The Three Sections of the Federal Student Loan Refinancing Act

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Introduction

Refinancing student loans has been a challenge to many students after school due to several reasons. Some students fail to get job immediately the graduate from college while some get jobs but have more financial commitments that they barely have enough money to repay their student loans. Therefore, on October 9, 2015, Mr. Peters alongside nine others introduced a bill in the House of Representative through the Committee on Education to legislate a law that will help students consolidate their loans for easy refinancing. The bill was referred to as H.R. 3751. This bill had three critical sections as elucidated here:

Critical sections

Below we have detailed the three main sections that would give you some useful information.

Section 1: Title

This part defines the draft law by providing a short title as the “Federal Student Loan Refinancing Act”. The objective of the bill is to enable some students borrowing federal loans to refinance them with little difficulty.

Section 2: Student loan consolidation

This article aims at making amendments to the 1965’s Higher Education Act, particularly on section 459B to allowkpkjkjjjj students who have more than one loan to consolidate them and facilitate repayment. This part established a temporary loan consolidation authority to handle some loans disbursed after July 1, 2006. It set out the categories of loans that qualify for consolidation including federal direct loans and other loans as well as the loans consolidation period.

It also set out the terms and conditions of the loans, which include determination of interest rate on federal direct consolidation loans, an original fee to take care of the cost of servicing and making the loan, and any other benefit that students borrowing loans can earn or receive. Based on the contents of this section two, students have an advantage and more benefits with this act in place than before its enactment. On the rate of interest, for instance, the law provides that the applicable interest rate on a federal direct consolidation loan shall be four percent.

The benefits provided for under this act include participation in particular repayment plans, accrual of monthly disbursements as part of the public service loan forgiveness and toward a loan discharge, forbearance, and deferments.

Section 3: Exemptions from other laws

kjkjjkkjjkjjkIn this part, the act outlines other statutes that shall not apply to it regarding the student loan consolidation and refinancing. Some of such laws inapplicable include the Paperwork Reduction Act, mainly chapter 35 of title 44, and the rule making requirements entrenched in the Higher Education Act of 1965, particularly Section 482(c) and 492.

Going forward, students have an advantage in consolidating and refinancing their loans because of the favorable provisions, terms, and conditions established by this act.

The Best Colleges Based on the Princeton Review

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Introduction

Before you select a college to register with in pursuit of you higher education, you would probably ask yourself certain questions or have some preferences in mind. It is significant that you know the features and qualities of different colleges and identify the best college that you would want to join based on your preference.

Princeton conducted a review of 380 top colleges by surveying about 136,000 students to rate their colleges on a variety of topics. This blog contains the Princeton Review of best colleges. Here is a list of some of the best colleges that featured in different categories.

Category

Below are the top colleges based on particular categories.

Most beautiful campus

Based on the survey questions, the majority of the students surveyed rated Rollins College bnplkjmbvxz(FL) as having the most beautiful campus out of the 380 top colleges. If your interest is to enjoy the aesthetics of your college ground, then this is the choice for you.

Best college library

Going to college is significantly about studies and books. Therefore, as a student, you need an environment fully equipped with learning materials to help you with your learning process. The best college regarding library facility is Yale University (CT)

Best campus food

If you are looking to enjoy the most delicious food while studying in a college, then choose Bowdoin College (VT) because it topped the list in this category.

Best college dorms

Bennington College (ME) got the highest number of marks on students’ dormitories indicating that it has quality facilities and amenities for boarding students.

Community service

This category was a new one this year, and students were asked to rate their engagement on community service. Students from Brandeis University (MA) led in having participated in more activities in the society.

Best health services

If your priority is learning in an environment where your health concerns come first and get the most consideration, then the University of California –Davis (CA) became number one on this because it has state-of-the-art equipment as well as the best medical practitioners to take care of you.

Best athletic facilities

For students who like sports, the best college with greatest athletic facilities was Kenyon College (OH). Join them today and you will not be disappointed.

Happiest students

Students who gave more marks for being happy at the campus were students from Vanderbilt University (TN).

Best professors

On the ranking of college professors, the students at Swarthmore College (PA) gave their lecturers the highest marks to emerge top.

Other categories

afmkplkmjbvOther ratings on the survey included the most liberal students were from Marlboro College (VT), the best conservative students were from Thomas Aquinas College (CA), while the University of Illinois at Urbana- Champaign (IL) topped as the party school.

Questions to Ask Before Refinancing Student Loans

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Getting a student loan to finance your education is a brilliant idea. You are guaranteed of completing your studies and making repayments once you have graduated. There has been an increase in the number of private lenders who refinance student loans.

Refinancing student loans

As such, students have a choice of refinancing their loans. However, you need to ask a few questions before you decide to refinance such loans. This post addresses the questions to ask before refinancing student loans. Here are three questions you need to ask yourself before you opt for refinancing your loan with private lenders.

Questions

Will you be able to exchange the federal loan protection with a lower rate?

The good thing about the federal loans is that the interest is fixed and it does not change with the changes in thegbvfdxzwq economy or an increase in interest rate. However, when the economy has low interest rates, the federal rates can be a bit high.

The rates for subsidized undergraduate loans were ranging from 3.4% to 6.8% while the unsubsidized undergraduate loans where between 3.86% and 6.8%. This rate is high compared to the private refinancing that has rates of 1.9%. There is no doubt that you will save a lot of money if you refinance.

Do you qualify?

Given the low interest rates offered by private lenders, you may be tempted to go for refinancing. You need to know whether you meet the eligibility requirements. You should have a credit score of above 620, good income, stable job and low debt to income ratio. As such, you need to have a good credit history too.

In case you are a graduate, you have to ensure that your loan payments are up to date. These payments will play a significant role in improving your credit score. The application process for the loans is done online. The applicant needs to send a proof of their job security such as work contract.

What are the costs?

kkjkjkjkjqwwIn case you have all the eligibility requirements, you can choose from the many lenders available. You can inquire from your bank. You need to carry out research before you settle with a given lender.

Some of the questions you need to ask are regarding origination fee, the loan terms, if the rate is variable or fixed, whether there is a penalty fee for prepayment and the benefits that the lender offers. By knowing all the costs needed, you will be better positioned to make flexible payments.  Therefore, before you decide to refinance your loan have everything at your fingertips.