In a press release, the reinsurer stressed that it is sticking to its ambitious climate targets, which include reducing greenhouse gas emissions associated with its portfolio by 29% by the end of 2025.
Munich Re terminates membership of Net Zero Insurance Alliance
What loans are students who are enrolled Less-Than-Half-Time eligible for?
Less-Than-Half-Time loans are available to borrowers who have previously borrowed a private student loan from SoFi who are in their final semester, whether an undergraduate or graduate student.
The post What loans are students who are enrolled Less-Than-Half-Time eligible for? appeared first on SoFi.
New Record: Bondora Group Stats October 2024
It’s always great to share extra special statistics with you. And this month, we can celebrate a brand-new loan origination record in Latvia. Despite it being a slightly slower month, overall loan and investment figures remain in the €20M ballpark.
Discover more exciting information about our October numbers and statistics, here:
In October, 1,970 more people created investor accounts with us. We’re thrilled that more and more people join Bondora to break the limits and reach their financial goals.
Have you referred your friends yet? Once they’ve completed the easy signup process and started investing, you and your friend can each earn a cash bonus! Refer them using your unique code from your Dashboard, and you and your friends could each get an investment bonus.
In October, our investors added €26,489,015 to their Go & Grow accounts. It is encouraging and rewarding to see so many of you stay committed to reaching your long-term financial goals.
Haven’t added to your investment this month yet? Log in and add money to your Go & Grow via the button below.
Our investor community earned a total of €2,932,767 in returns in October. That’s compound interest working hard to help you get more out of your investment with less effort.
‘How much can I deposit to earn the 6.75% return during the campaign?’
Since 9 September, you can earn up to 6.75%* p.a. on your entire Go & Grow portfolio, plus any extra amount you invest over the monthly limit.
So whether you deposit €250 or €2,500, every euro you invest into Go & Grow until at least 2 January 2025, will earn up to 6.75%* p.a.
This higher return rate for investments over the monthly Go & Grow limit is valid until 2 January 2025. If the return rate changes after that, you will receive a 30-day advance notification.
Should the rate change after this time, any amount you have previously invested over the €1,000 monthly limit and that has not been auto-transferred will start earning the adjusted return.
If you want to read the original blog announcement with all the information, you can find it here.
In October, Bondora AS, part of Bondora Group, originated €22,850,923 in loans. It’s a slight 4.3% decline from the previous month.
In Finland, loan customers originated €12,869,397 worth of loans, a 6.6% decrease from September.
In the Netherlands, there was a 7.4% decrease from the previous month, but still, a substantial €4,840,576 worth of loans were originated.
In Estonia, loan originations were virtually the same as in September, with a total of €4,559,262 – a mere 0.6% decrease.
🎉We have a new record in Latvia! Latvian originations more than doubled to €581,688 worth of loans. This is the highest-ever loan origination amount for Bondora Group’s youngest credit market.
See from which markets the most originations came in October:
Despite a slight decline this month, Finland continues to hold the title as the market with the largest share of loan originations, 56.3%.
With 21.2% of all originations, The Netherlands remains the second-largest credit market.
This month, Estonia has a 20.0% share, increasing by 3.9% from September.
Thanks to the massive increase, Latvia has its largest share to date: 2.6%!
Are you following us on Instagram? If not, you’re missing out on updates, fun and educational content, exclusive behind-the-scenes moments, and more!
Thanks for following along with our October statistics. Stay tuned for more interesting numbers and stats coming soon.
How does the ADA affect remote work accessibility?
With more people working from home, making sure everyone can use digital tools is really important. People with disabilities often face challenges when trying to access online content. The Americans with Disabilities Act (ADA) works to solve these problems, giving everyone, including remote workers, equal opportunities.
What does the ADA require for digital accessibility?
The ADA says that employers have to make sure all work-related digital tools are accessible. This means that websites, software, and communication tools must be usable by employees with disabilities. Employers need to think about features like screen readers, keyboard shortcuts, and voice commands so everyone can use these tools easily.
Helping remote workers with disabilities
Employers also need to provide reasonable help, or accommodations, to remote workers with disabilities. This could mean giving access to certain technology, like screen readers or voice recognition software, to help them do their job. Employers need to make sure their digital tools work well with these technologies so employees can stay connected and productive.
What happens if companies don’t follow the ADA?
If companies do not follow ADA rules, they can face legal trouble, including lawsuits and fines. Employers should work with professionals to check their digital tools and make any needed changes. Following the ADA not only avoids legal issues but also helps create a more inclusive workplace.
Why accessible remote work is good for everyone
Making digital tools accessible helps both employees and employers. It allows employees with disabilities to do well in their roles and adds to a diverse workforce. Employers can benefit from hiring talented people who might otherwise be left out. Investing in accessibility makes work better for everyone and increases productivity.
Supporting digital accessibility is key to building a fair and inclusive work culture. Employers who focus on accessibility set a great example and help create a future where everyone has the chance to succeed, no matter their abilities.The post How does the ADA affect remote work accessibility? first appeared on Disability Rights Law Center.
What is an Installment Loan?
An installment loan is a type of financing repaid through regular, scheduled payments over a set period. Unlike revolving credit, such as credit cards that allow ongoing borrowing up to a limit, installment loans are issued as fixed amounts with defined repayment terms. They are commonly used for substantial purchases or expenses, such as financing a car, buying a home, or covering educational costs. This guide explores how these loans work, reviews common examples, and discusses their advantages and potential drawbacks.
Types of Installment Loans
This category of loans comes in various forms, each tailored to different financial goals and needs. Here are some common examples of installment loans:
Personal Installment Loans
Personal loans are versatile and can be used for debt consolidation, medical expenses, or unexpected costs. Typically unsecured, they don’t require collateral, which may result in higher interest rates to offset the lender’s risk. Personal loans are generally available for various amounts, making them suitable for many financial needs.
Auto Loans
Specifically designed for vehicle purchases, auto loans are secured by the car itself, allowing for lower interest rates compared to unsecured loans. These loans offer fixed terms, usually ranging from five to eight years, and predictable monthly payments, making them a convenient choice for purchasing a car.
Mortgage Loans
Mortgage loans provide long-term financing for home purchases. Secured by the property, they generally offer lower interest rates due to the extended terms, ranging from 15 to 30 years. Mortgages are ideal for buyers seeking stable, long-term financing and are often tailored to fit the borrower’s financial profile, offering fixed or adjustable rates.
Student Loans
Student loans cover educational expenses like tuition, books, and housing. They often come with flexible repayment terms and allow for deferred payments until after graduation, making them a feasible option for students. Both government-backed and private student loans are available, with installment payments structured to make education more accessible.
Debt Consolidation Loans
Debt consolidation options enable borrowers to combine multiple high-interest debts, like credit card balances, into one structured payment plan. This consolidation can streamline finances and potentially lower overall interest costs, simplifying repayment and reducing the monthly burden for borrowers.
Secured Loans
Secured loans require collateral, such as a boat, ATV, or jewelry, which serves as a guarantee for the lender. This setup lowers the lender’s risk, often resulting in lower interest rates while allowing borrowers access to funds by leveraging their assets. Secured loans may be easier to qualify for compared to unsecured options.
Unsecured Personal Loans
Unlike secured options, unsecured loans don’t require collateral and are commonly used for expenses like travel or emergencies. Due to the lack of collateral, these loans generally have slightly higher interest rates and may have stricter qualification requirements for borrowers with limited credit histories.
But How Do Installment Loans Work?
You might still be asking yourself how online installment loans work. These loans consist of three main elements: the principal (amount borrowed), the interest rate, and the loan term (duration of repayment). These factors determine the monthly payments and the overall cost of the loan.
Repayment Structure
Installment loans feature consistent monthly payments, allowing borrowers to budget for repayments over the set term. Each payment covers a portion of both the principal and interest, helping reduce the balance over time. The interest rate, whether fixed or variable, significantly affects the loan’s total cost. Higher rates increase overall repayment amounts, making it essential for borrowers to compare terms and fully understand the effect of interest before committing to a loan.
Pros and Cons
Pros
Predictable Payments
With fixed monthly payments, these loans make budgeting straightforward, allowing borrowers to plan their finances around a stable, predictable amount each month. This predictability can offer peace of mind and a clear path to repayment, particularly for those with fixed incomes.
Access to Larger Loan Amounts
They provide access to larger sums than revolving credit options like credit cards, often with more favorable interest rates. This makes them ideal for significant purchases, such as a home or vehicle, where a lump-sum payment is necessary. The structured repayment also allows for cost-effective financing over time.
Potential Positive Credit Impact
Consistently making on-time payments can improve your credit score, demonstrating responsible debt management to lenders. Unlike credit card debt, which affects your credit utilization ratio, fixed-balance loans decrease with each payment, potentially contributing positively to your credit profile over time.
Cons
Interest Costs and Fees
Interest costs can accumulate over long repayment periods, especially at higher rates. Borrowers should consider the total repayment amount, including interest, to ensure they’re comfortable with the loan’s total cost. For those taking out long-term loans, interest can significantly impact affordability.
Risk of Over-Borrowing
Access to larger loan amounts may tempt some borrowers to take on more debt than necessary, potentially leading to financial strain. To avoid overborrowing, it is essential to borrow only what you can comfortably repay within your income and expense structure.
Potential Credit Impact of Missed Payments
Missing payments can harm your credit score, as lenders report late payments to credit bureaus. Since these loans require the full monthly payment, staying on schedule with repayments is crucial for maintaining a healthy credit standing.
Installment Loans vs. Payday Loans
While both types provide access to funds, installment and payday loans differ substantially in terms of cost and structure. Payday loans are typically small, short-term loans intended for repayment by the next payday. Due to their short repayment periods and high fees, payday loans often carry a significantly higher cost than installment-based options, especially when factoring in the annual percentage rate (APR).
If a payday loan isn’t repaid on time, borrowers may need to roll it over for an additional fee, which can create a cycle of debt. For example, a payday loan of $500 might incur a $75 fee for a two-week term. If the loan is rolled over multiple times, this fee escalates, creating financial strain and making payday loans challenging to repay.
In contrast, structured loans with defined terms offer predictable repayment schedules, with a set term and interest rate, allowing borrowers to spread payments over a longer period. This predictability and lower relative cost make fixed-term loans a more practical choice for those needing manageable, long-term financing.
Apply for an Installment Loan with Wise Loan
Applying for this type of loan involves determining the amount needed, providing information on income and current debts, and undergoing a credit check. Lenders that offer same day funding like Wise Loan use this information to assess creditworthiness and determine the loan’s terms, including the interest rate.
These loans can support larger purchases, debt consolidation, or unexpected expenses. Understanding the loan’s structure, interest rate, and total repayment cost is essential for making a financially sound decision and ensuring you’re prepared to manage payments responsibly. To help with this process, consider applying with Wise Loan today!
The recommendations contained in this article are designed for informational purposes only. Essential Lending DBA Wise Loan does not guarantee the accuracy of the information provided in this article; is not responsible for any errors, omissions, or misrepresentations; and is not responsible for the consequences of any decisions or actions taken as a result of the information provided above.
More information on Installment Loans and how they work in your state:
Watchdogs open review on financial services consumer compensation – Mortgage Strategy
The Financial Conduct Authority and the Financial Ombudsman Service have issued a call for input for views on how to revamp consumer compensation schemes that involve finance firms.
The move follows Chancellor Rachel Reeves speech Mansion House speech last night where she said the current “approach to redress can cause uncertainty and be a drag on investment” for companies.
She said the government had “worked closely” with the two bodies to develop a new agreement, which seeks “to significantly improve the rules governing how the service operates”.
The call is open to industry, thinktanks and consumer groups and has a 30 January deadline.
The regulators say: “The current redress framework works well for individual customer complaints about specific issues.
“However, challenges can occur when there are large numbers of complaints about the same issue, we describe these as mass redress events”.
“These challenges can be compounded if firms do not identify issues early or do not proactively address harm where it occurs.”
The bodies say they want to better understand:
How the current framework could be modernised
The problems that mass redress events and the redress scheme in general cause firms and consumers
What changes the bodies could make to the redress framework to enable us to better identify and manage mass redress events
What changes could be made to how the bodies work together to ensure their views on regulatory requirements are consistent
The most famous mass redress event in UK corporate history is the payment protection insurance scandal that cost banks around £50bn, after selling millions of customers needless insurance they bought alongside personal loans.
Problems around the product first came to light in the early 1990s, but took over two decades to resolve.
Last month consumer groups won a landmark car finance misselling court of appeal case that may see lenders forced to pay billions of pounds in compensation to borrowers, which could be the biggest mass redress event since the payment protection insurance scandal.
That test case found it was unlawful for lenders to have paid commissions to car dealers without the borrowers’ knowledge.
Since that case banks have been weighing up their potential liabilities.
Broadstone head of redress Brian Nimmo says: “The Financial Conduct Authority and the Financial Ombudsman Service are looking for ways to modernise the redress framework for mass redress events, as we have seen in several high-profile cases such as payment protection insurance, with the current motor finance investigation possibly forming another such example.
Nimmo adds: “A more effective framework for mass redress events would not only benefit consumers in getting timely compensation but also help firms minimise costs, for example by reducing interest payments on payouts and resolving issues faster to avoid them turning into mass events.”
What Does It Actually Mean to Return to Lower Mortgage Rates?
Recently, a lot of people have argued that we won’t return to lower mortgage rates.
That there’s no possible way we can go back to low mortgage rates.
Thing is, when they say that, they’re always thinking about 3% mortgage rates, maybe 4%.
In reality, mortgage rates could go down quite a bit from current levels and still be a lot higher than they used to be.
Simply put, they can go lower without being considered “low” again.
Remember When a 4.5% Mortgage Rate Sounded Super High?
A couple years ago, a friend of mine purchased a home and took out an adjustable-rate mortgage (ARM).
Back then, he got a rate of 4.5%, which at the time sounded super steep. Not in the least bit attractive.
And again, it was an ARM, so it’s not like it was a slightly costlier 30-year fixed. It was both higher in price than what everyone had been used to and not fixed for more than five years.
Back then, 4.5% sounded super high. Why? Because we were used to rates in the twos and threes.
Months before he locked in his rate, you could still get a 30-year fixed at 3.25%.
So it’s always relative to what you’re used to. And he and everyone else was used to seeing rates that started with a 2 or a 3.
I wrote a while back that once we saw higher rates, our brain would think a rate of 5% or 6% would seem actually pretty decent.
And now, with the benefit of hindsight, that couldn’t be truer.
How Does a 5% Mortgage Rate Look Today?
If you presented someone with a 5% mortgage rate today, they’d probably say it looks pretty darn good.
This is simply because they’ve been seeing rates that start with seven or eight lately.
So why wouldn’t it look good to see something that starts with five? Maybe even a six at this point.
This is the exact opposite of what happened when we went from 2% and 3% mortgage rates up to 6% mortgage rates.
This is the silver lining working in favor of mortgage rates at the moment.
Human psychology has a way of making things look not so bad once you’ve experienced much worse.
A year ago, the 30-year fixed hit a near-21st century high of 8%. Then rates rallied and made their way down to around 6% in September.
For the record, that high was 8.64% during the week of May 19th, 2000, per Freddie Mac, and we never really got that close (peaked at 7.79% in late October 2023).
They’ve since bounced back to 7%, likely due to Trump winning a second term as president and many expecting higher inflation under his watch.
Where they go from here is another question, which I’ve also already talked about.
What I Mean When I Say Mortgage Rates Can Go Lower
Now back to that question of “lower.”
Whenever I talk about mortgage rates now, I frame them using recent levels. While that might sound obvious, it seems to get lost on people often.
So if I say rates can go back down again, or move lower from here, it doesn’t mean back to 2% or 3%.
It’s simply means they can go back down from say 6% or to 5%.
The idea here is it’s not some crazy return to what now feels like unsustainable low rates.
It’s simply a return to something in between. And when you think about it, something in between seems pretty darn reasonable.
Kind of like Goldilocks. Not too high, not too low. Maybe just right!
Not too high to make housing prohibitively unaffordable and out of reach for everyone.
But not too low that demand revs up again and home prices surge.
Granted, there’s not a strong correlation between home prices and mortgage rates anyway.
But that’s been the narrative lately, given how low rates were. Remember, they can fall together if the economy weakens and fewer buyers are willing or able to buy homes.
Of course, it’s not really up to us to decide where rates go next, or the Fed for that matter. The direction of mortgage rates will be based on the relative strength or weakness of the economy.
The amount of government spending in coming years may also play a role, as increased bond issuance could lead to lower bond prices, which means higher interest rates to compensate.
Let’s just hope rates find a good place that leads to better equilibrium in the housing market, where buyers and sellers can transact again in a healthy manner.
Read on: How to track mortgage rates.
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 18 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on Twitter for hot takes.
Latest posts by Colin Robertson (see all)
8 Ways to Help Prevent Child Identity Theft
Children are particularly vulnerable to identity theft because they have clean credit histories that make them attractive targets for fraudsters.
This exploitation can significantly impact their future financial well-being, creating obstacles in accessing credit, student loans, or even housing.
Understanding child identity theft
Child identity theft occurs when someone misuses a child’s personal information, like their Social Security number or date of birth, for fraudulent activities. These can include:
- Opening credit accounts
- Applying for government benefits
- Filing tax returns in a child’s name
One concerning form of child identity theft is “synthetic identity theft.” Here, fraudsters combine real and fake information to create a new, blended identity. A child’s legitimate Social Security number might be paired with a fictitious name and address.
Because children typically don’t have existing credit reports, their stolen details can go unnoticed for years, allowing criminals ample time to exploit these synthetic identities.
8 tips for preventing child identity theft
1. Check for a credit report early
Check if your child has a credit report before they turn 18. A credit report for a minor can be a red flag for identity theft since children typically shouldn’t have one. If a report exists and your child is under 18, it could indicate that someone has stolen their identity.
You can verify whether your child has a credit report by contacting the three major credit bureaus—Experian, Equifax, and TransUnion. Request a manual search using your child’s Social Security number. Be prepared to provide proof of legal guardianship before you can conduct a search.
You could be asked to provide a copy of these documents before you can check a minor’s credit report:
- Your driver’s license
- Proof of address
- Your child’s birth certificate or Social Security card
2. Opt for a credit freeze
A credit freeze restricts access to your child’s credit report. This makes it harder for identity thieves to open new accounts in their name and damage their credit scores. It’s a proactive measure to safeguard your child’s financial future.
To place a security freeze:
- Contact each credit bureau: Each major bureau—Equifax, Experian, and TransUnion—requires separate freeze requests.
- Provide identification: You typically need proof of identity, like your child’s Social Security number, to place a freeze.
- Follow bureau-specific instructions: Each bureau has specific instructions for how to freeze your credit. Follow these steps with each of the three credit bureaus.
You can lift a credit freeze at any time, but it can provide peace of mind while it’s active.
3. Invest in credit monitoring products
Credit monitoring products offer an extra layer of protection against child identity theft. They actively monitor credit reports for any unusual activity or new credit inquiries, alerting you to potential fraud.
Options include family plans from places like ID Watchdog, which includes monitoring for children’s credit alongside adults, and child-specific coverage from places like IdentityForce, a TransUnion brand.
Products tailored specifically for monitoring children’s credit often include features like fraud prevention alerts and credit locks.
4. Keep important documents safe
Children’s documents can be gold mines for identity thieves. Key documents include their Social Security card, birth certificate, medical insurance card, and passport.
You can protect documents by storing them in a locked filing cabinet or safe. If you’re storing digital copies on a computer, make sure they’re in an encrypted password-protected folder. Periodically review stored documents to ensure they haven’t been tampered with.
Along those same lines, try to avoid storing important documents in easily accessible places like bedside drawers or your purse or wallet. Also, make sure you shred old documents before tossing them.
5. Limit sharing of personal information
Always scrutinize requests for your child’s Social Security number. Don’t be afraid to ask questions like, “Why do you need it?” or “Can you use a different identifier or just the last four digits?”
If sharing your child’s personal information is absolutely necessary, ensure it’s with reputable institutions like their school. Ask about the institution’s data protection measures and who will have access to the information.
It might feel like overkill, but remember that it’s your right to know how your child’s information is being used and protected. Prioritize their safety by minimizing data exposure whenever possible.
6. Educate your kids about online privacy
Another way you can help prevent child identity theft is by teaching kids about the significance of online privacy and the risks of oversharing personal details.
Explain why they shouldn’t share information like their address, school, or birthdate on social media or with strangers.
If they’ve access to electronics, teach them how to create strong, unique passwords for their devices and accounts. Instilling these habits early helps them navigate the digital world more securely.
7. Dispose of old devices properly
Before disposing of computers or cell phones, erase all personal data to prevent potential identity theft. Start by backing up essential files, then perform a factory reset. This returns the device to its original settings and wipes stored data.
For computers, consider using data-wiping software for an extra layer of protection. You can also physically destroy old hard drives or take them to a professional that offers data destruction services.
8. Watch out for red flags
Child identity theft often gives off early warning signals. Receiving unanticipated bills, letters from the IRS regarding unpaid taxes, or credit denials are all signs of unauthorized use.
If you get any documents in the mail that might relate to your child’s credit history or financial status, review them carefully and take them seriously.
What to do if your child’s identity is stolen
Discovering that your child’s identity has been misused can be alarming, but taking quick action can help mitigate potential damages. Follow these three steps:
1. Report and close fraudulent accounts
Immediately contact companies where unauthorized accounts were opened using your child’s details. Inform the company’s fraud department about the situation and request account closures. Ask for written confirmation that your child isn’t responsible for these accounts.
2. Freeze your child’s credit report
To prevent further unauthorized account openings, initiate a security freeze on your child’s credit report. This restricts access to the report, making identity theft harder for perpetrators.
3. Alert the Federal Trade Commission (FTC)
Go to IdentityTheft.gov to report child identity theft to the FTC. This platform has tailored recovery plans that can guide you through any additional steps you should take for fraud prevention.
Check for child identity theft by age 16
When your child turns 16, the FTC recommends checking if your child has a credit report. This can help you spot any potential signs of identity theft that could hinder them from renting an apartment or taking out a loan in the future.
You can significantly reduce the risk of identity fraud by being proactive. From making credit inquiries to educating your kids about digital safety, early detection is key to preventing long-term financial damage.
It can also open the doors for the children in your life to have a smoother financial journey in their adult years.
AICPA Disability Insurance Claims Guide
As a member of the American Institute of Certified Public Accountants (AICPA), you likely have access to a robust disability insurance policy designed to protect your financial well-being in the event of a disability. Navigating the AICPA disability insurance claim process can be daunting, but with the right approach and support, you can successfully secure the benefits you need to protect your financial future.
Understanding AICPA Disability Insurance
The AICPA offers a group long-term disability insurance plan through Prudential Insurance Company. This plan offers several benefits designed to meet the unique needs of CPAs, including:
Key Steps in Filing a Claim
- Review Your Policy: Start by thoroughly reviewing your policy to understand the specific terms, conditions, and definitions. Pay particular attention to the definitions of “disability” and “own occupation,” as these will be critical to your claim.
- Gather Medical Evidence: Gather comprehensive medical documentation to support your claim. This includes medical records, diagnostic test results, treatment plans, and statements from your health care providers detailing your condition and its effect on your ability to work.
- Notify Your Employer: Inform your employer of your disability and your intention to file a claim. This is often a requirement and can make it easier to gather the necessary employment and wage information.
- Complete the Claim Forms: Obtain and complete the required claim forms from Prudential. Be thorough and accurate in your answers, providing detailed information about your disability, treatment, and how it affects your work.
- Submit Supporting Documentation: Along with the claim forms, submit all supporting documentation, including medical records, employment records, and any other relevant information that may support your claim.
- Follow Up Regularly: Maintain regular communication with Prudential to ensure that your claim is progressing. Respond promptly to any requests for additional information or clarification.
Common Challenges and How to Overcome Them
- Insufficient Medical Evidence: Make sure your medical records are comprehensive and up-to-date. Detailed statements from your treating physicians are critical.
- Policy Exclusions and Limitations: Be aware of any exclusions or limitations in your policy that may affect your claim. Proactively address these proactively with your insurer.
- Pre-Existing Conditions: If your disability is related to a pre-existing condition, be prepared to demonstrate that has been adequately treated and has not previously impaired your ability to work.
- Claim Denials: If your claim is denied, don’t despair. Review the denial letter carefully to understand the reasons for the denial, and consider consulting with a disability attorney to discuss your options for appeal.
When to Seek Legal Assistance
While many AICPA members successfully navigate the claims process on their own, there are situations where seeking legal assistance can be beneficial:
- Coverage Disputes: If there is a dispute over policy terms or coverage, legal expertise can be critical in resolving these issues.
- Appealing a Denial: An experienced disability attorney can guide you through the appeals process, helping you gather additional evidence, craft persuasive arguments, and represent your interests.
At the Ortiz Law Firm, we understand the challenges CPAs face when dealing with disability insurance claims. Our team, led by Nick Ortiz, has extensive experience in handling group disability claims and is dedicated to helping you secure the benefits you deserve. If you need assistance appealing a denial or have any questions about the process, don’t hesitate to contact us online or call (888) 321-8131 for a free case evaluation.
Consolidation Deadline Extended to June 30th! Don’t Miss Out on Credit Toward Loan Forgiveness
Consolidation Deadline Extended to June 30, 2024
Today, the Department of Education announced that the consolidation deadline to take advantage of the payment count adjustment has been extended until June 30, 2024. Borrowers with older federal student loans that are not held by the Department need to apply to consolidate those loans into a Direct Consolidation Loan in order to get additional credit toward having their loans canceled through income-driven repayment (IDR) or Public Service Loan Forgiveness (PSLF) under the payment count adjustment. Borrowers with these loans who missed the previous April 30th deadline will now have one more opportunity to consolidate their loans into the Direct Loan Consolidation program to take advantage of the payment count adjustment.
Borrowers Will See Their Credit Toward Loan Forgiveness in September 2024
The Department also announced that the payment count adjustment should be complete in September 2024 and that borrowers should then be able to see a full and accurate account of their progress toward loan forgiveness through either income-driven repayment and PSLF.
The payment count adjustment has already helped almost 1 million borrowers achieve forgiveness of their student loans. Don’t miss out on this opportunity. If you have a loan that needs to be consolidated to get credit toward loan forgiveness, apply to consolidate today. Read below to see if you need to consolidate your loans by June 30th to get credit toward loan forgiveness.
More information on the payment count adjustment.
Do I need to consolidate my loans to get additional credit toward debt relief?
If you have privately-held FFEL Loans, Perkins Loans, or Health Education Assistance Loans (HEAL), then you need to apply to consolidate those loans by June 30, 2024, to be eligible for additional credit for loan forgiveness on those loans.
How do I know if I have FFEL Loans, Perkins Loans, or Health Education Assistance Loans (HEAL) that are privately held?
Log in to your account on studentaid.gov. On your Dashboard click on “View Details.” Scroll down to “Loan Breakdown.” You only need to worry about loans with a balance and can ignore loans that show a $0 balance.
If the name of the loan servicer starts with “Dept. of Ed” or “Default Management Collection System,” then that loan is held (owned) by the federal government and does not need to be consolidated. If the name of the loan servicer starts with either a company’s name or a school’s name, the loan is privately held and needs to be consolidated by June 30th in order to get credit toward debt relief.
See our page on loan holders for more information.
What does this look like on studentaid.gov?
See the example photo of what the Loan Breakdown looks like. In this example, the borrower has two loans with outstanding balances, one that is already owned (held) by the Department of Education and doesn’t need to be consolidated, and one that is owned (held) by a private lender that needs to be consolidated by June 30th to get credit toward debt relief.
I have loans I need to consolidate – what do I do next?
To apply for a loan consolidation, go to www.studentaid.gov/loan-consolidation/. The application will walk you through the steps. You can also print a paper application. Borrowers with privately-held FFEL, Perkins, or HEAL loans should apply to consolidate as soon as possible—but no later than June 30, 2024—to get the full benefits of the adjustment. As part of the application, you can also apply for the SAVE plan or another payment plan option. The whole process typically takes less than 30 minutes.
Note that you should only consolidate these loans into the federal Direct Loan program. Refinancing these loans with a private company will make them ineligible for the account adjustment and for IDR and PSLF.
