Effects of the Health Care & Education Reconciliation Act Seen as Top Law School Loan Provider Closes up Shop
Posted by Administrator in Uncategorized on November 19, 2011
Effects of the Health Care & Education Reconciliation Act Seen as Top Law School Loan Provider Closes up Shop. By Cait Doyle, guest blogger.
If you are one of the 190,000 borrowers who call Access Group Inc. your lender, I’m sure you have already heard the news. And if you are an aspiring law student, just beginning your quest for a low-interest rate for your upcoming loans, get ready to shop around: you will sadly be unable to borrow from the largest single provider of loans to law students.
Access Group Inc., a not-for-profit corporation and the leading lender of law student loans, announced last month that they will be closing up shop. According to Access Group’s Issuer Profile on DBRS.com, as of December 31, 2007, the lending powerhouse had granted $8.5 billion in outstanding loans. But, surprisingly, the debt is not the reason they will be closing their doors, and banks, to new borrowers.
According to Law.com, Access Group President and CEO Christopher Chapman stated in a letter to law school administratorsonOctober 20th, “We’ve been legislated out of the federal loan program.” He is referring to none other than the Health Care and Education Affordability Reconciliation Act of 2010, signed into law on March 30th by President Obama.
Part II of the bill, titled “Student Loan Reform,” outlines in Section 2202, “Termination of Federal Loan Insurance Program,” the decision to terminate federally guaranteed student loans to private lenders. As of July 1st, 2010, the process of the federal government working with private banks to grant federally backed loans to students came to a screeching halt.
(A quick overview on federally guaranteed student loans: this type of loan is provided by a private lender, and is insured by the federal government. The feds are held accountable for things such as seeing that the loan is repaid according to the agreed-upon contract, and for paying interest on the loan while the borrower is attending school.)
The end result? The U.S. Department of Education is currently the sole provider of federally guaranteed student loans in the United States. What does this mean for students, both current borrowers from Access Group and future students looking to borrow?
Chapman stated in his letter that students with existing loans through Access Group should not notice any big changes. Says Chapman, “The terms of their loans will remain exactly the same as they currently are. The length, the benefits, the interest-rate reductions and repayment options will stay the same. The biggest change they will see is a difference in where they send their payments.” Exhale, current borrowers.
And as for future law students and loan seekers: it is worth investigating whether or not you are eligible for a U.S. Department of Education loan. Otherwise, it would be beneficial to brush up on your credit report, because you will need to undergo a credit check for an unsubsidized loan (as opposed to federally insured loans, which require no credit check.) You can bet your bottom dollar that without the backup of the feds, private lenders are taking precautions before they dish out the dough.
On a closing note, lets not forget the silver lining: with the passing of the bill, student loans taken out on and after July 14, 1014 are eligible to be forgiven to those who make timely payments after 20 years, as opposed to the previous 25 (Section 2213). Okay, I’ll take that.
Free Legal Form of the Week – Notice to Creditors of Bulk Sale
Posted by Kim in Free Legal Forms on May 13, 2011
Sample Notice to Creditors of Bulk Sale.
How to Form an LLC in Nevada
Posted by Kim in Incorporation on May 11, 2011
If you are going to be forming a Limited Liability Company in Nevada, there are a few things that you should know about the process. In this post you will find the resources and information you will need to start forming your LLC.
Though not required, it is advised that you check your corporate name for availability before filing any applications. You can simply visit the Business Entity Search and look for your company name. From here, if you choose to do so, you can reserve your company name. This can be done either online or via mail. To file online, visit Online Services – Commercial eFilings page, establish a user account, and follow the instructions from there. The fee for a name reservation online is $75. If you wish to file via mail, you can fill out a Name Reservation Request and send it to: Ross Miller, Secretary of State, 204 North Carson Street, Suite 4, Carson City, Nevada 89701-4520. The filing fee for filing via mail is only $25.
Once your company name is established, you can begin filling out your Articles of Organization, Limited-Liability Company. The filing fee is $75. Nevada also offers expedite services, ranging from 24-hour to 1-hour expediting. The fees are broken down on page six of the packet. Fees and forms can be submitted to the same address listed above.
How to Incorporate in Nevada
Posted by Kim in Incorporation on May 9, 2011
Incorporating in Nevada is relatively easy. This article should give you resources to understand how the incorporation process works in Nevada, and to use the legal forms from the Nevada Secretary of State to incorporate in Nevada.
Though not required, it is advised that you check your corporate name for availability before filing any applications. You can simply visit the Business Entity Search and look for your company name. From here, if you choose to do so, you can reserve your company name. This can be done either online or via mail. To file online, visit Online Services – Commercial eFilings page, establish a user account, and follow the instructions from there. The fee for a name reservation online is $75. If you wish to file via mail, you can fill out a Name Reservation Request and send it to: Ross Miller, Secretary of State, 204 North Carson Street, Suite 4, Carson City, Nevada 89701-4520. The filing fee for filing via mail is only $25.
Once your company name is established, you can begin filling out your Articles of Incorporation. Filing fees are based on the value of authorized shares. The fee breakdown is located on page nine of the packet, and you can determine the filing fee based on the chart. Nevada also offers expedite services, ranging from 24-hour to 1-hour expediting. The fees are broken down on page eight of the packet. Fees and forms can be submitted to the same address listed above.
Free Legal Form of the Week – Purchase of Privately Held Stock
Posted by Kim in Free Legal Forms on May 6, 2011
Sample Purchase of Privately Held Stock.
How to Form an LLC in New Hampshire
Posted by Kim in Uncategorized on May 4, 2011
Forming a Limited Liability Company in New Hampshire is relatively easy. There are a few basic steps and forms required. In this post you will find basic steps and the resources you will need to form your LLC.
Though not required, it is advised that you check your corporate name for availability before filing any applications. To do this you can conduct a name search at the New Hampshire Corporation Division Web Site. If you are not ready to immediately file your Articles of Incorporation, it is advised that you reserve your corporate name. Do do this you can fill out Form 1 (6/2010) Application for Reservation of Name. The $15 filing fee and the original form can be sent to: Corporate Division, Department of State, 107 North Main Street, Concord, NH 03301-4989.
Once your company name is established, you can begin filling out your Form LLC-1, Certificate of Formation, New Hampshire Limited Liability Company, and the attached Form SRA. Detailed instructions on filling out the forms are included in the first few pages of the Form 11 packet. The $100 filing fee and original documents can be sent to the same address listed above.
Corporations are required to file an Annual Report. Annual Reports can be filed either online or via mail. To begin either step, simply visit Online Annual Report Filing Introduction. From here you can begin your online filing, or your mail filing. Reports are due April 1st of each year.
How to Incorporate in New Hampshire
Posted by Kim in Incorporation on May 2, 2011
If you are planning on incorporating in New Hampshire, the process is relatively simple. In this post you will find the basic steps and forms you will need to incorporate.
Though not required, it is advised that you check your corporate name for availability before filing any applications. To do this you can conduct a name search at the New Hampshire Corporation Division Web Site. If you are not ready to immediately file your Articles of Incorporation, it is advised that you reserve your corporate name. Do do this you can fill out Form 1 (6/2010) Application for Reservation of Name. The $15 filing fee and the original form can be sent to: Corporate Division, Department of State, 107 North Main Street, Concord, NH 03301-4989.
Once your company name is established, you can begin filling out your Form 11, Articles of Incorporation and the attached Form SRA. Detailed instructions on filling out the forms are included in the first few pages of the Form 11 packet. The $100 filing fee and original documents can be sent to the same address listed above.
Corporations are required to file an Annual Report. Annual Reports can be filed either online or via mail. To begin either step, simply visit Online Annual Report Filing Introduction. From here you can begin your online filing, or your mail filing. Reports are due April 1st of each year.
Free Legal Form of the Week – Sales Rep Agreement
Posted by Kim in Free Legal Forms on April 29, 2011
Sample Sales Rep Agreement.
How to Form an LLC in Maine
Posted by Kim in Incorporation on April 27, 2011
To form a Limited Liability Company in Maine, here is an outline of the basic steps required to do so.
Though not required, it is advised that you check your company name for availability before filing any applications. . A preliminary check may be made on the Corporate Name Search (https://icrs.informe.org/nei-sos-icrs/ICRS?MainPage=x) page through the Maine Department of the Secretary of State Web site. One you find out if your company name is available, you can fill out Form NO.MLLC-1 Rev. 11-1-2008, Application for Reservation of Name (http://www.maine.gov/sos/cec/corp/formsnew/mllc1.pdf). The filing fee for the reservation of a name is $20 and the form and the fee can be mailed to: Corporate Examining Section, Secretary of State, 101 State House Station, Augusta, ME 04333-0101. Names are reserved for a period of 120 days and may not be renewed.
One your name is established, you can begin the process of filing your Articles of Organization. To do this you must fill out Form No.MLLC-6, Articles of Organization (http://www.maine.gov/sos/cec/corp/formsnew/mllc6.pdf). The filing fee for the articles of organization is $175. Maine does offer expedited filing for an additional charge. For 24 hour service the fee is $50., for immediate service the fee is $100. The completed form and fee can be submitted to: Secretary of State, Division of Corporations, UCC and Commissions, 101 State House Station, Augusta, ME 04333-0101.
Maine requires and annual report to be filed every year to maintain a good standing. The first annual report must be filed between January 1st and June 1st of the year following the calendar year in which you incorporated. This can be done two ways – online or via mail. To submit your annual report online, simply go to the Annual Report Online Web site (https://www10.informe.org/aro/index_on.html) and follow the instructions from here. To create a preprinted annual report form, visit the Form Download Web site (http://www10.informe.org/aro/form_download.html), enter in your information and a report will be generated.
How to Incorporate in Maine
Posted by Kim in Incorporation on April 25, 2011
Incorporating in Maine is relatively easy. This post should give you resources to understand how the incorporation process works in Maine, and to use the legal forms from the Maine Secretary of State.
Though not required, it is advised that you check your corporate name for availability before filing any applications. . A preliminary check may be made on the Corporate Name Search (https://icrs.informe.org/nei-sos-icrs/ICRS?MainPage=x) page through the Maine Department of the Secretary of State Web site. One you find out if your corporate name is available, you can fill out Form NO.MBCA-1 7/1/2003, Application for Reservation of Name (http://www.maine.gov/sos/cec/corp/formsnew/mbca1.pdf). The filing fee for the reservation of a name is $20 and the form and the fee can be mailed to: Corporate Examining Section, Secretary of State, 101 State House Station, Augusta, ME 04333-0101. Names are reserved for a period of 120 days and may not be renewed.
One your corporate name is established, you can begin the process of filing your Articles of Incorporation. To do this you must fill out Form No.MBCA-6, Articles of Incorporation (http://www.maine.gov/sos/cec/corp/formsnew/mbca6.pdf). The filing fee for the articles of incorporation is $145. Maine does offer expedited filing for an additional charge. For 24 hour service the fee is $50., for immediate service the fee is $100. The completed form and fee can be submitted to: Secretary of State, Division of Corporations, UCC and Commissions, 101 State House Station, Augusta, ME 04333-0101.
Maine requires and annual report to be filed every year to maintain a good standing. The first annual report must be filed between January 1st and June 1st of the year following the calendar year in which you incorporated. This can be done two ways – online or via mail. To submit your annual report online, simply go to the Annual Report Online Web site (https://www10.informe.org/aro/index_on.html) and follow the instructions from here. To create a preprinted annual report form, visit the Form Download Web site (http://www10.informe.org/aro/form_download.html), enter in your information and a report will be generated.
