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One of the biggest debts people have today is their student loans. Many people are looking for ways to reduce their debt. The good news is that there are ways to do it. However, these solutions are not for everyone.

Student Loans Debt Relief Programs

There are qualifications and requirements for each program. You need to find out if you are qualified for one. To get you started, here are ways to manage student loan.

1. Forgiveness Programs

The good news is there are forgiveness plans that can cancel student debt. The bad news is that it’s not easy to meet the requirements of these programs. The person gains qualification after rendering service for a certain number of years in a specified career field that includes teaching and the military.

Most programs are limited to federal loans. If you have a private loan, you might want to look for other ways to manage it. The following are some of the initiatives available for people with federal loans:

i. Income-Driven Repayment Plans

There are four types of income-driven repayment plans available for qualified borrowers. Their purpose is to cap monthly payments based on one’s income. When you are part of the package, the balance can be eligible for forgiveness after twenty to twenty-five years. This type of plan is ideal for people with large balances compared to their income. As long as they pay the installments diligently every month, they can easily be in the running for forgiveness.

ii. Public Service Employees

Government employees and those employed by qualified non-profit organizations can apply for this initiative. Qualified individuals can have their balance cancelled after making at least 120 payments. The best thing about this package is that the forgiven amount is tax-free. To be eligible for the initiative, you must make payments as part of an income-driven plan.

iii. Teachers

Public school teachers can be eligible for forgiveness after working for five years in a row. The package can forgive up to a maximum of $17,500, as long as they took out their loans after October 1, 1998.

2. Discharge Programs

There are several situations that can result in the discharge of your federal loans, however, the difference between forgiveness and discharge is that you are charged for the remaining balance for the latter.

i. Closed School

You can get a discharge if the college shuts down. To meet the requirements for a discharge, you must be enrolled or left within 120 days before the school shut down.

You should contact the loan provider to apply for a discharge. Keep in mind that you must continue making the monthly payments on the loan while the lender is processing the discharge application. Once approved, there’s no need to make loan payments. There are cases in which the creditor refunds some or all of the payments made on the student debt.

ii. Defrauded by Colleges

Defrauded students can be eligible for debt relief. They need to file for a borrower defense repayment claim to begin the process. Once the Department of Education approves the claim, the loan is cancelled. The school must be involved in extensive falsification or deception that affected many students.

iii. Total and Permanent Disability

If a person can’t work due to permanent disability, the loan’s remaining balance can be cancelled. The disability can be mental or physical; however, be eligible, the individual must provide documents proving the disability.

Once the loan is discharged, the government will monitor one’s disability and finances for a maximum of three years. Failure to meet the requirements during this period will result to the reinstatement of the loans.

iv. Death

Federal loans are discharged after the death of the borrower. The creditor requires a death certificate to process the loan cancellation. If the parent’s PLUS loan was used to pay for the college education, it can be discharged if either the parent owning the loan or the student dies.

3. Refinancing

If an individual isn’t in the running for a forgiveness or discharge, he or she can opt for refinancing to pay the student loan. Refinancing allows the borrower to apply for a new loan to pay off all existing debts with the companies like lend up, prosper or nation21loans.com. Refinancing can save you thousands of dollars over the life of the loan. However, refinancing depends on your credit score, repayment period, and the existing interest rates. As long as you have a steady income, it is advisable to refinance the debts as soon as possible.

Most private lenders have strict underwriting requirements. Refinancing is applying for a new loan, and that means lenders consider several factors to determine whether to approve the application or not. Just like any private loans, lenders consider the borrower’s credit score, income, employment, and other debts, just to name a few factors.

If you want to go through refinancing, shop around for lower interest rates. Getting the lowest rate available will save you more money. Some lenders offer refinancing with interest rates as low as 1.95 percent.

Make sure you ask the lender if they can combine private and federal loans if you have both. Some lenders can bundle all types of student debts together. Be careful, though, because refinancing a federal loan with a private provider will disqualify you for forgiveness, discharges, and income-based repayment plans.

These are the things you should know about reducing or cancelling your student debt and making it more manageable. You should consider all options available before deciding. Make sure to check all opportunities for discharge or forgiveness first before opting for refinancing the student loan.

Find out the best financial solution for your situation. Don’t give up if you are not qualified for programs offered by the federal government.

You should also do proper research when looking for ways to manage college debt. Some organizations claim they can help with your finances but charge costly fees. The only way to get debts cancelled is through the legal programs offered by the government. Applying for one is free as long as you qualify.

An EIN or Employer Identification Number is used by the internal revenue services to identify your business for tax purposes. It is a nine-digit number set up like 12-3456789. So, it is similar to a social security number but can be distinguished.

Employer Identification Number

EIN numbers are required for any and all entities for the sole purpose of taxes and being able to confirm that you are a credible business. To obtain an employer identification number, you can visit the website IRS-EIN-Tax-ID. You would need to use and obtain an EIN number if you:

  • Recently started or own a business
  • Hired or will hire employees
  • Opened a bank account for business purposes that require a tax identification number
  • Changed the ownership of your business
  • Have or created a trust, pension plan, corporation, partnership, or LLC
  • Are an executor of an estate that operates a business after the owner’s death

In any of these instances, you would need to apply for an EIN number or use an EIN number. All business entities are required to use an EIN to identify the taxpayer. The different entities include:

  • Sole Proprietor/Individual
  • Limited Liability Company
  • Trust
  • Estate (deceased)
  • Partnership
  • Corporation, S-Corporation, Personal Service Corporation
  • Church-Controlled Organizations
  • Non-Profit

IRS-EIN-Tax-ID has broken down the process of applying for your tax identification number into three simple steps.

  1. Select entity
  2. Enter information
  3. Review and submit

For example, if you are applying for an estate EIN, you would input all the information needed for the estate EIN. Government agents will assist you during filing and processing. This assures that your information is correct, and your paperwork will process smoothly. It is crucial to input all the information correctly because if not, your application will be rejected, and you will have to do another.

PayStub is widely known as pay slip, salary slip and pay advice. Paystub is an official document which is paid to an employer by an employee for services rendered. From the past few decades, the conventional method of paying remuneration has been replaced by modern methods such as an electronic direct depositing approach. Through this method, employee’s bank account or payroll card is loaded with salary on a monthly basis and a paystub is sent to the employees to give them details about their total earnings. It also includes some information about Gross pay, taxes, deductions, net pay and so on and all this information is included as per the law of each country.

Significance of Paystubs

Sometimes, Paystub is directly attached to the paycheck. But, if the salary is directly paid into bank account, then it is either sent as a notice to the employee’s address or directly handed over to the employee. In many cases, it may not receive by employees, so it’s a great idea to ask this salary slip from your human resource department. It is quite useful to keep it to verify final payment or any deduction. You can show this slip if you may feel you have got unexpected deduction from your employer.

Why pay slips must be kept?

Pay slips or salary slips keep a great significance for both a boss and workers. It may use for both legal and personal purposes.

A worker should keep this as an employment proof because it will be quite helpful when you will change your job and many companies ask for salary slips to verify your last employment or remuneration. Moreover, you can use it as payment proof while paying income tax or return filling. Besides, it works fabulous while approving any government loan and it is also accepted as a tenant. Furthermore, it is quite beneficial when you apply for any international visa or Permanent residency.

An employer must keep salary slips of employees to provide payment to them or to show them deduction detail when they want. Moreover, it can be used as a document while filing a return.

Included Information on pay stubs

  • Tax Information: Tax detail varies from senior employees to junior worker. Including taxes such as; federal taxes, state taxes and local taxes. All these taxes utterly depend on personal income and area of living and working.
  • Deductions: Some companies deduct insurance like health, disability, dental and life and these companies pay it to local legal authorities for worker future prospective.
  • Salary garnishments: salary garnishments are those deductions which are done by the employer to pay the loan installment of a worker such as; education loan and personal loan.
  • Total Gross pay: Gross pay is the total amount of salary without making any deduction from it.
  • Total Net pay: This is a final payment which has done after all the above deductions.

How to create a Paystub?

For this query, there is only one answer “pay stub generator”. It is an online website which is especially made for generating pay slips. Both the employer and employee can use this website.

  1. First of all, employee or employer has to create an account on pay stub generator and log in there.
  2. Then, you just need to fill form including details of name, address, business information, company logo, Tax ID etc.
  3. After completing above steps, you will need to fill remuneration detail either it is hourly basis or it is monthly basis.
  4. Moreover, you will have to fill the all the deductions that have been done before paying. If you get your payment through check, you have to add the check number while filling the form.
  5. Finally, you will have to review the added information for final confirmation, after confirming all the information, just select a template and proceed to pay. After that you can either download paperless paystubs or can print the physical copy through an attached printer.

Conclusion

Paystubs are often needed for verifying jobs or loan purposes. Thus, it is better to ask your boss for salary slips whenever you get your wages. It will be beneficial in legal formalities as well as help you out in filling a tax.

In mid-March, Facebook faced a major scandal concerning a security breach that allowed data firm Cambridge Analytica to access data from around 50 million of the social network’s users, without their permission. But it was way more than we thought, 87 million according to Facebook.

Facebook Data Scandal

This data was allegedly used to target American voters with political ads to enhance the efficiency of Donald Trump’s presidential election campaign. Psychographic profiles were drawn up thanks to information gleaned by app called “thisisyourdigitallife” created by Aleksandr Kogan, a Russian-American psychology professor at the University of Cambridge.

This personality prediction app helped the company to collect information not only from Facebook users who took the test, but also from their friends. Facebook claims that Kogan told the company he was compiling data merely for academic purposes, while it now seems that Kogan had planned all along to hand his research over to Cambridge Analytica, so that it could be used for political campaigning in the US.

It has also transpired that Facebook knew about this misuse of data 2 years ago, but failed to share this information with the public. The company simply removed the app from its platform and asked Kogan to delete the data he had gathered.

Since then, Facebook stock has been in free fall, losing more than USD 30. But what might affect its share price even more is the European Union’s General Data Protection Regulation (GDPR) law, which should go into effect on May 25th. The GDPR deals with online privacy and plans to force websites to be far more open with their users on how exactly they collect and use their data. This law should provide more protection to users regarding access to their data and the way it is shared. Fines for companies which break this law could be up to 4% of their annual global revenues.

Tech companies have been hit hard recently by dwindling user trust in many of their most popular products, pushing down the markets. The extent to which Facebook is going to be affected by this latest scandal and the GDPR law is unknown, but serious concerns have been raised about the company’s lack of respect for user privacy.

While many investors are currently selling tech holdings, traders who believe that the current controversy is merely a blip are taking the opportunity to buy leading FANG stocks through global stock brokers that provide financial products and trading platforms. Among the most reliable broker you can use is UFX.com, which offers CFDs on most US blue chips, cutting-edge trading tools and a range of advanced charts.

Having a business idea is one thing but having the money to fund it so that it becomes a reality is quite another. Thankfully, there are a number of different ways to get startup funding so that you can start your company on the right foot. Here are some of them.

Startup Funding

Your Savings

If you have savings or perhaps you received a large redundancy payout, then this might be the best thing you can use for funding your new business. You won’t owe anything to anyone so you can begin your company without any debt which is a great position to be in if you can manage it. It also means that you don’t have to give away any equity at an early stage in the life of your business and this can make a big difference when you want to entice larger investment at a later date.

Friends and Family

You may not like the idea of asking your friends and family for money, but if you’re serious about making your business a success then you may need to do exactly this. If you do, remember to treat it like any other loan or business transaction. It’s true you may be able to negotiate some favorable terms on repayments, but it is important to draw up a legal contract so that everyone knows where they stand. No one wants a business situation to go wrong and ruin a relationship.

Investment

Business angels are people who search for innovative and interesting businesses and invest their own money into them in the hopes of a good return when profits start to be made. A business angel investor can be anyone (even family members as mentioned above) and can work individually or in groups. Some might want to take an active role in the company and others will prefer to take more of a backseat and be a silent partner.

Business Loan

Business loans are perhaps the simplest way to fund your business; you borrow money from a bank or other lender and then pay the money back with interest. The payments are usually monthly. Since the banking crisis of 2008, obtaining a business loan has become harder, and there are more stringent rules applied. You will need to have created a business plan that details how you intend to make money and what your profits are expected to be amongst other things.

If you decide not to use a bank to obtain your business loan then make sure you research other lenders properly before you choose one because interest rates and payment terms can differ hugely. Simply search online for Quarterspot reviews, for example, and you should be able to gather all the information you need.

Credit Card

Although starting a business on a credit card is not an ideal way to begin because the interest rates can be high and you are putting yourself into personal debt for your venture, it can be the only option. If so, try to use a card with a low introductory interest rate offer or an interest-free period to give yourself as much assistance in paying the money back as possible. A credit card is best for a small amount of money over a short period of time; for long-term credit, other options should be researched first.

E-Commerce Guide

Technology has played a vital role in getting us where we are today and has affected all aspects of life. Business is no different in this regard; the current literacy rate shows that almost 95 percent of the consumers are aware of the e-commerce and its perks, while 51% of Americans Shop online. Rather than wandering into markets and buying commodities, they prefer to buy accessories and necessities off the internet shelves with plastic money rather than using real money; which is safer. If you’re still doing business from a conventional brick and mortar store; then it’s time to upgrade and join the competition.

Here is an easy guide for you to get your business online.

Going Plastic:

The first step to take is to start accepting plastic money, i.e. Credit/Debit cards. You can do this by opening a merchant account. A merchant account is a type of bank account that allows businesses to accept money in multiple ways. Commonly a merchant account lets you receive money by the means of credit cards, debit cards and ACH payments. Some companies also offer to receive payments by Gift Cards, Discount Cards and Loyalty Cards. You can learn more about this on Merchant Account Solutions.

Go with the Flow:

Go with the latest trends and use the equipment to suit it. You can use a new Clover POS to organize your business. A Clover Station POS is effective, fast and gives the impression of secure and futuristic shopping to the customer. The new generation of customers is all about carrying less; that means lesser than credit cards too. You will need a point of sale that can accept payments via NFC, Android Pay and Apple Pay to lure the youth.

Bricks and Clicks:

If you’re also thinking about running an e-store then, you should definitely learn about Payment Gateways. Payment gateway or credit card payment gateway is an e-commerce application administered by merchant service providers to authorize and process credit card and direct payments for your business. You may use a payment gateway with an integrated virtual shopping cart. A virtual shopping cart is very helpful to customers as they can select multiple items and decide later which ones they want to purchase.

Be Systematic:

You should start with a Competitive Landscape Analysis; it means to research and distinguish your online presence from the competition online. Other than that, you should hire a professional and experienced web site developer for web development as the design and navigation of the web site matters massively to the customers. You should also keep in mind to develop a marketing plan that should contain publishing customer service policies. Customer service policies are very important to outline the best procedures to handle and process the customer complaints as well as other positive and negative feedback.

These are a few tips for you to get the most out of your business, if you want more help, you can read these helpful lessons from e-commerce businesses to benefit from.

Featured Image Source: pixabay

Pay Off Debts

Dealing with debts can be very stressful. Many people are not able to sleep well thinking about the debts they owe which they need to pay. As a mom, you usually handle and manage the finances at home including the budgeting.

There are times wherein there is no other option but to borrow money like for example credit card bills, fixed rate home loan, car loan and many others. Since you are in-charge of the finances, it is also your responsibility to pay these debts with the money you and your partner earn every month. It takes a good budgeting and management skills to be able to say good bye to your debts.

In this article, we will share some tips to help you pay off your debts as soon as possible:

Tip 1: List Down All Your Debts from the Largest up to the Smallest

Seeing the entire picture will allow you to plan and prepare thoroughly. Thus, you need to list down all your debts to know the exact amount you need to pay and how are you going to divide it per month to include the payment to your monthly budget. This way, you know how long it will take like 6 months or 1 year for you to pay off everything according to your budget. Some people does not want to know the exact amount of their debts thinking it’s “just big”. Well, it will not lead you anywhere if you will close your eyes to the reality.

Tip 2: Allot Budget for Each Debt

After seeing the entire damage that you need to repair, it is time to plan your actions. You should allot budget to pay each debt like how much will go to your credit card bills, to your loan, and other things. Make sure to be consistent every month.

Tip 3: Come up with Weekly or Monthly Budget Plan

Speaking of budget, it is also advisable that you come up with weekly or monthly budget plan for the household including all expenses every month. Once you do that, you will see how much is left every month. Then, you can probably add some amount to your original budget for debt repayment. That way, you will be able to pay off faster.

Tip 4: Pay Your Monthly Dues on Time

It is also important to ensure that you will pay your dues on time especially credit card bills and loans since they accumulate interest and late payment fees.

Tip 5: Avoid Abusing Your Credit Cards

You should also refrain from excessive use of your credit card. It will not help you, instead, it will even make you go deeper into debts. You should use cash in your purchases to also avoid interest fees. Also, spending cash will prevent you from overspending.

Tip 6: Stay Away from Vices

Vices like smoking, drinking or gambling will do you no good and it will not pay off your debts. In fact, you will probably accumulate more debts with these vices. So just stop and use the money for debt repayment instead.

It would be a lot more peaceful when you have no debts to worry. Follow the tips that we discussed in this post to help you say good bye to your debts and be able to manage your finances well.

Featured Image Source: pxhere