Accounts – Sneer http://sneer.org/ Fri, 11 Jun 2021 14:02:08 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 http://sneer.org/wp-content/uploads/2021/05/sneer-icon-150x150.png Accounts – Sneer http://sneer.org/ 32 32 Litigation Intensifies Over USDA Loan Debt Relief for Minority Farmers http://sneer.org/litigation-intensifies-over-usda-loan-debt-relief-for-minority-farmers/ http://sneer.org/litigation-intensifies-over-usda-loan-debt-relief-for-minority-farmers/#respond Fri, 11 Jun 2021 13:27:00 +0000 http://sneer.org/litigation-intensifies-over-usda-loan-debt-relief-for-minority-farmers/

The USDA did not immediately respond to a request for comment on Friday.

Texas Agriculture Commissioner Sid Miller has filed a similar complaint in Texas regarding the loan program. This case also now has other farmers joining it and the group sponsoring the lawsuit, America First Legal, has also sought a preliminary injunction. U.S. District Judge Reed O’Connor ordered the USDA to respond to the case by Friday, June 11.

The Association of American Indian Farmers and the National Black Farmers Association have also filed joint submissions in the Wisconsin and Texas cases. The groups oppose the injunctions against the repayment of the USDA loan. The groups argue that the court must now assess the impact on socially disadvantaged farmers and ranchers by delaying any relief they were supposed to receive under the program.

At least three other cases have also been filed against the USDA in Florida, Tennessee and Wyoming, also seeking an injunction against the department to move forward.

The loan repayment program follows the US bailout adopted in March which included a provision specifically providing for debt relief of up to 120% for farmers receiving USDA loans who are defined as socially disadvantaged according to a 1990 definition created by Congress that includes African farmers. Americans, Latinos or Hispanics, Native Americans or Native Alaskans, of Asian descent, Hawaiians or Pacific Islanders. Caucasian women, who have been eligible to apply for loans as socially disadvantaged since 1992, are not included in debt relief under the provision passed by Congress in March.

The debt relief was prompted by legislation originally introduced by Sens. Cory Booker, DN.J., and Raphael Warnock, D-Ga., Who championed the Justice for Black Farmers Act to address long-standing issues of discrimination by the USDA that left thousands of black farmers with unpaid loan debts to the FSA. The debt relief provision stipulated that USDA would pay all outstanding debts for USDA direct and guaranteed loans for socially disadvantaged farmers effective January 1, 2021.

A DTN review of FSA loan debt showed that socially disadvantaged farmers had $ 2.67 billion in loan debt as of December 31, 2020, as well as $ 414.9 million in past due debt.

Looking at all of the Farm Service Agency’s loans and loan guarantees, there were 144,802 total borrowers at the end of 2020 with a total outstanding amount of $ 31.7 billion. Republican members of the House agriculture committee had raised concerns during a hearing on the bill that if the USDA loses a lawsuit then the department would be required to repay all those loans.

In an editorial written last week in USA Today, Wisconsin dairy farmer Christopher Baird – one of the plaintiffs in the case – wrote about his 80-acre farm and the 50 to 60 Jersey cows he treats. in Crawford County, Wisconsin. He noted that if the loan forgiveness program was based on criteria other than race, then he would be entitled to nearly $ 200,000 in federal loan forgiveness, plus 20%.

“There is an argument for canceling the loan for individuals, depending on individual circumstances or individual suitability,” Baird co-wrote in the editorial. “But making this broader eligibility based on race, just skin color, is no relief from COVID-19 and it has no place in government. It is the very problem that “He claims to try to solve. It’s using racism against the past racism. It’s not fair. Most of us have learned as young children the phrase” two wrongs don’t make a right; it is truly disappointing that our leaders have forgotten such a basic lesson. ”

Agriculture Secretary Tom Vilsack argued that USDA disbursed tens of billions of dollars in COFOG aid last year – $ 30.7 billion, according to the Congressional Research Service – but that minority farmers received only 1% of this aid. Vilsack wrote in his own column in May: “The reason the payments have gone so heavily to white farmers is that the system is so against farmers of color. Most farm programs are based on the size of a farm and its production history.

Op-ed: Joe Biden’s COVID debt relief for farmers does not apply to white farmers. It’s wrong. https://news.yahoo.com/…

Analysis of loan totals for socially disadvantaged farmers: https://www.dtnpf.com/…

Vilsack op-ed in USA Today https://www.usatoday.com/…

Chris Clayton can be contacted at Chris.Clayton@dtn.com

Follow him on Twitter @ChrisClaytonDTN


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Arbor Realty Trust Closes $ 815 Million Guarantee http://sneer.org/arbor-realty-trust-closes-815-million-guarantee/ http://sneer.org/arbor-realty-trust-closes-815-million-guarantee/#respond Thu, 10 Jun 2021 20:02:00 +0000 http://sneer.org/arbor-realty-trust-closes-815-million-guarantee/

UNIONDALE, NY, June 10, 2021 (GLOBE NEWSWIRE) – Arbor Realty Trust, Inc. (NYSE: ABR), today announced the closing of an $ 815 million commercial real estate mortgage securitization (the “Securitization “). A total of approximately $ 674 million of premium notes were issued (the “Notes”) and Arbor retained a subordinated interest in the issuance vehicle of approximately $ 141 million. The $ 815 million guarantee includes an ability of approximately $ 162 million to acquire additional loans for a period of up to 180 days from the closing date of the securitization.

The Notes have an initial weighted average spread of approximately 137 basis points over one-month LIBOR, excluding commissions and transaction costs. The facility has a replenishment period of approximately two and a half years which allows the principal proceeds of repayments of portfolio assets to be reinvested in eligible replacement assets, subject to certain conditions.

The offering of the Notes was made by way of a private placement. The notes were issued under a trust deed and are initially secured by a portfolio of real estate assets and cash with a face value of $ 815 million, these real estate assets consisting primarily of mortgage bridging loans of first row.

Arbor intends to hold the portfolio of real estate assets through the vehicle to maturity and plans to record the securitization on its balance sheet as funding. Arbor will use the proceeds of this securitization to repay borrowings under its current credit facilities, pay transaction costs and fund future loans and investments.

Certain of the Notes have been rated by Moody’s Investors Service, Inc. and all of the Notes have been rated by DBRS, Inc.

The Securities are not registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent an applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be illegal. prior to registration or qualification under the securities laws of that state or jurisdiction.

About Arbor Realty Trust, Inc.

Arbor Realty Trust, Inc. (NYSE: ABR) is a nationwide real estate investment trust and direct lender, providing loans and services for multi-family, single-family (SFR) rental portfolios and other assets various commercial real estate. Based in New York City, Arbor manages a multibillion-dollar service portfolio specializing in government-sponsored enterprise products. Arbor is a leading Fannie Mae DUS® Lender, Freddie Mac Optigo® Seller / Servicer and an FHA Multifamily Accelerated Processing (MAP) Approved Lender. Arbor’s product platform also includes bridge loans, CMBS, mezzanine and preferred shares. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality and personalized solutions with unparalleled dedication to providing our clients with excellence throughout the life of a loan. .

Safe Harbor Declaration

Certain elements of this press release may constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations and beliefs of management and are subject to a number of trends. and uncertainties that could cause actual results to differ materially from those described in forward-looking statements. Arbor cannot guarantee that its expectations will be met. Factors that could cause actual results to differ materially from Arbor’s expectations include, without limitation, changes in economic conditions in general, and real estate markets in particular, in particular, due to the uncertainties created. by the COVID-19 pandemic, the continued ability to seek out new investments, changes in interest rates and / or credit spreads, and other risks detailed in Arbor’s annual report on Form 10 -K for the fiscal year ended December 31, 2020 and its other reports filed with the SEC. These forward-looking statements speak only as of the date of this press release. Arbor expressly disclaims any obligation or commitment to publicly release any update or revision to any forward-looking statement contained herein to reflect any change in Arbor’s expectations in this regard or any change in the events, conditions or circumstances upon which such a statement is based.


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Bill protects professional licenses from student loan defaulters http://sneer.org/bill-protects-professional-licenses-from-student-loan-defaulters/ http://sneer.org/bill-protects-professional-licenses-from-student-loan-defaulters/#respond Thu, 10 Jun 2021 01:43:15 +0000 http://sneer.org/bill-protects-professional-licenses-from-student-loan-defaulters/

BOSTON (SHNS) – Thirty-one years after the legislature codified a policy allowing professional enrollment boards to deny or revoke licenses for those who fail to repay their student loans, a group of lawmakers are pushing their colleagues to ban this practice.

Representative Natalie Higgins, who introduced one of the many bills (H 3161) to the State Administration and Regulatory Oversight Committee that would decouple professional certification from paying student loans, said to the panel that a bipartisan coalition supported proposals to amend or revoke the 1990 law.

While Higgins said most councils don’t appear to be enforcing license denials or revocations at this point, she urged lawmakers to act now to ensure there is a “clear ban on this procedure.” .

“We shouldn’t be punishing our student loan borrowers by making it even more difficult for them to be able to pay off their student loan debt,” said Higgins, a Democrat from Leominster.

Republican Senator Ryan Fattman of Sutton also introduced a bill (S 2053) repealing the current policy of denial of license to practice for defaulting students, while his Republican colleague David Muradian of Grafton proposed a legislation (H 3208) that would limit revocations only to those who default on loans in three months during a period of 12 months.

In the last session, the Oversight Committee for State Administration and Regulation favorably recommended an earlier version of Higgins’ bill, but it never emerged from the Ways and Means Committee of the Bedroom.


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New York enacts TILA-style disclosure law for business loans and receivables purchases – Finance and Banking http://sneer.org/new-york-enacts-tila-style-disclosure-law-for-business-loans-and-receivables-purchases-finance-and-banking/ http://sneer.org/new-york-enacts-tila-style-disclosure-law-for-business-loans-and-receivables-purchases-finance-and-banking/#respond Wed, 09 Jun 2021 08:36:15 +0000 http://sneer.org/new-york-enacts-tila-style-disclosure-law-for-business-loans-and-receivables-purchases-finance-and-banking/

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The authors provide an overview of a new law in New York and the entities and transactions to which it applies, and discuss the disclosure and signing requirements of the legislation, the exemptions provided, and how the law will be enforced.

New York Governor Andrew M. Cuomo signed SB 54701 in law, which will impose a series of disclosure requirements similar to the loan law on providers of a wide range of trade finance agreements.

SB 5470 was quickly followed by SB 898,2 which changes the scope, exemptions and other provisions of the law.

Under the new “New York Law”, which now comes into effect on January 1, 2022, “suppliers” not exempt from “trade finance” in the amount of $ 2.5 million or less must disclose the terms. keys of the transaction to borrowers and obtain the signature of a borrower before carrying out a transaction.3

The New York law follows in the footsteps of a similar law enacted in California in 2018.4

Both state laws impose disclosure requirements on business loans similar to those that the Federal Loan Truth Act (“TILA”) and Regulation Z place on consumer (e.g., personal) loans. , family or domestic). This article provides an overview of New York law and the entities and transactions to which it applies and discusses the disclosure and signing requirements of the legislation, the exemptions provided, and how the law will be applied.

OVERVIEW AND APPLICABILITY

In signing the original bill, SB 5470, Governor Cuomo noted in the memorandum filed with the bill that he had “obtained an agreement with the legislature to make certain technical changes to this bill in order to better clarify and align with existing requirements under federal law, including the Truth in Lending Act. “5 As a result, SB 5470 was amended with the adoption of SB 898, resulting in changes to the scope, exemptions, penalties and other provisions of the law. Of particular interest, the coverage of individual transactions increased from $ 500,000 to $ 2.5 million.

New York law requires trade finance providers to provide certain information to recipients when extending a specific trade finance offer in a format to be prescribed by the New York State Department of Financial Services. (“DFS”). It will have a significant impact on vendors beyond traditional commercial lenders, as it broadly defines “commercial finance” to include vendors, and third party lawyers, of sales-based financing,6closed commercial financing,7 open commercial financing,8 factoring operations,9 and other forms of trade finance that the DFS can provide through rule making.

To view the full article click here

Footnotes

* Krista Cooley is a partner at Mayer Brown and a member of the firm’s financial services regulatory and enforcement practice. Jeffrey P. Taft is a partner in the Firm’s Financial Services Regulation and Enforcement group and the firm’s Cybersecurity and Data Privacy practice. Daniel B. Pearson is an associate at the firm and a member of the Financial Services Regulatory & Enforcement practice. Residents of the firm’s office in Washington, DC, the authors can be contacted at kcooley@mayerbrown.com, jtaft@mayerbrown.com, and dpearson@mayerbrown.com, respectively.

1 https://www.nysenate.gov/legislation/bills/2019/s5470.

2 https://www.nysenate.gov/legislation/bills/2021/S898.

3 New York law was scheduled to come into force on June 21, 2021 before SB 898 postponed the effective date.

4 https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201720180SB1235. Since enactment, California has undertaken several regulatory proposals to clarify the law and implement disclosure requirements. Comments on the most recently proposed rules were scheduled to take place on October 28, 2020 and a public hearing was held on November 9, 2020.

5 Memorandum # 65 (December 23, 2020), https://www.sfnet.com/docs/default-source/tsl-tslexpress/tslexpress_ny19rsb05470app.pdf?sfvrsn=7ac96eab_2.

6 “Sales-based financing” means “a transaction that is reimbursed by the beneficiary to the supplier, over time, as a percentage of sales or revenue, in which the payment amount may increase or decrease depending on the volume of sales. realized or income received by the beneficiary. Sales-based financing also includes an adjustment mechanism where the financing is repaid as a fixed payment, but provides for a reconciliation process that adjusts the payment to an amount which is a percentage of sales or revenue. NY End. Serv. § 801 (j).

7 “Closed financing” means “a closed credit extension, guaranteed or not, including the financing of equipment that does not meet the definition of a rental contract according to article 2-A-103 of the French Commercial Code. uniform, the product of which the recipient does not intend to use primarily for personal, family or household purposes. “Closed funding” includes funding with an established capital amount and term. ”Identifier. Section 801 (d).

8 “Open-ended financing” means “an agreement for one or more extensions of open-ended credit, guaranteed or not, the product of which is not intended to be used primarily for personal, family or household purposes. “Financing” includes credit extended by a supplier under a plan in which: (i) the supplier reasonably envisages repeat transactions; (ii) the Supplier may impose finance charges from time to time on an outstanding balance; and (iii) the amount of credit that may be extended to the beneficiary during the life of the plan (up to any limit set by the provider) is generally available to the extent that any outstanding balance is repaid. Identifier. Section 801 (c).

9 “Factoring transaction” means “an accounts receivable purchase transaction that includes an agreement to buy, transfer or sell a legally enforceable receivable held by a beneficiary for goods that the beneficiary has supplied or services rendered by the beneficiary which have been ordered but for which payment has not yet been made. Identifier. Section 801 (a).

Visit us on mayerbrown.com

Mayer Brown is a global provider of legal services comprising law firms that are separate entities (the “Mayer Brown Practices”). The Mayer Brown firms are: Mayer Brown LLP and Mayer Brown Europe – Brussels LLP, two limited liability companies established in Illinois, United States; Mayer Brown International LLP, a limited liability company incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales under number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a partnership of Hong Kong and its associated entities in Asia; and Tauil & Checker Advogados, a Brazilian law partnership in which Mayer Brown is associated. “Mayer Brown” and the Mayer Brown logo are registered trademarks of Mayer Brown Practices in their respective jurisdictions.

© Copyright 2020. The Practices of Mayer Brown. All rights reserved.

This article by Mayer Brown provides information and commentary on legal issues and developments of interest. The foregoing does not constitute a complete treatment of the matter at hand and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action on the matters discussed in this document.


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Embrace Home Loans ‘Literally’ Gives Home Chase a Hand | Community http://sneer.org/embrace-home-loans-literally-gives-home-chase-a-hand-community/ http://sneer.org/embrace-home-loans-literally-gives-home-chase-a-hand-community/#respond Tue, 08 Jun 2021 16:26:00 +0000 http://sneer.org/embrace-home-loans-literally-gives-home-chase-a-hand-community/

PORTSMOUTH – Set back from the road near Portsmouth town center with extensive vegetable gardens and woodlands, The Chase Home often relies on the support of local businesses to help maintain its property.

“There are always plans here,” said executive director Meme Wheeler, who said The Chase Home recently hosted Embrace Home Loans for outdoor gardening work.

“There was a lot to do, so we were delighted when they offered to send a team of volunteers,” she added.

A total of nine people from Embrace Home Loans’ NH sales team spent an entire day lopping trees and bushes, weeding flower beds, blowing leaves and cleaning the driveway. The volunteer team also trimmed hedges, cleaned up and around the basketball court, weeded the line of trees / shrubs in front of the house and spread 8 meters of mulch.

“It was a great and productive day,” noted Ray Tweedie, production sales manager for Embrace Home Loans in Portsmouth, who said the volunteers came from their offices in Portsmouth, Bedford and Lebanon, NH.

Referring to The Chase Home as “a fantastic local nonprofit that has been helping young people for over a hundred years,” Tweedie said their support reflects Embrace’s belief in giving back.

“We believe that there are few things better than helping associations and especially those which help young people,” he said. “We were honored to be at their facility, and many of our team have said they would love to come back for a fall cleanup or any other project they may have. “

According to Wheeler, having volunteers on hand at The Chase Home is “a wonderful experience.”

“It’s useful for us as staff, but it also shows the children who live here that the community cares about them and is committed to them,” she said. “It sends a powerful message to children. “

Founded in 1877, The Chase Home in Portsmouth annually serves at-risk youth through prevention, early intervention, residential and community programs. Some youth are served in the community while others live at Chase Home.

To learn more about The Chase Home, visit huntinghome.org.


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Tata Steel could pay off $ 1 billion offshore loans early as cash flow increases http://sneer.org/tata-steel-could-pay-off-1-billion-offshore-loans-early-as-cash-flow-increases/ http://sneer.org/tata-steel-could-pay-off-1-billion-offshore-loans-early-as-cash-flow-increases/#respond Mon, 07 Jun 2021 23:16:00 +0000 http://sneer.org/tata-steel-could-pay-off-1-billion-offshore-loans-early-as-cash-flow-increases/

Tata Steel had a total debt of Rs 88,501 crore as of March 31, 2021, up from Rs 1,16,328 crore a year earlier.

Synopsis

Strong global demand and high steel prices since last year have increased the company’s cash flow, allowing Tata Steel to continue reducing its debt as it seeks to reduce its costs. interest and increase its future profitability.

Tata Steel plans to prepay up to $ 1 billion (7,315 crore rupees) in foreign loans, taking advantage of a commodity price super cycle that has inflated the company’s cash flow, ET told ET three people who know the subject. The country’s largest and longest-serving steel maker has already reduced its debt by more than $ 3 billion in the past three years. Strong global demand and high steel prices since last year have increased the

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AB Linas Agro Group receives a syndicated loan granted by http://sneer.org/ab-linas-agro-group-receives-a-syndicated-loan-granted-by/ http://sneer.org/ab-linas-agro-group-receives-a-syndicated-loan-granted-by/#respond Mon, 07 Jun 2021 06:00:00 +0000 http://sneer.org/ab-linas-agro-group-receives-a-syndicated-loan-granted-by/

Linas Agro Group, agro-food, food production and international trade company, is borrowis lying funds from Luminor, Swedbank and SEB banks. The syndicated loan will be used to finance the acquisition of companies of the KG Group, and will be allowed under permission to execute said acquisition issued by the Lithuanian Competition Council.

AB Linas Agro Group entered into a share purchase agreement regarding the acquisition of majority stake of AB Kauno Grūdai, AB Kaišiadorių Paukštynas, AB Vilniaus Paukštynas and related companies on October 1 of last year. Clearances have already been obtained from the competition authorities of Latvia, Estonia, Poland and Russia. The decision of the Lithuanian Competition Council on the implementation of the concentration is expected in July.

“We have been cooperating with the three banks for a number of years, and they are well aware of the specificities of the food and agrifood business, as well as the growth potential of our group of companies. The previous successful cooperation and mutual trust will allow us to take a big step forward in expanding the scope, areas and geography of our activities, ”said Mažvydas Šileika, CFO of Linas Agro Group.

The amount of the syndicated loan is not disclosed, as it would reveal the value of the transaction, which would be contrary to the agreement between the sellers of the KG Group companies and the buyer on the confidentiality of the transaction.

According to Mr Šileika, about a third of the transaction amount is expected to be equity financed, and the amount of the loan syndicated by the banks will represent 70% of the value of the transaction. At this time, Linas Agro Group is unable to disclose any further information on the agreement with the banks.

The experts of the banks financing the operation consider the planned acquisition as a positive impetus for the development of agricultural and food production companies and their competitiveness on international markets.

“This is a significant country-wide transaction: the merger of two large market players operating in overlapping markets, both of which are groups of vertically integrated and managed agriculture and food companies. A lot of success. We appreciate the confidence of Linas Agro Group in the choice of SEB Bank as principal agent in the transaction concerning this exceptional investment. The company has successfully developed the local and international trade in agricultural products so far; therefore, this acquisition will allow the group of companies to significantly expand its business in the Baltic States, Poland, as well as the Scandinavian markets and other Eastern and Western European markets. The granting of the syndicated loan to finance this acquisition proves that the local banks are ready to finance the business development of Lithuanian companies on the basis of international best practices and successful mutual cooperation ”, says Vilius Juzikis, member of the board of administration and head of the Corporate Banking division. at Banque SEB.

Jonas Urbonas, Head of Corporate Banking at Luminor Bank, notes that there are significant transactions and systemic transactions that change the entire business environment. “In my opinion, Linas Agro is preparing to lead the latter, so we are very happy to be a part of this process. The process will result in the creation of an integrated agricultural and food production sector champion of the Baltic States, which will become an even stronger competitor in the international market. Based on our observations, competition in the aforementioned industries has transcended national borders for some time and takes place regionally, so the ability to offer a wide range of products will promote establishment and growth in the market. all over Europe, ”says J. Urbonas.

“As a long-term financial partner of Linas Agro Group, we are happy not only to help finance this transaction but also to advise our client on matters relating to the acquisition of the KG Group. We believe this transaction will help the client to become a leading company in the region and give it a competitive advantage in export markets ”, says Antanas Sagatauskas, Head of Corporate Banking Division at Swedbank in Lithuania.

About the AB Linas Agro Group

AB Linas Agro Group and its subsidiaries are a group of companies established in 1991 and operating in four countries: Lithuania, Latvia, Estonia and Ukraine. More than 2,100 employees work with group companies. The Group’s consolidated sales for the 2019/2020 financial year amounted to 658 million euros.

Group companies are engaged in the production and trading of agricultural raw materials and food products, as well as the provision of goods and services to farmers. The group has its own network of grain elevators consisting of thirteen such installations and is one of the largest exporters of Lithuanian and Latvian cereals. It is also one of the leaders in Lithuania in the field of supplying goods to farmers (certified seeds, fertilizers and agricultural machinery), as well as a seed preparation factory. In addition, the group owns seven agricultural enterprises in Lithuania and is a large producer of milk. In Latvia, the group has four poultry companies: AS Putnu Fabrika Kekava, CIA Lielzeltini, SIA Broileks and SIA Cerova.

Formore information contact:

Mažvydas Sileika,

Financial Director at AB Linas Agro Group

Phone. +370 619 19 403

Email m.sileika@linasagro.lt


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Federal College PLUS loans can trap parents in debt http://sneer.org/federal-college-plus-loans-can-trap-parents-in-debt/ http://sneer.org/federal-college-plus-loans-can-trap-parents-in-debt/#respond Sun, 06 Jun 2021 09:00:13 +0000 http://sneer.org/federal-college-plus-loans-can-trap-parents-in-debt/

“Things are getting really out of hand for borrowers facing repeated economic or financial ups and downs, especially when they have high interest loans like PLUS loans,” Looney said.

Join Michael Barbaro and the “The Daily” team as they celebrate students and teachers who are ending a year like no other with a special live event. Meet students from Odessa High School, which was the subject of a Times audio documentary series. We’ll even get some noise with a performance by the award-winning Odessa Marching Band Drum Line and a special celebrity opening keynote.

“For a financially secure, high-income parent who makes automatic payments,” he added, “loans work well. But if something bad happens, it’s a disaster.

Parent PLUS loans also offer less protection than other student loans. If borrowers cannot afford to pay, they usually only have access to income-based reimbursement plan, which requires borrowers to pay 20 percent of their discretionary income for 25 years; all that is left is forgiven. Like other student debt, PLUS loans are not automatically discharged through bankruptcy, but require a separate process with more stringent legal hurdles. The consequences of default are serious: the government can confiscate tax refunds and seize wages and Social Security.

While data on default rates for PLUS parent loans is limited, it is much lower than for loans taken out by undergraduates, but remains a concern, the student loan researchers said. To keep their debts manageable, parents should not borrow more than what they earn in a year – for all children, said Marc Kantrowitz, expert in financial aid.

“A significant portion of parents borrow more,” he added.

Misty Wyscarver, 55, of Caldwell, Ohio, sent her four children to college and now carries nearly $ 194,000 in parent PLUS loans for three of them. Her youngest graduated in May 2020.

“We qualified for very little student aid,” Ms. Wyscarver said. “Kids only got Pell Grants when two kids were enrolled at the same time. “

Despite the heavy load, she is perhaps one of the lucky ones. As a public servant for over 30 years, Ms. Wyscarver is eligible for the Civil Service Loan Waiver Program, which, given her salary of $ 50,000, cuts her monthly payments to around $ 250 from $ 2,000. . After 120 payments, over 10 years, any remaining balance is canceled. But to remain eligible for the remaining nine years of her youngest child’s education payments, she must continue to hold eligible employment.


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Rajasthan begins granting harvest loans http://sneer.org/rajasthan-begins-granting-harvest-loans/ http://sneer.org/rajasthan-begins-granting-harvest-loans/#respond Sat, 05 Jun 2021 17:56:13 +0000 http://sneer.org/rajasthan-begins-granting-harvest-loans/

The government of Rajasthan began providing crop loans during the COVID-19 pandemic to farmers who benefited from the loan waiver in 2018 and 2019 after becoming in default. The move is expected to benefit more than 7.50 lakh farmers who have been denied further loans as their past due debt had already exceeded 5,000 each, although there are no outstanding amounts at present.

Cooperatives Minister Udai Lal Anjana said here on Saturday that farmers are tied to the short-term credit facility and are receiving loans for this year’s Kharif harvest cycle. Central cooperative banks will grant them loans of 25,000 each or up to their credit limit, whichever is less.

The loan amount could be increased over the next harvest cycles, Anjana said. A committee has been appointed to bring farmers into the scope of the short-term credit guarantee.

The Congressional government announced a loan exemption for farmers shortly after taking office in December 2018, placing an estimated burden of 18,000 crore on the treasury. Defaulters’ agricultural loans of up to ₹ 2 lakh each from banks were canceled with a deadline, while there was no monetary cap for cooperative loans.

The previous BJP regime had waived agricultural loans of up to 50,000 each obtained from cooperative banks.

Chief Minister Ashok Gehlot later said that the BJP government only paid farmers 2,000 crore and left his government with a burden of 6,000 crore.


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