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Income-based Repayment
Income-based repayment or income-driven repayment (IDR) is a student loan repayment program in the United States that regulates the amount that one needs to pay each month based on one's current income and family size. The phrase is an umbrella term for four specific repayment plans that are available within the William D. Ford Federal Direct Loan Program (FDLP, FDSLP, and Direct Loan) and the Federal Family Education Loan Program (FFEL). All these four repayment plans are also named as Income-Based Repayment (IBR), Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE), and Income-Contingent Repayment (ICR). Mechanics Payments under the IBR Plan are 10% or 15% of discretionary income but never exceed the 10-year standard repayment amount. Whether a borrower pays 10% or 15% of discretionary income depends on when the borrower first started borrowing student loans. * 10% of the borrower's discretionary income if they borrowed on or after July 1, 2014 * 15% of the borrowe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Student Loan
A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses. It may differ from other types of loans in the fact that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in school. It also differs in many countries in the strict laws regulating renegotiating and bankruptcy. This article highlights the differences of the student loan system in several major countries. Australia Tertiary student places in Australia are usually funded through the HECS-HELP scheme. This funding is in the form of loans that are not normal debts. They are repaid over time via a supplementary tax, using a sliding scale based on taxable income. As a consequence, loan repayments are only made when the former student has income to support the repayments. Discounts are available for early repayment. The scheme is available to citi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
October
October is the tenth month of the year in the Julian and Gregorian calendars and the sixth of seven months to have a length of 31 days. The eighth month in the old calendar of Romulus , October retained its name (from Latin and Greek ''ôctō'' meaning "eight") after January and February were inserted into the calendar that had originally been created by the Romans. In Ancient Rome, one of three Mundus patet would take place on October 5, Meditrinalia October 11, Augustalia on October 12, October Horse on October 15, and Armilustrium on October 19. These dates do not correspond to the modern Gregorian calendar. Among the Anglo-Saxons, it was known as Winterfylleth (Ƿinterfylleþ), because at this full moon, winter was supposed to begin. October is commonly associated with the season of spring in parts of the Southern Hemisphere, and autumn in parts of the Northern Hemisphere, where it is the seasonal equivalent to April in the Southern Hemisphere and vice versa. Octob ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Whitehouse
Whitehouse may refer to: People * Charles S. Whitehouse (1921-2001), American diplomat * Cornelius Whitehouse (1796–1883), English engineer and inventor * E. Sheldon Whitehouse (1883-1965), American diplomat * Elliott Whitehouse (born 1993), English footballer * Eula Whitehouse (1892–1974), American botanist * Frederick William Whitehouse (1900–1973), Australian geologist * Jimmy Whitehouse (footballer, born 1924) (1924-2005), English footballer * Mary Whitehouse (1910–2001), British Christian morality campaigner * Morris H. Whitehouse (1878–1944), American architect * Paul Whitehouse (born 1958), Welsh comedian and actor * Paul Whitehouse (police officer) (born 1944) * Sheldon Whitehouse (born 1955), American politician from the state of Rhode Island * Wildman Whitehouse (1816–1890), English surgeon and chief electrician for the transatlantic telegraph cable Places ;in the United Kingdom * Whitehouse, Aberdeenshire, location of the Whitehouse railway stati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
NARA
The National Archives and Records Administration (NARA) is an " independent federal agency of the United States government within the executive branch", charged with the preservation and documentation of government and historical records. It is also tasked with increasing public access to those documents which make up the National Archive. NARA is officially responsible for maintaining and publishing the legally authentic and authoritative copies of acts of Congress, presidential directives, and federal regulations. NARA also transmits votes of the Electoral College to Congress. It also examines Electoral College and Constitutional amendment ratification documents for prima facie legal sufficiency and an authenticating signature. The National Archives, and its publicly exhibited Charters of Freedom, which include the original United States Declaration of Independence, United States Constitution, United States Bill of Rights, and many other historical documents, is headquart ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Department Of Education
The United States Department of Education is a Cabinet-level department of the United States government. It began operating on May 4, 1980, having been created after the Department of Health, Education, and Welfare was split into the Department of Education and the Department of Health and Human Services by the Department of Education Organization Act, which President Jimmy Carter signed into law on October 17, 1979. The Department of Education is administered by the United States Secretary of Education. It has 4,400 employees - the smallest staff of the Cabinet agencies - and an annual budget of $68 billion. The President's 2023 Budget request is for 88.3 billion, which includes funding for children with disabilities (IDEA), pandemic recovery, early childhood education, Pell Grants, Title I, work assistance, among other programs. Its official abbreviation is ED ("DoE" refers to the United States Department of Energy) but is also abbreviated informally as "DoEd". Purpose and fun ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Barack Obama
Barack Hussein Obama II ( ; born August 4, 1961) is an American politician who served as the 44th president of the United States from 2009 to 2017. A member of the Democratic Party, Obama was the first African-American president of the United States. He previously served as a U.S. senator from Illinois from 2005 to 2008 and as an Illinois state senator from 1997 to 2004, and previously worked as a civil rights lawyer before entering politics. Obama was born in Honolulu, Hawaii. After graduating from Columbia University in 1983, he worked as a community organizer in Chicago. In 1988, he enrolled in Harvard Law School, where he was the first black president of the '' Harvard Law Review''. After graduating, he became a civil rights attorney and an academic, teaching constitutional law at the University of Chicago Law School from 1992 to 2004. Turning to elective politics, he represented the 13th district in the Illinois Senate from 1997 until 2004, when he ran for the U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Service
The Internal Revenue Service (IRS) is the revenue service for the United States federal government, which is responsible for collecting U.S. federal taxes and administering the Internal Revenue Code, the main body of the federal statutory tax law. It is an agency of the Department of the Treasury and led by the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States. The duties of the IRS include providing tax assistance to taxpayers; pursuing and resolving instances of erroneous or fraudulent tax filings; and overseeing various benefits programs, including the Affordable Care Act. The IRS originates from the Commissioner of Internal Revenue, a federal office created in 1862 to assess the nation's first income tax to fund the American Civil War. The temporary measure provided over a fifth of the Union's war expenses before being allowed to expire a decade later. In 1913, the Sixteenth Amendment to the U.S. Constitutio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Service Loan Forgiveness
The Public Service Loan Forgiveness (PSLF) program is a United States government program that was created under the College Cost Reduction and Access Act of 2007 (CCRAA) to provide indebted professionals a way out of their federal student loan debt burden by working full-time in public service. The program permits Direct Loan borrowers who make 120 qualifying monthly payments under a qualifying repayment plan, while working full-time for a qualifying employer, to have the remainder of their balance forgiven. The earliest time in which borrowers could receive forgiveness under the program was after October 1, 2017. The Department of Education reported that 2,215 borrowers had the remainder of their respective student loans forgiven under the program as of April 30, 2020 for a denial rate of 98.5%. The PSLF program has received criticism and has been the subject of litigation by loan-holders trying to discharge their student loans. Qualifying employers Government organizations or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loan Servicer
Loan servicing is the process by which a company (mortgage bank, servicing firm, etc.) collects interest, principal, and escrow payments from a borrower. In the United States, the vast majority of mortgages are backed by the government or government-sponsored entities (GSEs) through purchase by Fannie Mae, Freddie Mac, or Ginnie Mae (which purchases loans insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA)). Because GSEs and private loan investors typically do not service the mortgage loans that they purchase, the bank who sells the mortgage will generally retain the right to service the mortgage pursuant to a master servicing agreement. The payments collected by the mortgage servicer are remitted to various parties; distributions typically include paying taxes and insurance from escrowed funds, remitting principal and interest payments to investors holding mortgage-backed securities (or other types of instruments backed by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Student Loan Data System
The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s (ED) central database for Federal Student Aid. Retrieved on June 8, 2010 NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other ED programs. NSLDS Student Access provides a centralized, integrated view of loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data. Source of information The loans and grants listed on the NSLDS website have been reported from dif ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt-to-income Ratio
In the consumer mortgage industry, debt-to-income ratio (often abbreviated DTI) is the percentage of a consumer's monthly gross income that goes toward paying debts. (Speaking precisely, DTIs often cover more than just debts; they can include principal, taxes, fees, and insurance premiums as well. Nevertheless, the term is a set phrase that serves as a convenient, well-understood shorthand.) There are two main kinds of DTI, as discussed below. Two main kinds of DTI The two main kinds of DTI are expressed as a pair using the notation x/y (for example, 28/36). # The first DTI, known as the ''front-end ratio'', indicates the percentage of income that goes toward housing costs, which for renters is the rent amount and for homeowners is PITI (mortgage principal and interest, mortgage insurance premium hen applicable hazard insurance premium, property taxes, and homeowners' association dues hen applicable. # The second DTI, known as the ''back-end ratio'', indicates the percentage ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Perkins Loan
A Federal Perkins Loan, or Perkins Loan, was a need-based student loan part of the Federal Direct Student Loan Program, offered by the U.S. Department of Education to assist American college students in funding their post-secondary education. The program was named after Carl D. Perkins, a former member of the U.S. House of Representatives from Kentucky. Perkins Loans carried a fixed interest rate of 5% for the duration of the ten-year repayment period. The Perkins Loan Program had a nine-month grace period, so that borrowers began repayment in the tenth month upon graduating, falling below half-time status, or withdrawing from their college or university. Since the Perkins Loan was subsidized by the government, interest did not begin to accrue until the borrower began to repay the loan. In the 2009–2010 academic year, the loan limits for undergraduates were $5,500 per year with a lifetime maximum loan of $27,500. For graduate students, the limit was $8,000 per year with a lifet ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
