Money Management – Island Gourmet Safaris http://islandgourmetsafaris.com/ Wed, 02 Jun 2021 09:52:37 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://islandgourmetsafaris.com/wp-content/uploads/2021/05/island-gourmet-safaris-icon-150x150.png Money Management – Island Gourmet Safaris http://islandgourmetsafaris.com/ 32 32 Maharashtra 2021 budget: Farmers allowed to repay farm loans with 0% interest – Highlights https://islandgourmetsafaris.com/maharashtra-2021-budget-farmers-allowed-to-repay-farm-loans-with-0-interest-highlights/ https://islandgourmetsafaris.com/maharashtra-2021-budget-farmers-allowed-to-repay-farm-loans-with-0-interest-highlights/#respond Tue, 09 Mar 2021 10:56:44 +0000 https://islandgourmetsafaris.com/maharashtra-2021-budget-farmers-allowed-to-repay-farm-loans-with-0-interest-highlights/

Maharashtra Chief Minister Uddhav Thackeray | Photo credit: IANS

Bombay: Maharashtra’s Deputy Chief Minister Ajit Pawar presented Maharashtra’s 2021-22 budget to the State Assembly on Monday and announced that farmers will be allowed to repay their agricultural loans with 0% interest. The interest amount will be borne by the government, Pawar told the Maharashtra Assembly.

Focusing on the farming community, Pawar said that Rs 200 crore will be allocated to agricultural universities every year. The government of Maharashtra has also planned to invest 2,000 crore rupees to strengthen the Agricultural Commodity Market Committee (APMC).

The government of Maha Vikas Aghadi (MVA) announced free bus rides in rural areas for female students.

Maharashtra Budget 2021-22: Highlights

  • Maharashtra MP Ajit Pawar announced that his government would build a 170-kilometer ring road around Pune at an estimated cost of Rs 26,000 crore.
  • The government of Maharashtra has increased excise duties and VAT on most types of alcohol.
  • The Eastern Highway in Mumbai is renamed in honor of former CM Vilasrao Deshmukh.
  • In order to fight pollution, the old MSRTC diesel buses would be converted to CNG and electric.
  • The waterways around Mumbai, Thane and Navi Mumbai will be developed.

“The government has decided to use the waterways around Mumbai, Thane and Navi Mumbai for water transport purposes. The water transport service from Vasai to Kalyan will be made available in the first phase,” Pawar said. .

“The work of Bandra-Versova Sea Link has already started. The length of the project is 17 km and the estimated cost is Rs 11,333 crore,” he said.

  • The MVA government plans to complete the Shivdi-Nhava Sheva (Sea Bridge) project by September 2022, Pawar said.
  • Disclosing details of the 126 km Virar-Alibaug multimodal corridor, Pawar said the land acquisition process is underway.
  • Pawar said sewage treatment plants are planned in Worli, Bandra, Dharavi, Ghatkopar, Bhandup, Versova and Malad.
  • Mithi River Rejuvenation: The Rs 450 crore project will start from March.
  • The rejuvenation projects of the Dahisar, Poisar and Oshivara rivers are about to start.
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For cannabis companies, challenges emerge for PPP loan cancellation denials – Maryland Daily Record https://islandgourmetsafaris.com/for-cannabis-companies-challenges-emerge-for-ppp-loan-cancellation-denials-maryland-daily-record/ https://islandgourmetsafaris.com/for-cannabis-companies-challenges-emerge-for-ppp-loan-cancellation-denials-maryland-daily-record/#respond Tue, 09 Mar 2021 10:56:44 +0000 https://islandgourmetsafaris.com/for-cannabis-companies-challenges-emerge-for-ppp-loan-cancellation-denials-maryland-daily-record/

The Small Business Administration has sought to make cannabis companies and the companies that supply them ineligible for its loans, but some believe there may be a legal way to challenge this policy. (BridgeTower Media)

Given the haste with which it has been deployed in response to the COVID-19 pandemic, a few beneficiaries of the paycheck protection program profiting from the cannabis industry, at least indirectly, have undoubtedly passed between mesh of the net.

These companies may face challenges when requesting cancellation of their loans because of their connection to what the federal government still considers illegal activity.

The easiest solution to this dilemma would be to simply return the money, and some lawyers say they would advise their clients to do just that.

But at least one lawyer thinks these companies might also consider launching a challenge under the Administrative Procedures Act, given that this is a rapidly evolving, if not irregular, body of case law that can grow. apply beyond the cannabis industry.

Companies directly engaged in the marijuana trade in states where sales are legal may not have dared to apply for PPP loans, as the borrower’s application form asked them to certify that “[t]The applicant is not engaged in any illegal activity under federal, state or local laws. “

But the door has arguably been left ajar for “indirect” marijuana businesses, such as businesses that provide testing services, or sell or install grow lights or other specialized equipment, or businesses that sell cannabis. auxiliary products, such as pipes and other smoking devices.

The Small Business Administration would argue that these businesses are also not eligible for PPP loans, referring to a regulation it passed in 1996, 13 CFR §120.110, which in subsection (h) prohibits “ companies engaged in illegal activity ”to participate in one of the SBA’s business loan programs. These programs include those under Section 7 (a) of the Small Business Act, of which PPP is now a part.

The SBA subsequently issued guidelines further clarifying that it was intended to sweep the ban on “businesses that earn income from marijuana-related activities or support the end-use of marijuana.”

But there is some tension between such limitations on access to SBA funding and Congress’ apparent desire when passing the CARES Act to make relief from the COVID-19 pandemic widely available.

Although cannabis was not at the heart of any of the early cases, rulings began to flow in federal courts involving companies also normally barred from accessing SBA funds.

Perhaps the most relevant cases are cases involving adult entertainment businesses, such as strip clubs. As with marijuana businesses, under 13 CFR §120.110 (p), certain sexually oriented businesses are not permitted to participate in SBA loan programs.

However, these companies have gone to federal court to challenge their denial of access to PPP funds using the APA, which prohibits agencies from taking action “beyond jurisdiction, authority or legal limitations, or below legal rights “.

As part of the first step of the two-step framework set out in Chevron, USA, Inc. v. Natural Resources Defense Council, Inc., courts must consider whether “Congress has directly addressed the precise issue at hand.”

In DV Diamond Club of Flint, LLC, et al. v. United States Small Business Administration, United States District Court Judge Matthew J. Leitman of the Eastern District of Michigan framed the question as follows: “Can the SBA exclude from eligibility for a PPP loan guarantee a business enterprise that (1) during the period covered (2) has less than 500% employees or less than the size standard in number of employees established by the Administration for the industry in which the company operates? “

Leitman then answered this question in the negative.

When it created the PPP program, Congress knew that the SBA had historically declared certain categories of businesses ineligible for SBA loans, and yet it made loans available to “any business enterprise,” explained Leitman.

“While Congress may have already been prepared to allow the SBA to exclude these companies from [the SBA’s] loan programs, that will evaporated when the COVID-19 pandemic destroyed the economy and put tens of millions of Americans out of work, ”Leitman wrote. “Put simply, Congress did not pick the winners and losers in the PPP.”

But faced with an almost identical problem in the Western District of New York, U.S. District Court Judge Lawrence J. Vilardo ruled in the opposite direction in Pharaoh’s GC, Inc. v. United States Small Business Administration.

After noting the division between the courts over whether the SBA’s eligibility requirements for a PPP loan contradict the plain text of the CARES Act, Vilardo sided with those who had argued that the SBA had not overstepped its authority by preventing some organizations from obtaining PPP loans.

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Mesa Air Group closes $ 200 million secured loan https://islandgourmetsafaris.com/mesa-air-group-closes-200-million-secured-loan/ https://islandgourmetsafaris.com/mesa-air-group-closes-200-million-secured-loan/#respond Tue, 09 Mar 2021 10:56:44 +0000 https://islandgourmetsafaris.com/mesa-air-group-closes-200-million-secured-loan/

PHOENIX, Nov. 02, 2020 (GLOBE NEWSWIRE) – Mesa Air Group, Inc. (NASDAQ: MESA) today announced that it has entered into a five-year loan and guarantee agreement on October 30, 2020 with the US Department of the Treasury which provides to Mesa Airlines a secured term loan facility to borrow up to $ 200 million under the Coronavirus Help, Relief and Economic Security Act (CARES Act).

On October 30, 2020, Mesa borrowed $ 43 million under the facility and has until December 15, 2020 to determine whether it will borrow up to an additional $ 157 million in a subsequent borrowing. Mesa’s ability to borrow up to an additional $ 157 million is conditional upon the satisfaction of certain conditions precedent under the secured term loan facility, including, among other things, updated valuations, compliance with the ratio. warranty coverage and the release of warranty liens. which will guarantee such additional indebtedness.

“I want to thank Treasury Secretary Steven Mnuchin and Assistant Secretary Mitchell Silk for their willingness to work with Mesa to find a way forward,” said Jonathan Ornstein, President and CEO. “We are also very grateful for the strong support from the Arizona Congressional delegation, especially Arizona Senators Martha McSally, Kyrsten Sinema and Congresswoman Debbie Lesko (AZ-08). With the help of the entire Arizona congressional delegation, Mesa Airlines was able to maximize our loan from the US Treasury, ”Ornstein said. “Senator McSally has been extremely effective in her discussions with the administration on our behalf, and Senator Sinema has been successful in including language in the HEROES Act to provide additional economic support to Mesa and our employees.” MP Lesko led a letter of support to Treasury Secretary Mnuchin along with other members of the House delegation – Representatives Andy Biggs (R-AZ-05), Ruben Gallego (D-AZ-07), Paul Gosar ( R-AZ-04)), Raul Grijalva (D-AZ-03), Ann Kirkpatrick (D-AZ-02), Tom O’Halleran (D-AZ-01), David Schweikert (R-AZ-06) and Greg Stanton (D- AZ-09).

“This $ 200 million will strengthen Mesa as we navigate this volatile time of COVID-19 and allow us to continue our long history as the largest Arizona-based airline,” added Mike Lotz, president and chief financial officer of Mesa. Airlines.

The interest rate on all borrowings is the adjusted LIBO rate (as defined in the term loan facility) plus 3.50% for a term of five years with no amortization or prepayment penalty. In consideration for the loan, Mesa is obligated to issue warrants to the US Department of the Treasury to purchase common shares of Mesa based on and in connection with the amounts drawn under the facility. As part of the initial drawdown of $ 43 million under the facility, Mesa issued warrants to purchase 1,080,402 common shares at an exercise price of $ 3.98 per share. Upon subsequent borrowing under the facility, Mesa will issue additional warrants to the Treasury to purchase Common Shares determined by multiplying the principal amount of the subsequent loan by 10% and dividing the result by 3.98 $.

The loan agreement contains two financial covenants, a minimum collateral coverage ratio and a minimum level of liquidity. The loan agreement also prohibits Mesa from paying dividends, making share buybacks and imposes certain limits on executive compensation. The loan is secured by certain aircraft, aircraft engines, accounts receivable, ground service equipment and tools.

About Mesa Air Group, Inc.

Based in Phoenix, Arizona, Mesa Air Group, Inc. is the holding company of Mesa Airlines, a regional airline providing scheduled passenger service to 103 cities in 35 states, the District of Columbia and Mexico. As of September 30, 2020, Mesa operated a fleet of 145 aircraft with approximately 373 daily departures and 3,400 employees. Mesa operates all of its flights as American Eagle, United Express, or DHL Express under the terms of capacity purchase agreements with American Airlines, Inc., United Airlines, Inc. and DHL.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the amount available for Mesa to borrow under the loan facility. term secured with the US Treasury in connection with the subsequent borrowing and the expected timing of such borrowing. All forward-looking statements contained in this press release are made as of the date hereof and are based on information available to Mesa as of that date. These forward-looking statements represent the judgment of the company, as of the date of this release, and the company disclaims any intention or obligation to update or publicly review any forward-looking statement, whether as a result of new information, developments future or otherwise, except to the extent required by applicable securities laws.

Investor Relations
Jonathan ornstein
investor@mesa-air.com

Media
Matt harris
media@mesa-air.com

]]> https://islandgourmetsafaris.com/mesa-air-group-closes-200-million-secured-loan/feed/ 0 Napoli strike loan deal for Chelsea outcast Bakayoko https://islandgourmetsafaris.com/napoli-strike-loan-deal-for-chelsea-outcast-bakayoko/ https://islandgourmetsafaris.com/napoli-strike-loan-deal-for-chelsea-outcast-bakayoko/#respond Tue, 09 Mar 2021 10:56:44 +0000 https://islandgourmetsafaris.com/napoli-strike-loan-deal-for-chelsea-outcast-bakayoko/ The midfielder prepares for his third temporary move in as many seasons, this time to Stadio San Paolo

Tiemoue Bakayoko is expected to return to Serie A in another loan from Chelsea, with the Blues agreeing to send their player to Napoli for the 2020-21 season.

The former Monaco midfielder spent the 2018-19 campaign under the tutelage of Gennaro Gattuso at AC Milan, making 42 appearances in all competitions for the Rossoneri.

And he is now preparing for a reunion with Gattuso, who is currently in charge of Napoli’s attempt to snatch the Scudetto from Juventus after nine straight titles for the Bianconeri.

Chelsea have accepted a loan for Bakayoko which will cover the entire current campaign.

The player is expected in Napoli on Sunday for medical examinations with the deal to be announced once he receives impeccable health from Napoli staff.

Bakayoko joined Chelsea in the summer of 2017 from Monaco in a deal worth an estimated £ 40million, after having shone during his time at the Ligue 1 club.

But the France international had only a limited impact at Stamford Bridge, playing regularly in his debut Premier League season under Antonio Conte before being declared surplus to requirements by his successor on the bench, compatriot Maurizio Sarri.

After just 12 months with the Blues, Bakayoko was put on the farm in Milan, which was followed by a new loan back to Monaco for the shortened 2019-20 French season, which ended in March due to the coronavirus pandemic.

Neither side opted for the buy option included in the loan deal, although Milan have been linked with a possible move to Bakayoko this summer, which was addressed by the player himself.

“Everyone knows that Milan is in my heart and I have good memories,” he explained to Tuttosport asked about the possibility of a return to San Siro in September.

“Right now I’m a Chelsea player so we’ll see in football.”

Paris Saint-Germain have also emerged as a potential destination, but now Bakayoko will be tasked with proving Gattuso that he can deliver as he arrives to add more depth to the Napoli midfield.

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Federal student loan repayments set to start again soon https://islandgourmetsafaris.com/federal-student-loan-repayments-set-to-start-again-soon/ https://islandgourmetsafaris.com/federal-student-loan-repayments-set-to-start-again-soon/#respond Tue, 09 Mar 2021 10:56:43 +0000 https://islandgourmetsafaris.com/federal-student-loan-repayments-set-to-start-again-soon/

CEDAR RAPIDS, Iowa (KCRG) – Mandatory payments on federal student loans are expected to restart after Jan.31, after the federal government suspended those payments in March due to the pandemic.

It is possible that the Biden administration will suspend payments for even longer, but borrowers should plan to restart their payments soon, as it is not guaranteed. More than 420,000 Iowans have student loan debt according to educationdata.org, the state average being $ 30,500.

Denise Fuller, director of financial advice at Horizons, A Family Service Alliance, in Cedar Rapids, said it was especially important for people who experienced a large variation in their income during the pandemic to start planning their loan repayments. students. She said there was always the option of making an income-based repayment plan that takes into account your household size and income to set your monthly rate.

“Definitely if you’ve had a change and the income is significantly less or there is no income right now, definitely contact your loan managers to have that payment adjusted,” Fuller said.

Fuller said some income-oriented plans will set your monthly rate at $ 0 depending on the circumstances. It’s important to note that you’ll continue to earn interest if your payment doesn’t cover at least that.

If you made your payments during the pandemic, you don’t get any interest, so your entire payment has gone towards your principal on the loan. This allowed those who made the payments to move forward with their repayment plan during this time.

Copyright 2020 KCRG. All rights reserved.

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Southend United choose not to sign a free agent for the time being https://islandgourmetsafaris.com/southend-united-choose-not-to-sign-a-free-agent-for-the-time-being/ https://islandgourmetsafaris.com/southend-united-choose-not-to-sign-a-free-agent-for-the-time-being/#respond Tue, 09 Mar 2021 10:56:43 +0000 https://islandgourmetsafaris.com/southend-united-choose-not-to-sign-a-free-agent-for-the-time-being/

Southend United have chosen not to sign Jay Simpson, according to a report from Echo News.

The free agent attacker no longer trains with the League Two team.

Simpson, who is 32, last played for New Salamina in Cyprus but was released by them at the end of last season.

He is an experienced player in the Football League and has accumulated over 350 appearances in his career to date.

Read: QPR, Brentford and Luton Town ‘target’ could become free agent this summer

Southend boss Mark Moseley said: “He doesn’t train with us. We had Nile Ranger fit and available, but unfortunately that is not the case now. We have a few more munching on and some are 23 years old from being available again.

“We still have some really good players around us, but if we lose one or lose some form, we might see him again.”

Simpson gained his first first-team football experience on loan at Millwall from Arsenal in the 2007/08 season and impressed the Lions in League One. He was young at the time and scored eight goals for the London club.

Read: Former Birmingham City, Cardiff City and QPR man scored Australia’s A-League debut goal

He then spent a stint at West Brom before switching to QPR on loan a few seasons later, this time in the league. The forward has 13 goals in 42 appearances for the Rs in all competitions.

Alex Livesey / Getty Images Sport

Hull City then signed him on a permanent basis after his time at Hoops ended and he spent three years on the books at KCOM stadium.

The Tigers were promoted to the Premier League during Simpson’s stay in East Yorkshire and he was sacked on loan at Millwall during his second campaign at the club.

He left Hull in 2013 and has since played for Buriram United in Thailand, Leyton Orient and the MLS side of Philadelphia Union.

]]> https://islandgourmetsafaris.com/southend-united-choose-not-to-sign-a-free-agent-for-the-time-being/feed/ 0 Airline shares recover, American cites intention to repay loan – KLBK | KAMC https://islandgourmetsafaris.com/airline-shares-recover-american-cites-intention-to-repay-loan-klbk-kamc/ https://islandgourmetsafaris.com/airline-shares-recover-american-cites-intention-to-repay-loan-klbk-kamc/#respond Tue, 09 Mar 2021 10:56:43 +0000 https://islandgourmetsafaris.com/airline-shares-recover-american-cites-intention-to-repay-loan-klbk-kamc/

Posted:
Update:

FILE- This December 19, 2017, a file photo shows the American Airlines logo above the American Airlines Center in Dallas. Airlines shares rose on Monday, March 8, 2021, boosted by signs that vaccine deployments could trigger a rebound in travel later this year. (AP Photo / Michael Ainsworth, file)

FORT WORTH, Texas (AP) – Airlines shares rose on Monday, driven by signs that vaccine deployments could trigger a rebound in travel later this year.

American Airlines, meanwhile, announced plans to raise $ 7.5 billion by borrowing against its frequent flyer program and using the funds to pay off a federal loan it received almost a year ago, at the start of the pandemic. The airline said the shares would not increase its overall debt. It follows similar movements from Delta Air Lines and United Airlines.

Fitch Ratings said U.S. liquidity has improved more than expected due to federal loans and money to help cover payroll – aid that was extended in December and would get the measure another renewal COVID-19 relief passed by the Senate over the weekend.

“Meanwhile, the rollout of several effective coronavirus vaccines has increased the likelihood of a significant rebound in air travel from some time in 2021, reducing the likelihood that Americans will continue to burn money for an extended period, ”Fitch said.

American burned about $ 30 million in cash per day in the fourth quarter.

Fitch warned, however, that air traffic remains weak and the pace of the recovery is uncertain.

Airlines have been hit particularly hard by the pandemic, and travel restrictions continue to eliminate most international flights, which normally represent a lucrative part of their business.

But there have been signs of improvement in domestic travel. After a dismal January, passenger numbers have since followed an upward trend. On Sunday, the Transportation Security Administration screened nearly 1.3 million people at US airports. While this was a 41% drop from the comparable day in 2019 before the pandemic, it was better than the 58% average drop this year from 2019.

American Airlines shares ended up 5% on Monday. United advanced 7%, Southwest Airlines gained 6.4% and Delta tacked 3.6%.

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Biden appoints replacement for Betsy DeVos – student loan borrower pleads with caution and optimism https://islandgourmetsafaris.com/biden-appoints-replacement-for-betsy-devos-student-loan-borrower-pleads-with-caution-and-optimism/ https://islandgourmetsafaris.com/biden-appoints-replacement-for-betsy-devos-student-loan-borrower-pleads-with-caution-and-optimism/#respond Tue, 09 Mar 2021 10:56:42 +0000 https://islandgourmetsafaris.com/biden-appoints-replacement-for-betsy-devos-student-loan-borrower-pleads-with-caution-and-optimism/

President-elect Joe Biden has announced his candidacy for Secretary of Education to replace Betsy DeVos, who has headed the US Department of Education for President Trump’s entire term.

Biden will nominate Dr. Miguel A. Cardona for the position. Cardona is currently the Education Commissioner of Connecticut and has three decades of experience as an educator and administrator of public schools. He would be the first Latino to head the US Department of Education.

“In Miguel Cardona, America will have an experienced and dedicated teacher in public schools who will pave the way for the Department of Education – ensuring that every student is equipped to thrive in the economy of the future, that every educator has the resources he needs to do his job. jobs with dignity and success, and that every school is on track to safely reopen, ”Biden said in a statement Tuesday.

DeVos was a controversial figure during her tenure as the head of the US Department of Education, and she frequently clashed with consumer rights groups and student loan advocates over her handling of the extensive federal student aid system.

When DeVos took over the US Department of Education in 2017, his administration attempted to rewrite the rules governing borrower’s defense on repayment, a loan forgiveness program with regulations formally established for the first time under the Obama administration. Lawyers accused DeVos of delaying processing 160,000 claims and, in subsequent litigation, argued that DeVos violated federal rules and court orders regarding the program. More recently, a federal court reprimanded DeVos for the department issuing blanket denials to claimants, often with minimal legal reasoning.

DeVos has also been criticized for its management of the Student Loans Service and the Public Service Loan Forgiveness Program, as well as its hands-on approach to regulating for-profit schools, which some advocates say have engaged in predatory practices. . DeVos has publicly denounced broad policy ideas such as student loan cancellation and debt-free college.

Consumer rights organizations and student loan advocates have expressed cautious optimism about Dr Cardona.

“The Betsy DeVos era in the Department of Education is over, and so are her attacks on students, parents and student borrowers,” said Natalia Abrams, Executive Director of Student Debt Crisis. “The appointment of Miguel Cardona as secretary of education gives hope that existing student debt relief programs will be implemented as required by law.”

“It’s a new day for student borrowers,” the Predatory Student Loans Project said in a statement. “For too long, the voice of for-profit students and their legal rights have been ignored by the Secretary of Education. We have every hope that this will change under Secretary Miguel Cardona. The Biden-Harris administration, under the leadership of new secretary Cardona, has the opportunity to listen to for-profit students and make a difference for them from day one.

Advocates are pushing Biden to take significant action on student debt early in his tenure. Student loan relief has become a more pressing issue in light of the failure to include an extension of the moratorium on federal student loan repayments in its latest stimulus bill. This moratorium is will expire on January 31, just 11 days after Biden was sworn in.

“It is deeply disappointing that Congress did not act to extend the federal suspension of student loans in the [stimulus] relief bill, ”Americans for Financial Reform said in a statement. “This increases the urgency for Biden to act, both by extending the pause on payments and by canceling federal student loan debt.”

Although Biden expressed general support for a broad student loan cancellation, he avoided questions on a specific plan and did not say whether or not he would adopt a blanket student debt cancellation through a executive action.

Further reading

Final Stimulus Deal: What Student Loans Borrowers Need to Know About the End of Relief

Ayanna Pressley: Biden should write off $ 50,000 in student loan debt for every borrower

Could your student loans be canceled by Biden? It is complicated

DeVos Extends Student Loan Relief Until 2021: What You Need To Know

Could Biden write off some student debt with executive action?

What the election results mean for student loan borrowers

Biden’s win means DeVos is out by January

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what experts say to consider https://islandgourmetsafaris.com/what-experts-say-to-consider/ https://islandgourmetsafaris.com/what-experts-say-to-consider/#respond Tue, 09 Mar 2021 10:56:42 +0000 https://islandgourmetsafaris.com/what-experts-say-to-consider/

If you have student loans, you may be making offers to refinance that debt. But experts say many don’t see much benefit from refinancing right now, especially in light of the changes underway with federal student loans.

The Mint budgeting app sent an ad campaign on behalf of an advertising partner to users this week with the subject line, “Maybe Now is the Time to Refinance Your Student Loans and Get Up to $ 400.”

Mint emailed users this week on behalf of an advertising partner touting the bonuses available to those who refinance their student loans.

The fine print revealed that the LendKey online loan marketplace would provide payments of $ 400 to those who refinance their student loans through LendKey’s lending partners. But only loans over $ 100,000 would get the $ 400 bonus. Refinancing a loan of less than $ 20,000 would only receive a bonus of $ 100 and those with loans between $ 20,000 and $ 100,000 would be eligible for a payment of $ 200.

Mint said in a statement to CNBC Make It that the email was sent to users who had completed a “student loan” category transaction in the past 90 days, so it is likely that they are paying student loans. private versus federal loans. Refinancing federal loans at this time could mean the loss of protections and benefits.

SoFi, another large student loan refinancing company, offers users $ 10 to verify what would be their refinancing rate. There is no mandate to actually refinance in order to take advantage of SoFi’s offering and the company provides notice to carefully review your loan modifications if you choose to refinance.

Mint’s offering is not uncommon. “Many private lenders offer borrowers a few hundred dollars to encourage them to refinance,” says Mark Kantrowitz, student loan expert. But while a few hundred dollars may seem like a lot of money, many Americans are probably better off skipping these types of offers, especially those with federal student loans.

This is because due to the Covid-19 pandemic, the Department of Education has suspended federal student loan payments until September and waiver of interest rates. “The interest waiver equates to a 0% interest rate. Private refinancing can’t get any better,” Kantrowitz says.

Beyond zero interest and suspended payments, federal student loans offer many protections and benefits that borrowers could lose if they refinance federally guaranteed loans into a private loan, Kantrowitz says. These benefits typically include low fixed interest rates, longer deferrals and forbearances, income-based repayment plans and the possibility of loan forgiveness.

Additionally, if you have federal student loans, you may want to wait to refinance until you get more clarity on a possible student loan forgiveness. President Joe Biden has repeatedly spoken of a $ 10,000 federal student loan forgiveness during his campaign, says Jake Northrup, a certified financial planner and founder of the Rhode Island-based company. Experience your wealth. “There is no harm in waiting,” he adds.

On the other hand, if you have private student loans, they are not eligible for suspended payments or interest relief. Private student loans account for about 8% of the total national debt of $ 1.7 trillion on student loans, according to the MeasureOne Private Student Loans Report released in december.

If you can get a lower interest rate on your private loans through refinancing, maybe now is the time to think about it. This is true even if you have refinanced in the past, not even later than the last year since you usually do not have to pay an upfront fee with many lenders, unlike mortgage refinancing.

“Interest rates have continued to fall, which means you can continue to lower your interest rate and potentially receive cash bonuses for refinancing with certain companies,” says Northrop.

But again, experts warn you want to set yourself up for long-term success. Don’t just look at the bonus, carefully review the terms and conditions to determine if the loan will best serve your long-term interests.

Ideally, you want to consolidate at a lower interest rate than other average payments. But be aware that many lenders require a shorter repayment term to get the lowest fixed interest rates, which can result in higher monthly loan payments, Kantrowitz says. Help, Nerdwallet has a student loan consolidation calculator this can help you determine if the new loan is saving you money.

Ultimately, as with the LendPay offer, make sure you read all of the fine print involved and that you understand all of the terms of any potential refinance deal.

Check: The best credit cards to create credit of 2021

Don’t miss: 56% of Americans support canceling $ 10,000 student debt, but only 13% of students believe it will happen

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Benefits of student loans highlight the diversity gap in the workplace https://islandgourmetsafaris.com/benefits-of-student-loans-highlight-the-diversity-gap-in-the-workplace/ https://islandgourmetsafaris.com/benefits-of-student-loans-highlight-the-diversity-gap-in-the-workplace/#respond Tue, 09 Mar 2021 10:56:42 +0000 https://islandgourmetsafaris.com/benefits-of-student-loans-highlight-the-diversity-gap-in-the-workplace/

As employers strive to create a more diverse and inclusive workforce, student loan benefits can be a critical part of closing the diversity gap and helping marginalized workers reach important milestones in their lives. .

Student debt is disproportionately held by underrepresented employees. Black graduates owe an average of $ 25,000 more in student loans than white college graduates, according to a study from EducationData.org, an information resource on the American education system.

Read more: Student debt relief is a priority for Weedmaps

To address these discrepancies, health technology company ConsejoSano has added the Goodly student loan benefit to its range of offerings. The Los Angeles-based company has just crossed the 100 employee threshold.

ConsejoSano – which means healthy advice in Spanish – will make monthly payments on student loans for its employees based on their length of service with the company. business. Workers with one year or less of time with the organization will receive $ 50 per month to pay off their debt. Employees with one to two years of service will receive $ 100 per month, those with two to three years with the company will receive $ 200 per month, and employees with three years or more will receive $ 400 per month.

The company decided to offer the Goodly advantage when superiors realized that their workforce is made up of individuals who are most disproportionately affected by student debt.

Read more: Employers can help employees save for college with Goodly 529 plans

“Our team is made up of around 80% women and around 75% first and second generation immigrants,” says Vikram Bakhru, Director of Operations at ConsejoSano. “[This benefit] is particularly relevant to our team and our purpose and mission as a company.

Women hold nearly two-thirds of the nation’s trillion-dollar student debt, according to a study by the American Association of University Women. What’s more, the median Latinx borrower still owes more than 80% of their student loan balance 12 years after graduation, compared to the median white borrower who owes 65% at the same time, according to a study by the Student Borrower Protection Center.

“Under-represented employees start their careers with larger debts to repay, which delays their ability to meet their financial goals, including saving to buy a home, build retirement savings, or otherwise accumulate wealth,” says Greg Poulin, CEO of student loan provider Goodly. “Employers are increasingly recognizing that their traditional benefit offerings are often disconnected from a workforce that now consists primarily of millennials and millennials.”

Despite the prevalence of student loans, only 8% of employers offer any benefit to help solve the problem, according to the Society of Human Resource Management. As the nature of work changes, employees are increasingly speaking out about what they want from their employers. Student loan benefits are the third most requested benefit among millennials, after health insurance and paid vacation, according to a survey by the American Institute of CPA.

As employers become more aware of the effort they need to put into their diversity and inclusion efforts, it is vital for them to deliver benefits that will help employees who are unfairly and unequally in debt.

“Student loans are increasingly seen as an issue of diversity, equity and inclusion because student debt is disproportionately held by underrepresented employees,” says Poulin. “Almost all of our new clients attribute their contribution to the diversification of their workforce and the building of a diverse talent pool to the repayment of student loans.”

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