2007 Year in Review : Photos from the Financial Aid Podcast
December 31, 2007
2007 was a heck of a year. Here’s some photo highlights from this incredible year.
FAP704: How to achieve your goals in 2008
December 31, 2007
FAP704: How to achieve your goals in 2008
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Student Financial Aid News
+ FAFSA filing opens tonight at midnight
+ Download our FAFSA filing guide
Scholarship Update
+ The Timothy S. and Palmer W. Bigelow, Jr. Scholarship was created in 1988 by the Bigelow family to aid students from New England who are seeking a career in horticulture. The scholarship was dedicated initially to one of the family’s children, the late Timothy Bigelow. At Palmer W. “Bill” Bigelow’s death, the name of its creator was added. The Bigelow family considers student scholarships the most important commitment the horticultural industry can make to insure the growth and development of the nursery and landscape industry. In recent years the scholarships have totaled $3,000, $2,000 and $1,000 to three graduate or under-graduate students to New England universities.
+ April 1 deadline of each year
+ Details at our free college scholarship search site
Setting Goals for the New Year
+ Originally part of the goma-kan, a Tendai Buddhist ritual
+ Figure out your goals - specific, measurable, with deadlines
+ Write them down
+ Figure out what external resources you will need to achieve your goal or goals
+ Determine what external factors will stand in your way
+ How will you get around them?
+ Figure out what internal resources you will need to achieve your goal or goals
+ Determine what internal factors will stand in your way
+ How will you get around them?
+ From your goals and meditations, create a timeline and plan to achieve your goals
+ Find a way to create a task that helps you achieve your goal every day and execute it without fail
+ Measure frequently and allow for slippage
+ Learn more about this ritual’s origins from master instructor Stephen K. Hayes
Did you enjoy today’s show? If so, please consider subscribing for free to get it delivered to you. Subscribing for free means you don’t have to remember to download it every day.
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Reminders
+ Financial Aid Podcast Show Notes at FinancialAidPodcast.com.
+ Discuss this episode at the Financial Aid Forum!
+ FAFSA form tutorials and free help at FAFSAonline.com
+ Stafford federal student loans at StaffordLoan.com
+ Student loan consolidation at StudentLoanConsolidator.com
+ Private student loans available at any time - visit AlternativeStudentLoan.com
+ The Financial Aid Podcast is a publication of the Student Loan Network.
I want to hear from you! Email me at financialaidpodcast {at} gmail {dot} com, visit http://www.FinancialAidPodcast.com, or call 206-350-1208.
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THE LAWS THAT GOVERN PAYDAY LOANS
December 31, 2007
As loans go payday loans also have payday lending laws which have to be followed. One of which deals with the Truth in lending violations, which is a very important law that governs payday lenders and makes sure they do not con anyone. The law deals with lending violations which many payday lenders ignore or fail to comply with which makes it nearly impossible for the payday borrower to understand the true cost of these loans as well as the interest that usually comes with the loan. Most payday lenders come up with a system such as "sale-leaseback" transactions that attempts to characterize the loan as something else, basically what they due is camouflage the loan make the deal look sweeter than it really is and then when you are paying the loan back is when you find those other expenses that you probably had not counted on being there making the payday loan more expensive than you thought or even worse more expensive for you to payback making you borrow again to pay off the first loan leading you into a debt cycle. Such abuse of the law is warranted and can be brought up in court and often or not these transactions are really a loan State Payday Lending Law violation.
No muttering it this year - auld lang syne lyrics!
December 31, 2007
Auld Lang Syne is the song everyone recognizes and no one knows. Here’s the lyrics, courtesy of Wikipedia. Written by Robert Burns in the 18th century.
Should auld acquaintance be forgot,
and never brought to mind ?
Should auld acquaintance be forgot,
and auld lang syne ?
- CHORUS:
- For auld lang syne, my dear,
- for auld lang syne,
- we’ll tak a cup o’ kindness yet,
- for auld lang syne.
And surely ye’ll be your pint-stoup !
And surely I’ll be mine !
And we’ll tak a cup o’ kindness yet,
for auld lang syne.
- CHORUS
We twa hae run about the braes,
and pou’d the gowans fine ;
But we’ve wander’d mony a weary fit,
sin’ auld lang syne.
- CHORUS
We twa hae paidl’d in the burn,
frae morning sun till dine ;
But seas between us braid hae roar’d
sin’ auld lang syne.
- CHORUS
And there’s a hand, my trusty fiere !
And gies a hand o’ thine !
And we’ll tak a right gude-willie-waught,
for auld lang syne.
- CHORUS
Here’s a modern English version, again using Wikipedia’s translation.
Should old acquaintance be forgot,
and never brought to mind ?
Should old acquaintance be forgot,
and auld lang syne ?
- CHORUS:
- For auld lang syne, my dear,
- for auld lang syne,
- we’ll take a cup o’ kindness yet,
- for auld lang syne.
And surely you’ll buy your pint cup !
And surely I’ll buy mine !
And we’ll take a cup o’ kindness yet,
for auld lang syne.
- CHORUS
We two have run about the slopes,
and picked the daisies fine ;
But we’ve wandered many a weary foot,
since auld lang syne.
- CHORUS
We two have paddled in the stream,
from morning sun till dine† ;
But seas between us broad have roared
since auld lang syne.
- CHORUS
And there’s a hand my trusty friend !
And give us a hand o’ thine !
And we’ll take a right good-will draught,
for auld lang syne.
- CHORUS
Secured Loan
December 30, 2007
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral — in the event that the borrower defaults, the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower. From the creditor’s perspective this is a category of debt in which a lender has been granted a portion of the bundle of rights to specified property. The opposite of secured debt/loan is unsecured debt, which is not connected to any specific piece of property and instead the creditor may satisfy the debt against the borrower rather than just the borrower’s collateral.
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Purpose
There are two purposes for a loan secured by debt. In the first purpose, by extending the loan through securing the debt, the creditor is relieved of most of the financial risks involved because it allows the creditor to take the property in the event that the debt is not properly repaid. In exchange, this permits the second purpose where the debtors may receive loans on more favorable terms than that available for unsecured debt, or to be extended credit under circumstances when credit under terms of unsecured debt would not be extended at all. The creditor may offer a loan with attractive interest rates and repayment periods for the secured debt.
Types
One popular type of secured loan that is normally only available at a bank or credit union is the savings secured loan. In this type of loan, the borrower must have a savings account with the creditor. A portion of the money in this account is used as collateral to secure a loan equal to the amount pledged. This money is then frozen in the account but continues to earn interest. As the loan is repaid the secured portion of the savings account is freed. This has advantages for both the creditor and the borrower. If the borrower defaults on the loan the collateral is already in the creditor’s possession so it is a very low risk. As a result, the creditor usually offers a much lower interest rate. The disadvantage of this type of loan is that it is limited by the available fund in the savings account.
A mortgage loan is a secured loan in which the collateral is property, such as a home.
A nonrecourse loan is a secured loan where the collateral is the only security or claim the creditor has against the borrower, and the creditor has no further recourse against the borrower for any deficiency remaining after foreclosure against the property.
A foreclosure is a legal process in which mortgaged property is sold to pay the debt of the defaulting borrower.
A repossession is a process in which property, such as a car, is taken back by the creditor when the borrower does not make payments due on the property. Depending on the jurisdiction, it may or may not require a court order.
United States Law of Debt Secured by Property
In the case of real estate, the most common form of secured debt is the lien. Liens may either be voluntarily created, as with a mortgage, or involuntarily created, such as a mechanics lien. A mortgage may only be created with the express consent of the title owner, without regard to other facts of the situation. In contrast, the primary condition required to create a mechanics lien is that real estate is somehow improved through the work or materials provided by the person filing a mechanics lien. Although the rules are complex, consent of the title owner to the mechanics lien itself is not required.
In the case of personal property, the most common procedure for securing the debt is described through the Uniform Commercial Code or UCC. This statute provides a system of forms and public filing of documents by which the creditor’s interest in the property is made known.
In the event that the underlying debt is not properly paid, the creditor may decide to foreclose the interest in order to take the property. Generally, the law that allows the secured debt to be made also provides a procedure whereby the property will be sold at public auction, or through some other means of sale. The law commonly also provides a right of redemption, whereby a debtor may arrange for late payment of the debt but keep the property.
How to create secured debt
Debt can become secured by a contractual agreement, statutory lien, or judgment lien. Contractual agreements can be secured by either a Purchase Money Security Interest (PMSI) loan, where the creditor takes a security interest in the items purchased (i.e. vehicle, furniture, electronics); or, a Non-Purchase Money Security Interest (NPMSI) loan, where the creditor takes a security interest in items that the debtor already owns.
See also
- Bankruptcy
- Title loan
- Second lien loan
- Unsecured debt
- Senior debt
- Subordinated debt
- Capital structure
- Seniority (financial)
External links
- Mortgage Law
- Secured Loans: lending of last resort UK-based MoneySavingExpert’s article on the pros and cons of secured loans
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