Category: near tomorrow

14 Sep

Obama Student Loan Reform Bill Government Loans: New Education Reform and Federal Student Loan Consolidation

In the healthcare bill which was passed by Congress in late March of 2010, there were many additional stipulations which were written into the bill to help pay for the massive health care reform. One of those stipulations was that the government was going to take over the student loan business for hopeful college grads, post-grads and beyond.

But while much has been made of the Obama Student Loan Reform Bill, it left many people wondering just what the heck was in it because it was overshadowed by the healthcare bill. Here are some of the proud points as reported by CNN that are encompassed in the Obama Student Loan Reform Bill.

When Does the Student Reform Bill Begin?

The switch over will begin on July 1, 2010. Durning the following 10 years, the United states government seeks to make $500 billion in loans to students according to the CBO. (Congressional Budget Office)

How Does the Obama Student Loan Reform Bill Affect the Pell Grant Program?

Because of a deficit shortfall, the Pell Grant program awards were slated to drop after the 2009-10 school year to a lower amount of $2,150. Currently the maximum award is $5,350. Because of the new legislation, the maximum award under the Pell Grant Program will actually increase to $5,975 during the next school year.
What Percentage Rate will be Charged for the Obama Student Loan Reform Bill

The United States government is borrowing the money at an interest rate of 2.8 percent. The money will then be lent to students at a rate of 6.8 percent. The 4 percent profit that the government makes will be applied toward further funding of students loans as well as funding portions of the Health Care and Education Reconciliation Act of 2010.

Helping Students Currently Paying Loans

Currently students who are still paying down loans after 25 years have the remainder of their federal student loan debt forgiven. According to the University of Houston Newspaper, this term will be lowered to 20 years.

Additionally, for instant payday loans online that are taken out after 2014 the bill calls for the maximum amount that a graduate is required to pay from their salary to be capped at 10 percent. As of now that amount is 15 percent.

How Much Does this Save the Taxpayers?

According to the CBO, the reform of student loans essentially cuts out the middle man when providing the money. This is said to save taxpayers $61 billion over the next decade.

2 Jun

Internet Loan Scam – Rockcliff Venture

Well you always say it will never happen to you. I was one of those people but, it did!! We were having things rough and needed some money to help finish our addition we built on. Also some money to try to pay off the credit cards and like everyone else some extra to live off of.. Knowing that our credit wasn’t nothing to brag about, I of course went to the Internet to see what I could find. I didn’t want to pay out more than what I already was paying so I applied to a couple of different places and wasn’t anything interesting. Until, I got an email from a place called Rockcliff Ventures. I filled out the application and soon after competling it I got a telephone call from the same place. I talked to the person on the phone and seemed like they wanted to help I told them I would have to think about it and get back to them. They were fine with that, they gave me their phone number and his extension so I could talk directly to him.
I explained to him that we had a 3 year old son and my fiance is on disability and that we were building an addition to our mobile home and that since the hurricane the price of the wood has tripled and we just ran out of money, we also wanted to take care of some credit cards and help with Christmas. He seemed to really understand and care, which felt nice to actually have someone to understand what we needed and why we needed it. After hanging up with him I actually felt kind of relieved.

I hung up and did my research on the Internet. I looked up Rockcliff Ventures on the BBB Better Business Bureau and found nothing. I even looked up their address and found out they were in a business office in Oklahoma, I also tracked their phone number, came back fine. I even went as far to call the local BBB to just double check, they told me ” they have nothing bad on them at all”. Well, to me that sounds great, but come to find out that isn’t true. Nothing bad also means nothing good.

I had to Western Union them $1000.00 for the first 4 months payments up front for good faith and then they would send the loan amount directly to my bank account. So I did the $1000.00 and I faxed them our bank account number, voided check, a copy signed of the contract and waited. Well for some reason the Western Union didn’t go through and I had to go somewhere else. So I did that and they called to say that it finally went through. But the thing is I had a bad feeling about this whole thing but figured it was just because no one else was willing to help us. But they told me that their was someone in Canada that was fronting the money and I had to send the Western Union to a certain person and say that it was family business. They said that it would be cheaper on the payment to send it. Well, after all of this I was still waiting and waiting. I called them and they said that since we did the transfer on Friday that the bank will not always accept them in time to post it to my account before they close. Which sounded right to me and I even called my bank to confirm. Which they said is sometimes true not to worry. Will more than likely be there Monday morning after opening. I said fine and waited until Monday.

Well Monday came and went and I called Rockcliff Ventures again and guess what happened. The phone number I had didn’t work anymore. The extension didn’t work anymore, there was no way to get in contact with them. So I knew that we were Scammed!!!!! So not giving up I messed with the phone number a little bit and finally got another phone number, I even talked to the same person. They said I must have wrote the phone number down wrong or just dialed it wrong. Right, what ever, you know that important business you don’t mess up on something like that. I told them I wanted my money back and I am done. They agreed and said they send refund checks out on the 15th of the month and will receive it shorty after that. Still wondering if I was scammed or not I said fine and decided to wait.

Well the 15th came and went like everything else and no money, no check, and no contact. So I went back on the Internet and got on their website and reapplied for another loan with my finance name and his cell phone number, and also used a friends name and number, just to see if they would contact them so I could get their new phone number cause, yes they changed it again. Well a day went by and they called both of them. So I got the phone number and contacted them and still got the run around. The next day, their new phone number was off. Again no contact.

So again back to the computer and I got on the BBB and reported them, I went to the site of their website contacted the Internet site of the web site and got it shut down. I even contacted everyone on the Internet that was about scams, I even got contacted by the FBI about it. I had to fax everything I had to them about and for the loan. I even had to contact my local sheriffs department. They were at my house for over an hour. They tried to call the Western Union and told them they needed the name and address on the person who picked up the transfer. They told them that it had to be a local official he told them again who he was and that he was a sheriff in our home town. But, they told him that he would have to fill out some paperwork and fax some paperwork and report it to the Western Union main office. Which whom we thought we were already talking to, we were on the phone for over an hour. Well, from there nothing locally was done.

The FBI never told me anything and of course I never got our money back. The main reason I am writing this is so everyone knows that just because you check everything out it still my not be legal. Also just cause you check with the BBB keep in mind that they don’t have bad things on places if people like you and me don’t turn them in. But doing everything I can helped me feel a little better about losing $1000.00.

Do everything you can and try to go with someplace you have heard of or that is local to you. That is the best thing you can honestly do. I hope this don’t happen to anyone else.

I would like to know your stories too, please email me with your scams.

2 Jun

Cash Rebate Credit Cards Offer Great Rewards on All Purchases

Cash rebate credit cards provide consumers with the opportunity to receive a percentage of their total spend as a cash payment. Although there are other factors to take into account, a credit card reward scheme offers a way of making some extra cash from intended purchases. Deals can and do vary greatly, but performing appropriate research and asking the right questions will help to identify market leading credit card with cash back deals. It is important to appreciate that the way credit is managed is fundamental to whether a cash rebate card is the right option.

Eligibility Criteria for Cash Rebate Credit Cards

In order to get approval for the best reward credit cards, a good or excellent credit score is essential. Rising default rates amongst customers have led to issuers tightening their lending and eligibility criteria considerably. As Liz Pulliam-Weston of MSN Money points out: “That means you need to have FICO credit scores of at least 660 to qualify for most run-of-the-mill rewards cards.” Lenders can now cherry-pick their customers so the requirement of a score of 750 or above is not uncommon. It is advisable to perform some credit repair before applying for a reward card in order to increase the likelihood of approval.

How to Get the Best Credit Card with Cash Back Deals

  • Pay down debt with savings before applying for new forms of credit. The amount of money owed, expressed as a percentage of the amount of available credit, accounts for up to 30 percent of a FICO credit score rating.
  • Apply for credit card reward programs based on careful research. Don’t make too many card applications as each credit search shows for 12-months. Too many searches is likely to lead to rejection.
  • Avoid using more than 30 percent of the allocated credit limit on a card. To achieve a better credit score, keep this figure under 10 percent.
  • Don’t leave old credit and store cards gathering dust. Rather than closing them down, use them once or twice a month and settle the balance.
  • Request a copy of a free credit report and check this for errors. For example, lapsed debts that still show as active or forms of credit that were never taken out. Provided that the appropriate supporting information is provided, this information can be disputed.

Is a Credit Card Reward Scheme Worthwhile?

Whether cash rebate credit cards are right for the consumer depends heavily upon how credit is managed. If the sort of person who carries a large balance forward each month, it is unlikely to be the right choice. This is because the rate of interest on unpaid debt will far exceed a credit card with cash back program. It is essential that discipline is exercised and that cash rewards cards are only used to make every-day and essential purchases.