Thursday, April 07, 2011

My Daily Domestic Clips 04/08/2011 (a.m.)

  • Another reason to E-file!

    tags: currentevents

    • Other officials familiar with plans warned privately that the IRS would cease processing refunds for paper-submitted tax returns
  • The bill would keep the military paid for the rest of the year while continuing to cut spending elsewhere. But interesting how the media is spinning it as the GOP being irresponsible?

    tags: areyousorryyet?

    • WASHINGTON -- President Obama promised on Thursday to veto a House Republican bill that would keep the government open for one extra week and cut $12 billion in spending, while also funding the military through the remainder of the fiscal year.

      Obama had dismissed the gesture in private meetings and Senate Majority Leader Harry Reid (D-Nev.) called the measure a "fantasy" and a "non-starter," but Thursday's veto threat was the president's clearest signal that the House Republican stopgap is doomed.

  • tags: college collegeplus homeschooling finance

      • Have other loans Students already in hock through student loans or other borrowing are more likely to engage in the risky behaviors shown above.
      • Work Students who have wage income have better access to credit, and they use it - but not well. They are more likely to engage in the risky behaviors shown above.
      • Live off campus Students who live off campus tend to be more independent and engage in the risky behaviors shown above.
      • Are first-generation collegians Being the first in your family to attend a university is closely associated with having credit card debts, being late in payments, not paying balances in full, and maxing out the limit.
      • Pay their own way Students who are financially independent are more likely to have three or more credit cards, have credit card debts, make late payments, and not pay the balance in full.
      • Are credit-card newbies The earlier a student gets their first credit card, the less frequently they will use it but the more likely they are to have credit card debts. Students who get their first credit cards in their first year in college are more likely to be late payers and carry a balance.
  • tags: college homeschooling finance

    • n recent months I have interviewed and profiled debt-strapped adults who can trace their financial difficulties back two or three decades — to their college days and their mishandling of student loans. Their stories are representative of millions of folks who start adult life with a degree, but in hock, and who never manage to get a handle on their finances. Many of these people end up filing for bankruptcy in their 40s or 50s.
    • Don’t borrow more than you need. This sounds obvious. But a lot of students treat their student loans like an ATM, spending more than they should on clothes, iPods, Blackberries and spring break while borrowing all they can from banks and the government to pay for their tuition, supplies and room and board. This is not free money.
    • Pay interest while still in school. If you can, stay current with the interest expense on your student loan from the beginning rather than let this bill be tacked onto your balance each month. Your interest might total as little as $25 to $50 a month. That’s not a big commitment and come graduation you’ll owe only the amount you borrowed, not the amount you borrowed plus interest. You might cut the repayment period in half and save 30% over the life of the loan, says Sallie Mae.
    • Set a Budget. T
    • Don’t defer payments. New grads typically may defer payments for six months from the last day of school and at other times after that for hardship reasons. This debt is almost never dischargeable in bankruptcy. You will pay it — and the longer you defer the bigger the interest expense.
    • Apply for loan forgiveness. By volunteering with AmeriCorps, Peace Corp. or VISTA you may qualify to have some or all of your college debt wiped away. Other options include spending time in the military, teaching, and doing social work. Look here for more information

Posted from Diigo. The rest of my favorite links are here.

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