this waiver program provides a critical opportunity to ease an enormous burden that weighs heavily on many families.

“I urge all eligible employers in our state to take similar steps to share this important opportunity with your employees. With the deadline fast approaching, now is the time for your employees to apply and take advantage of this program,” Cisneros said in a statement. “Please pledge to participate in the California Student Debt Challenge, and work together to bring this relief to as many of our employees as possible.”

Employers and employees can learn more about the Debt Cancellation Program at studentaid.gov.

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Bank of Baroda Home Loan: Bank of Baroda Raises Home Loan Interest Rates: Check Details Here https://sentryparentalcontrols.com/bank-of-baroda-home-loan-bank-of-baroda-raises-home-loan-interest-rates-check-details-here/ Sat, 06 Aug 2022 05:04:00 +0000 https://sentryparentalcontrols.com/bank-of-baroda-home-loan-bank-of-baroda-raises-home-loan-interest-rates-check-details-here/ A day after the Reserve Bank of India (RBI) raised the repo rate and the standing facility deposit rate by 50 basis points (100 basis points = 1%), many banks increased their interest rates on home loans. One of the banks that have hiked is . According to the bank’s website, the Baroda Repo Linked […]]]>
A day after the Reserve Bank of India (RBI) raised the repo rate and the standing facility deposit rate by 50 basis points (100 basis points = 1%), many banks increased their interest rates on home loans. One of the banks that have hiked is . According to the bank’s website, the Baroda Repo Linked Lending Rate (BRLLR) has been increased effective August 6, 2022. For retail lending, the BRLLR is 7.95%. The BRLLR is made up of the current RBI repo rate of 5.40% and a margin/basis spread of 2.55%, according to the bank’s website.

To calculate the effective interest rate on the house, a risk premium is also added to the BRLLR. According to the bank’s website, for salaried customers, a risk premium of 1.35% is added. The risk premium depends on various factors such as CIBIL score, employment profile, loan amount, etc. The effective interest rate is between 7.95% and 9.30%. If an individual is self-employed or a self-employed customer, an additional 0.10% is also charged. For bank staff members, the effective interest rate is 7.95% or the BRLLR.

How will this affect you?

With the Bank of Baroda increasing the interest rate, your EMIs on home loans will increase. For individuals whose EMI has not yet been deducted from their bank account, the bank will recalculate the EMI before a deduction is made.

It is important to note that the recalculation of the EMI will be made on the basis of the outstanding principal amount, rather than the amount of the loan taken out.

The EMI you pay has two components: principal and interest. As the number of EMIs paid increases, the amount of principal repaid increases and the interest paid decreases.

Why did the RBI increase the repo rate?

Since the beginning of the financial year, the central bank has raised the repo rate three times, including an unannounced announcement made in May 2022. RBI raised the repo rate by 40 basis points in May. Again, in its June and August monetary policy reviews, the RBI raised the repo rate by 50 basis points each time. The central bank went on a rate hike spree due to rising inflation. Retail price inflation has remained stubbornly high at over 6% for more than the past six months.

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SoFi stock soars to best day since early 2021 despite ‘dismal’ student loan numbers https://sentryparentalcontrols.com/sofi-stock-soars-to-best-day-since-early-2021-despite-dismal-student-loan-numbers/ Wed, 03 Aug 2022 15:54:00 +0000 https://sentryparentalcontrols.com/sofi-stock-soars-to-best-day-since-early-2021-despite-dismal-student-loan-numbers/ SoFi Technologies Inc. has come a long way since its inception as a student loan platform, and this expansion into new areas of business has paid off for the company, even in the midst of a loan moratorium. to students. Shares of SoFi SOFI, +30.17% rose 25% in Wednesday morning trading and are on track […]]]>

SoFi Technologies Inc. has come a long way since its inception as a student loan platform, and this expansion into new areas of business has paid off for the company, even in the midst of a loan moratorium. to students.

Shares of SoFi SOFI,
+30.17%
rose 25% in Wednesday morning trading and are on track for their biggest single-day percentage gain since Jan. 7, 2021 after the company showed investors the benefits of its diversification strategy despite a weaker landscape for some of its business sectors.

Read: ‘Banking charter couldn’t have come at a better time,’ says SoFi CEO

“With the student loan moratorium still in effect and the struggling housing market, SOFI’s personal loan business has been the lending segment’s crutch,” Mizuho analyst Dan Dolev wrote.

He noted that the personal loan growth rate of 91% year-over-year was admittedly lower than the 151% rate that SoFi sported in the first quarter, but nevertheless, the company recorded sequential growth greater than 20. % on the metric for the second straight quarter.

MoffettNathanson analyst Eugene Simuni also pointed to the returns of diversification.

“Despite the poor performance of the Student Loan activity (creations
were down 54% year-on-year and down 60% sequentially), SoFi far exceeded overall revenue and earnings expectations as its other business segments (particularly the personal lending franchise) continued to grow rapidly,” he wrote in a note titled, “No Student Loans, No Problems.”

Wedbush analyst David Chiaverini applauded SoFi’s deposit momentum, as the company saw more than $100 million in weekly deposit inflows throughout the quarter and ended the period with more than $2.7 billion in total deposits.

This trend allowed SoFi to “reduce its reliance on higher cost wholesale borrowing,” he wrote, while maintaining an outperform rating and $8 target price on the stock.

John Hecht of Jefferies was also optimistic about the number of filings. “Additional deposit financing benefited NIM [net interest margin] & provided safety given macro uncertainty and rising rates,” he wrote, while maintaining his buy rating and $10 target.

That’s not to say analysts haven’t ended up with a few questions from the report. On the one hand, Dolev pointed out that the company only raised its full-year forecast for adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) by $4 million, despite beating the measure of $10 million last quarter. Was it a case of conservatism?

“Anyway, the challenge in 2H remains that for the back half, SOFI should hit $39M in 3Q and 4Q,” he wrote. “Investors should remember that Charter Banking should generate much better second half profitability due to higher NIM/longer holding periods.”

He prices the stock as a buy and has raised his price target by a dollar to $8.

Keefe, Bruyette, and Woods analyst Michael Perito said the latest changes to SoFi’s full-year guidance appear to primarily reflect second-quarter performance rather than new expectations for the rest of the year, and he said that he always adopted a more cautious attitude. position.

“Our outlook continues to be a bit conservative relative to the consensus, largely around our assumption that leverage/earnings scale in the financial services and technology segment may take a bit longer. time to develop,” he wrote. “Although we note that SOFI’s momentum in the bank is likely to be sustainable in the near term.”

Perito has a market performance rating and a price target of $7 on SoFi stock.

See Also: SoFi Gets Banking Charter Approval – ‘A Big Step Forward’

And Simuni noted that the fate of student loan relief still hangs in the balance, even though SoFi has been able to manage strong overall performance by leveraging other areas of the business.

“[T]there is no doubt that the uncertainty surrounding the federal government’s actions on student loan relief remains a very significant risk factor for SoFi,” he wrote, although he believes the risk that the federal government taking more permanent action to reduce student debt is less than might be “generally perceived”.

“In the most likely scenario, the loan forgiveness program would focus on helping low-income borrowers (for example, those earning less than $150,000),” Simuni said, but SoFi is reaching out. to high-income customers with a weighted average. income of $170,000.

He said the company was also expanding its student loan business beyond refinancing, with in-school loans.

“We will closely monitor the resolution of the student loan controversy over the next six months and look to ensure that this resolution serves as a positive catalyst for action,” Simuni wrote, while maintaining an outperform rating and a target price of $10 on stocks. .

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Arsenal’s Auston Trusty: Inspired by Ronaldinho, World Cup dreams and Birmingham loan https://sentryparentalcontrols.com/arsenals-auston-trusty-inspired-by-ronaldinho-world-cup-dreams-and-birmingham-loan/ Sat, 30 Jul 2022 04:08:27 +0000 https://sentryparentalcontrols.com/arsenals-auston-trusty-inspired-by-ronaldinho-world-cup-dreams-and-birmingham-loan/ Auston Trusty points to his white Nike Tiempo boots as inspiration. Growing up, he watched clips of Ronaldinho wearing the same shoes as his love for the sport grew in Pennsylvania, a US state not known for producing footballers. Trusty, now 23, signed for Arsenal from Colorado Rapids in January and will spend the 2022-23 […]]]>

Auston Trusty points to his white Nike Tiempo boots as inspiration.

Growing up, he watched clips of Ronaldinho wearing the same shoes as his love for the sport grew in Pennsylvania, a US state not known for producing footballers.

Trusty, now 23, signed for Arsenal from Colorado Rapids in January and will spend the 2022-23 season on loan at Birmingham City in the Championship, but says his journey has not been easy.

“I grew up playing football in the garden all by myself,” the centre-back said after an impressive training session at the Wast Hills base in Birmingham.

“Getting my friends to play football was impossible. It was always American football or basketball. I was negotiating with my closest brother (in age), who played lacrosse. I would play with him a bit if he played football and that’s how I trained when I was younger.

Like Ronaldinho, his sister, Onnie, really made the difference.

She also loved football and played for the United States at youth level, allowing a young Auston to be a ball boy at big games and meeting famous figures in the industry.

“I was the youngest of six children and everyone was a superstar in their sport,” he says. “I was dragged through all of their games by choice. I went to basketball, track and field, soccer, triple jump and high jump, lacrosse, and then there was me.

“So my sister, I grew up watching her and I loved it. I remember she traveled all over the world going to all these places and I thought, ‘Wow, I really want to do that.” That, and the World Cup in South Africa, cemented the love of the game for me.

Still, turning a childhood dream into reality – and now with the will to make the USA World Cup team – was far from simple.

Trusty worked hard – “unbelievably hard”, according to those who know him well – to get where he is today.

He is one of a small group of MLS graduates in England who are fighting to raise the reputation of football in his native country.

“OK, so Christian Pulisic is playing for Chelsea but he’s just a guy. An American,” Trusty says. “He’s separated and you put everyone in another group. Once more guys start coming and establish themselves, people will realize that these guys can play and that will help.

Trusty actually tried his hand at American football as a running back in school and claims he “did pretty well, but got so fucked up” that he decided that football (his teammates at Birmingham warned him not to say “football”) was better for him.

A sliding door moment then occurred on the day he was supposed to begin his studies alongside college football for the North Carolina Tar Heels. Instead, at the age of 17, he signed a professional contract for the Philadelphia Union, where the stadium was just minutes from the house he grew up in.

“I called my coach and told him I wasn’t going and he still hasn’t spoken to me until now,” he says. “But I recently graduated from college. I’ve been doing online school for the past four years, studying business.

Only time will tell where this qualification will take him. For now football is his future and he is at Birmingham for the season without a break clause before returning to Arsenal, the Premier League club which signed him seven months ago before loaning him to the Rapids. where he played 16 games in the current MLS. season.


Trusty is ready for the Championship grind with Birmingham (Photo: Birmingham City FC)

Life in England is fresh and full of adventure. He met some of his new teammates and managers at Arsenal last week and will remain in close contact with loan manager Ben Knapper.

The first few trips to Birmingham city center were fun. “The food is there,” he says. “I like Nando’s and Wagamama!”

Inevitably, there were also a few difficult days. “I was a little homesick when I moved in. Once I was able to relax, I realized it was just me and that’s when I kinda missed home. Now I’m close to the team and getting closer to some players, that’s good. The transition is starting and the reception has been good from everyone.

The real challenge is to help Birmingham tighten a leaky back line and, in turn, show Arsenal they are ready for the rigors of English football and capable of stepping up a gear.

Trusty is nimble and hard to beat. He reads the game well and is comfortable playing in a three-man defense, as John Eustace is ready to prepare his team for the start of this season.

A bigger pool of talent is growing in MLS and English clubs are more willing to give players a chance.

After just a few training sessions, Birmingham club captain Troy Deeney can see why Arsenal experimented with the signing.

“We gave him a bit of a hard time about being American…he’s very American,” Deeney laughs. “But on a serious note, he’s going to be really impressive this year, not only because he’s left-handed and they all look better, but he’s athletically explosive, he’s dominant, and if he talks a little more , he has a chance to go on that next level.

“We are very lucky to have him and we will continue to give him stick. We’ll try to make a man out of him before he leaves and hopefully I’ll get him an NFL ticket in return.

Trusty hopes the next few months can shape an exciting end to 2022. He is focused on getting into the thoughts of United States coach Gregg Berhalter ahead of the World Cup in Qatar.

Berhalter is aware of his talent, having already called him up to train with the team this year, but he has yet to appear.

“If I come here and do my job, it can prove a lot,” he says. “By playing MLS and doing well there, you get a little respect and you get noticed a little bit more. But if I come here and play my game the way I can, I could spin a lot. heads, open many eyes.

The opportunity to play against England, where Trusty believes football is at a “gold standard”, in Qatar is appealing. He says the national team is motivated because they’ve heard all the old suggestions of not being good enough.

“There’s a stigma where we hear the ‘they can’t play’ talk, just because we’re American. People have heard that before and we have to prove ourselves because of it. That’s what we let’s feel.

“I think we’re really good, but yeah, if the United States can beat England, we’ll be very happy about that.”

Top MLS players have spoken of the improving level of the domestic game and Trusty believes the league is going from strength to strength.

“I know in the past all the players in Europe who are more established have come to bring fans and bring money, but they also still have quality. The league is slowly leaning into this phase, although Gareth Bale has just become an older player, but he’s still quite fit and doing his job.

Trusty reckons the Championship is on a similar level but assumes it will be more intense due to the increased fixture schedule.

“I expect it to be tougher. MLS players can come here and play, it’s just if you can handle the grind aspect because the guys really want it here.

“Even in training our own players are pushing because they want to show what they can do and have an impact. But I’m ready. My mindset is, ‘go until I fall , man. I’m so excited for this.

(Top photo: John Todd/ISI Photos/Getty Images)

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