Consolidation Loans combine several student or parent loans in to six bigger loan from a single lender, which is then used to pay off the balances on the other loans. it is very similar to refinancing a mortgage. Consolidation loans are obtainable for most federal loans, including FFELP (Stafford, PLUS & SLS), FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans & Direct loans. Some lenders offer private consolidation loans for private education loans as well.







Most FFELP lenders are no longer offering consolidation loans because these loans are no longer profitable. Students can still consolidate their loans with the US Department of Education's Federal Direct Loan Consolidation program at loanconsolidation.ed.gov even if their college does not participate in the Direct Loan Program.

A separate page provides a comparison chart of consolidation loan discounts.

The interest rate on a consolidation loan is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent & capped at 8.25%.

Interest Rates

If the borrower has a mix of loans with different interest rates, the weighted average will be somewhere in between. For example, if the borrower has $5,000 of Perkins Loans (at 5.0%) & $10,000 of unsubsidized Stafford Loans (at 6.8%), the weighted average is

For example, suppose a student has unsubsidized Stafford Loans originated on or after July 1, 2006. These loans have a fixed interest rate of 6.8%. When they are consolidated by themselves, the consolidation loan will have an interest rate of 6 & 7/8ths of a percent, or 6.875%. So the interest rate increases only slightly.

This weighted average, 6.2%, is then rounded up to the nearest 1/8th of a percent, yielding a consolidation loan interest rate of 6.25%.


$5,000 * 5.0% + $10,000 * 6.8%
------------------------------ = 6.2%
$5,000 + $10,000

Note that the weighted average does not fundamentally adjust the underlying cost of the loan. It preserves the cost structure by including each interest rate to the extent that it applies to part of the overall loan balance. For example, the consolidation loan in the previous paragraph says that of the $15,000 consolidation loan balance, $5,000 will be at 5.0% & $10,000 at 6.8%, yielding an equivalent interest rate of 6.2%.

If you're consolidating loans with different interest rates, the weighted average interest rate will always be in between. Don't be fooled if somebody tries to suggest that this will save you money by getting you a lower interest rate. The interest rate may be lower than the highest of your interest rates, but it is also higher than the lowest of your interest rates. More importantly, the amount of interest you pay over the lifetime of the loan will be about the same.

The PLUS loan interest rate loophole can reduce the interest rate on 8.5% fixed rate PLUS loans by 0.25% through consolidation.

(For the mathematically inclined, there is a slight difference due to the different shapes of amortization curves at each interest rate. In the example given above on a 10 year term, $10,000 at 6.8% has a monthly payment of $115.08 & total interest paid of $3,809.66, $5,000 at 5.0% has a monthly payment of $53.03 & total interest paid of $1,364.03. If you add these, you receive a total monthly payment of $168.11 also a total interest paid of $5,173.69. Using the weighted average, $15,000 at 6.2% has a monthly payment of $168.04 also a total interest paid of $5,165.01. So using a weighted average yields a very small reduction in the monthly payment (in this case, 7 cents) & in the total interest paid ($8.68) due to a kind of triangle law. Of coursework, when you consolidate the interest rate is rounded up to the nearest 1/8th of a point, so $15,000 at 6.25% has monthly payments of $168.42 & total interest of $5,210.42, yielding a slight increase. So you pay a tiny bit of a premium for consolidation, due to the rounding up of the interest rate.

If you were deferring the interest on an unsubsidized Stafford Loan by capitalizing it, most lenders will add the capitalized interest to principal when you consolidate. (Lenders can capitalize interest at most quarterly, but most capitalize it two times when the loans enter repayment or at other loan status changes.)

No Cost to Consolidate

Under no circumstances pay a fee in advance to receive a federal education loan or consolidate your federal education loans. there's no fees to consolidate your loans. While other federal education loans, such as the Stafford & PLUS loans, may charge some fees, the fees are always deducted from the disbursement check. There is never an up front fee. If somebody wants you to pay an up front fee, chances are that it is an example of an advance fee loan scam.

Aside from a slight increase in the interest rate on the consolidation loan, there is no cost to consolidate your loans. there's no fees to consolidate.

Both student & parent borrowers can consolidate their education loans. (Students & parents cannot combine their loans through consolidation, since only loans from the same borrower can be consolidated. But they can consolidate their loans separately.)

Who Can Consolidate

Married students are no longer able to consolidate their loans together. This provision was repealed effective July 1, 2006. When married students consolidated their loans together, each spouse became responsible for the full amount of the loan, & the loans couldn't be separated if the couple got divorced. To avoid such problems in the future, Congress decided to repeal this provision as part of the Higher Education Reconciliation Act of 2005.

Students can only consolidate their education loans during the grace period or after the loans enter repayment. (Loans that are in default but with satisfactory repayment arrangements may also be consolidated.) Students can no longer consolidate while they are still in school. (The early repayment status loophole & the ability of Direct Loan borrowers to consolidate during the in-school period was repealed as part of the Higher Education Reconciliation Act of 2005, effective July 1, 2006.)

Parents, however, can consolidate PLUS loans at any time.

You Can Consolidate with Any Lender

Most lenders need a maximum balance before they will consolidate your loans. For example, lots of lenders will only offer consolidation loans for borrowers with loan balances of at least $7,500. A few lenders will offer consolidation loans for balances of $5,000 or more, & the Federal Direct Consolidation Loan program has no maximum balance for consolidation loans. (Lenders may not discriminate against borrowers who seek consolidation loans on the basis of number/type of student loans, type/category of educational institution, the interest rate on the loans, or the type of repayment schedule sought by the borrower. Lenders are, however, able to discriminate on the basis of the amount of the loans being consolidated, so lenders can set a maximum balance on the loans.)

Students & parents can consolidate their loans with any lender, even if all of their loans are with a single lender. (The single holder rule was repealed on June 15, 2006, as part of the Emergency Supplemental Appropriations Act of 2006. Borrowers no longer need to exploit the single holder rule loopholes in order to consolidate with any lender.) Direct Loans can also be consolidated with any lender. This allows you to shop around for a lender that offers a lower rate or better discounts.

Which Loans Can be Consolidated?

Any federal education loan can be consolidated. You can even consolidate a single loan. there's, however, a few restrictions on consolidating a consolidation loan.

You can consolidate a consolidation loan only two times. In order to reconsolidate an existing consolidation loan, you must add loans that were not previously consolidated to the consolidation loan. You can also consolidate six consolidation loans together. But you cannot consolidate a single consolidation loan by itself. These restrictions have been in effect since early 2006.

Note that when you reconsolidate a consolidation loan, it does not relock the rates on the consolidation loan. The consolidation loan is treated as a fixed rate loan within the weighted average interest rate formula used to calculate the interest rate on the new consolidation loan. Consolidation does not pierce the veil on previous consolidations.

The new restrictions on consolidating a consolidation loan limit your ability to use consolidation to switch lenders. Generally, you will consolidate your loans two times, toward the end of the grace period or after the loans enter repayment, & then be locked in to that lender for the lifetime of the loan. If you require to preserve your ability to use consolidation in the future to switch lenders, you should exclude six of your loans from the consolidation.

Repayment Plans

Consolidation loans provide access to several alternate repayment designs besides standard ten-year repayment. These include extended repayment, graduated repayment, income contingent repayment (Direct Loans only) & income sensitive repayment (FFEL only). If you do not specify the repayment terms, you will get standard ten-year repayment.

Consolidation loans often reduce the size of the monthly payment by extending the term of the loan beyond the 10-year repayment plan that's standard with federal loans. Depending on the loan amount, the term of the loan can be extended from 12 to 30 years. The reduced monthly payment may make the loan easier to repay for some borrowers. However, by extending the term of a loan the total amount of interest paid over the lifetime of the loan is increased.

You do not need to pick an alternate repayment plan. they recommend sticking with standard ten-year repayment, because it will save you money. The alternate repayment designs may have lower monthly payments, but this increases the term of the loan & the total interest paid over the lifetime of the loan. See our caveat about extended repayment below.

In certain circumstances (for example, when six or more of the loans was being repaid in less than 10 years because of maximum payment requirements), a consolidation loan may decrease the monthly payment without extending the overall loan term beyond 10 years. In effect, the shorter-term loan is being extended to 10 years. The total amount of interest paid will increase unless you continue to make the same monthly payment as before, in which case the total amount of interest paid will decrease.

Repayment on a consolidation loan will begin within 60 days of disbursement of the loan, unless the borrower qualifies for an deferment or forbearance.

Federal education loans, including consolidation loans, do not have a prepayment penalty. So you can pay off all or part of your federal education loans without incurring a penalty. If you require to take advantage of this, be sure to include a letter with the extra payment indicating that it should be applied to reducing your principal. Otherwise, the lender may treat it as an advance payment of the next month's monthly payment.

Tools for Evaluating Consolidation Options

FinAid's Loan Consolidation Calculator can help you understand the tradeoffs of consolidating your loans. It compares the reduction in the monthly loan payment with the increase in the total interest paid over the lifetime of the loan. It also shows you the interest rate on your consolidation loan.

Before consolidating, always evaluate the benefits provided by the current holder of your loans. The loan discounts offered by originating lenders tend to be superior to those offered by consolidating lenders, since consolidation loans have tighter margins. Also, if you received a fee waiver or rebate from the originating lender, you may have to repay that discount if you consolidate with another lender. It may be possible to get some of the benefits of alternate repayment designs without consolidating, such as extended/graduated repayment with a loan term of up to 25 years also a single monthly payment, if you have over $30,000 in federal education loan debt accumulated since October 7, 1998 with the lender. (This is due to a little known provision of the Higher Education Act, in section 428(b)(9)(A)(iv), & the regulations at 34 CFR 682.209(a)(6)(ix).)

Despite the switch to fixed interest rates on Stafford & PLUS loans eliminating a key financial incentive to consolidate, there's still several reasons to consolidate your education loans. These include having a single monthly payment, access to alternate repayment designs, the PLUS loan interest rate loophole, & the ability to reset the 3-year clock on deferments & forbearances. But consolidation can cut short the grace period, although the grace period loophole can work around this problem. it is best to avoid consolidating Perkins loans, because you lose several valuable benefits. Beware of extending the term of your loan, as this can increase the total interest paid over the lifetime of the loan; you can stick with standard ten-year repayment.

You can adapt the repayment schedule on your loan two times per year. So consider starting off with standard ten-year repayment on your consolidation loan. you're not required to start off with extended repayment. If you find it difficult to afford the payments, you can always switch to extended repayment later.

The Sixth Amendment guarantees a criminal defendant the right to a quick trial by an impartial jury; the right to be informed of the nature of the accusation against him, the right to confront witnesses against him & the right to have an attorney assist in his defense. The defendant may also act as his own attorney, if desired.





Criminal Law: Serious Offenses
criminal lawCriminal law, or penal law, is enforced by the government & includes crimes such as murder & rape. Criminal law is one-of-a-kind as to the serious consequences of not abiding by the law. The punishment for breaking criminal law can include execution, incarceration, (including solitary confinement), house arrest , parole, probation or fines, including seizing funds & property.

Murder, an unlawful killing, is the most frequent criminal offense. Degrees of murder include: first degree murder (based on intent & malace), manslaughter (murder without intent, but based on provocation or diminished capacity), & Involuntary manslaughter (murder occurring based on recklessness).

Breaking the criminal law can mean a "guilty act" such as striking a victim, or a failure to act, such as withholding food from a young child. A "guilty mind" includes the purpose to commit a wrongful act. A killing committed with an intent to kill would be murder, whereas a killing that occurred as a result of a reckless act would be manslaughter.

Battery is unlawful touching, assault is generating fear of imminent battery & may result in criminal liability. Battery includes non-consensual intercourse or rape.

Criminal law may also protect property, & includes embezzlement, trespassing, theft, robbery, burglary & fraud.

Enforcement
criminal Criminal law is enforced by the following punishments: retribution, deterrence, incapacitation, rehabilitation & restitution.

Retribution: Criminals should be made to suffer in some way.

Deterrence: The penalty for criminal behavior is aimed at discouraging such behavior.

Incapacitation: The personal committing criminal offences is removed from society by being jailed or given the death penalty.

Restitution: The offender may be required to repair the hurt inflicted on the victim, for example an embezzler will be required to repay the amount stolen.

Rehabilitation: Rehabilitation tries to transform the offender in to a valuable member of society & aims to prevent further offenses.

Introduction







what are Structured Settlements?

there's plenty of legal requirements and restrictions that affect who can buy structured settlements, so if you are interested in purchasing a structured settlement, you will require to work with a company who matches structured settlements with investors.

How to Purchase Structured Settlements

When law suits are settled, damages may be awarded in a lump sum, or a series of payments. A settlement which is awarded in a series of payments over time is called a structured settlement. Structured settlements are generally created by using a third party intermediary to provide the financing.

State and federal law may restrict the sale of structured settlements, and there's plenty of legal complications that can arise. Since you'll be exchanging money for the right to receive future payments, you'll require to make sure that you are protected.

1. Work with an established broker.
2. Look for a structured settlement financing company who is a member of the National Structured Settlements Trade Association who also places settlements with private investors.
3. Get multiple quotes to ensure you get the best deal.
4. Retain an attorney to review the agreement to ensure your interests are protected.

What Is a Structured Settlement?




sometimes when a plaintiff settles a case for a large sum of funds, the defendant, the plaintiff's attorney, or a financial planner consulted in association with the settlement, will propose paying the settlement in installments over time than in a single lump sum. When a settlement is paid in this manner it's called a "structured settlement". Often the structured settlement will be created through the purchase of two or more annuities, which guarantee the future payments.

two significant advantage of a structured settlement is tax avoidance. With appropriate set up, a structured settlement may significantly reduce the plaintiff's tax obligations as a result of the settlement, & may in some cases be tax-free.

A structured settlement can provide for payment in much any schedule the parties select. For example, the settlement may be paid in annual installments over some of years, or it may be paid in periodic lump sums every few years.

Benefits of a Structured Settlement

In some situations, it will be better for a severely disabled plaintiff to set up a special needs trust, than entering in to a lump sum or structured settlement. Any plaintiff who is receiving, or expects to get, Medicaid or other public assistance, or the guardian or conservator entering in to a settlement on behalf of a disabled ward, should consult with a disabilities financial planner about their situation before choosing any particular settlement option or structure.
Potential Disadvantages of Structured Settlements


A structured settlement can protect a plaintiff from having settlement funds dissipated, when they are necessary to pay for future care or needs. sometimes a structured settlement can help protect a plaintiff from himself - some people basically aren't lovely with funds, or can't say no to relatives who require to "share the wealth", & even a large settlement can be rapidly exhausted. Minors may benefit from a structured settlement as well, such as a settlement which provides for certain costs during their youth, an additional disbursement to pay for college or other educational expenses, & then two or more disbursements in adulthood. An injured person who has long-term special needs may benefit from having periodic lump sums with which to purchase medical equipment or modified vehicles.

Some people who enter in to structured settlements feel trapped by the periodic payments. they may wish to purchase a new home, or other pricey item, yet be unable to muster the resources because they can't borrow against future payments under their settlement.

Some people will do better by accepting a lump sum settlement, & investing it themselves. lots of standard investments will give a greater long-term return than the annuities used in structured settlements.

Selling a Structured Settlement

Keep in mind that companies which buy structured settlements intend to profit from their purchase, & sometimes their offers may seem low. You may benefit from approaching over two company in relation to the sale of your settlement, to make sure that you receive the highest payoff. You also require to be sure that the company which wants to buy your settlement is established, well-funded, & reputable - you don't require a fly-by-night outfit to receive the rights to your annuities but to disappear or go bankrupt before paying you the buyout funds. You may have to be going to court to receive a judge to approve the buyout. it's usually a lovely idea to consult with a lawyer before entering in to an agreement to sell your settlement.
Special Considerations

If you have a structured settlement, you may have been approached by a company interested in purchasing your settlement, or may be curious about selling your settlement in return for a lump sum buyout. About two thirds of states have enacted laws which restict the sale of structured settlements, & tax-free structured settlements are also subject to federal restrictions on their sale to a third party. Also, some insurance companies will not assign or transfer annuities to third parties, to discourage the sale of structured settlements. As a consequence, depending on where you live & the terms of your annuities, it may not be possible for you to sell your settlement.


Excessive Commissions - Annuities can be highly profitable for insurance companies, & they often over large commissions. it's important to ensure that the commissions charged in setting up a structured settlement don't consume an inappropriate percentage of its principal.

Any person entering in to a structured settlement should be on guard for potential exploitation in relation to the settlement:

Overstated Value - sometimes, after negotiating a particular settlement figure, the defense will overstate the value of a structured settlement. As a result the plaintiff, in accepting the settlement, in fact obtains a significantly lower dollar value than was agreed on. Some defendants have nominally paid the full amount of the settlement, knowing that they would later receive significant rebates from the annuity companies they used. Plaintiffs should consider compariing the fees & commissions charged for similar settlement packages by a variety of insurance companies, to make sure that they are in fact getting full value. A plaintiff may wish to make it a condition of the settlement that the defendant will actually pay the full value of the settlement in setting up the structured settlement, & that any rebates received by the defendant for annuities included in the settlement be payable to the plaintiff.

Self-Dealing - there's been cases where the plaintiff's lawyer is also in the insurance business, & sets up a structured settlement on behalf of a client without disclosing that the attorney is purchasing the annuities from his own business, or is pocketing a large commission on the annuities. Similarly, there's been situations where the plaintiff's attorney has referred the client to a particular financial planner to set up a structured settlement, without disclosing that the financial planner will be paying the attorney a referral fee in relation to the client's account. Make sure that you know what financial interest, if any, your lawyer has in relation to any financial services sold or recommended by the lawyer.


Life Expectancy - it's unfortunate, but lots of people who get large personal injury or workers' compensation settlements will have a shortened life expectancy as a result of their injuries. it's important to consider life expectancy in association with any structured settlement, & to consider whether it's appropriate to enter in to an annuity where payments will cease on death. sometimes it will make sense to insist on an annuity that pays a maximum number of payments, or two that will pay a balance in to the plaintiff's estate, such that the value of the settlement is not lost to an insurance company on the plaintiff's untimely death.



Using Multiple Insurance Companies - For larger settlements, it often makes sense to purchase annuities for a structured settlement from several different companies, dividing the settlement between those companies. This can provide you with protection in the event that a company that issued annuities for your settlement package goes in to bankruptcy - even in the event that two of the companies defaults in part or in full on your settlement payments, you would still get full payment from the other companies.

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Forex trading is essentially the buying and selling of currencies from around the world on a centralized foreign exchange system. The basic means of making money in this area is to capture the differentials in currency prices.

For example, if you purchased Japanese Yen you may be able to trade 104 Yen for every dollar. If the Yen then moves up in value against the dollar, you can buy back into the dollar at a better exchange rate.

Foreign currency trading is done in lots of $100,000. While this sounds daunting, the foreign exchange system allows high margin rates. Of course, margin increases your exposure to loss, so you really have to know what you are doing.

One recommended way to get around this is to trade a mini-Forex account, and to use a Forex trading software package. This option allows you to trade in $10,000 lots. Therefore, with the high margin allowances in the Forex, you could make trades with as little as $100. One cautionary note about small trade sizes however, is that you will need bigger pip differentials to make a decent profit.

Currencies fluctuate for a variety of reasons, and predicting these fluctuations can be accomplished with technical analysis, and observation of current events, politics, and the economy of the country whose currency you are interested in. Many traders choose to focus their efforts on one foreign currency and look for buy and sell signals by trading the dips and swells of that currency.

As you gain exposure to the Forex business you will notice the frequent use of the word "pip." The Forex market trades currency prices in pips. A pip means "percentage in point." In the Forex world this pertains to the fourth decimal point, which is equal to 1/100th of 1%.
Forex trading can be complex, so again, advanced training is highly recommended for new traders. Overall, here are some common Forex tricks and tips to get you started:

• Use a 15-minute chart to monitor dips and swells.

• The majority of currency trading focuses on the following currencies: U.S. Dollar, Japanese Yen, Euro, British Pound Sterling, Swiss Franc, and the Australian Dollar.

• As you gain experience you will not for bigger pip spreads in your exchange differentials. A pip spread of 20 is generally considered a good trade.

• Normal technical analysis techniques you may have used in stocks do not necessarily work in currencies. You will need to learn technical analysis specifically designed for Forex.

• Minimize losses by setting stop-loss orders.

• Be careful how you interpret tips and your gut instinct. Learn to base your trade decisions on verifiable facts.

Forex, options and futures trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex markets. Don't trade with money you can't afford to lose.