Refinance Home ( Home Refinance)
Refinancing a home equity line of credit can save you from rising interest rates. They can also help you develop a payment schedule that fits your budget needs. And if you consolidate your home equity loan with your first mortgage, you can save even more on rates. Options For Paying Off Your Line Of Credit A home equity line of credit with its open terms and rates, makes it an ideal candidate to refinance. The easiest option for refinancing is to roll over the loan to a second mortgage. You can choose fixed or adjustable rates and terms. Closing costs will also be minimal.The other choice is to combine your home loans into one mortgage. This will qualify you for lower rates than if you just apply for a second mortgage. However, if you already have a low rate mortgage, you could lose out on closing costs and interest charges.If you are thinking about doing a total mortgage refi, it’s best to compare numbers on your financing options. Factor in how long you have left on your original loan, future interest charges, and possible savings. Be Choosing With Your Lender Your current lender will automatically strive for your business, but take the time to look at other offers. The best way to make comparisons is to ask for loan quotes.These loan estimates should be based on preliminary information supplied by you. Don’t allow lenders to access credit report; unless you want to see your score go down.With loan quote numbers, look at the fine print. Compare the APR for overall loan costs, but also look at the closing costs and rates separately. If you don’t plan on keeping your home or loan for more than seven years, you don’t want to pay a lot at closing, even for a small reduction in rates. You won’t recoup the cost in such a short time. Don’t Delay Refinancing Once you find a favorable loan offer, start the application process to secure the rate quoted. With online applications, your loan can be processed in less than two weeks with paperwork complete through the mail.
Saturday, April 7, 2007
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Phoenix university
Phoenix university
University of Phoenix (UOP) is a for-profit educational institution specializing in adult education, with campuses located throughout the United States, Canada, Mexico, and Puerto Rico. UOP was founded in 1976 by Dr. John Sperling.
In the early 1970's, at San Jose State University in California, John Sperling and several associates conducted field-based research in adult education. The focus of the research was to explore teaching/learning systems for the delivery of educational programs and services to working adult students who wished to complete or further their education in ways that complemented both their experience and current professional responsibilities. At that time colleges and universities were organized primarily around serving the needs of the 18-22 year old undergraduate student. That is not at all surprising, given that the large majority of those enrolled were residential students of traditional college age, just out of high school. According to Sperling, working adult students were often "invisible" on traditional campuses and treated as second-class citizens.
Since 1976, University of Phoenix has grown considerably, producing more than 171,000 alumni. In 1989, University of Phoenix was recognized as the first U.S. university to offer course work online. As of October 2006 University of Phoenix has an estimated 280,000 students attending via the various methods of going to school. The University of Phoenix, originally, was based out of California. Later its main campuses were moved to Phoenix, Arizona.
In April 2006 UOP began offering classes through a sister organization, Axia College of University of Phoenix, which is an online-only school focusing on Associate Degree programs and entry level college courses.
In September 2006, UOP agreed to pay $154.5 million over 20 years for the right to put its name on the Arizona Cardinals' new NFL stadium, previously named Cardinals Stadium, in Glendale, Arizona[1]. UOP does not field any intercollegiate athletic teams.
UOP is accredited by the Higher Learning Commission and is a member of the North Central Association of Colleges and Schools. UOP as a school is regionally accredited. UOP does not have professional accreditation for many of its majors, in particular its very popular MBA program. In British Columbia, the University of Phoenix was accredited by the Private Post-Secondary Education Commission (PPSEC) in 2002. That agency is now called the Private Career Training Institutions Agency (PCTIA).
[edit] Business Programs
UOP does not have "professional accreditation" for their business programs, however UOP is a candidate for accreditation with ACBSP. According to a UoP statement,
Employers have not expressed a preference for business school accreditation. Regional accreditation, like that of the Higher Learning Commission, which accredits the University of Phoenix, is important for students seeking employer reimbursement and federal financial aid. With respect to the academic issues, UOP students greatly benefit from being taught by practitioner faculty who are experts in their field. This allows our students to integrate and apply the content knowledge to their chosen professions. By adhering to this model of instruction, the University of Phoenix is better served by not being accredited by AACSB. In addition, compliance by UOP faculty standards requires over 50% of its educators to be of a doctorate level (terminally degreed) to teach masters level courses, while working in their field. [1]
However, a 12-month corporate preference study held with HR professionals conducted by the Online University Consortium (OUC)[2] concluded the following:
All of the best business degree programs now carry both regional and professional accreditation from an accrediting body that's been approved by the Department of Education. A program accreditation to look for is Association to Advance Collegiate Schools of Business (AACSB) International. It's considered to be one widely accepted standard in the market for business education. Another to consider is the International Assembly for Collegiate Business Education (IACBE).[3]
UOP's statement also contradicts a recent announcement by Intel, where Intel states that they will no longer reimburse tuition for non-AACSB accredited business programs, as well as published statements that companies like Proctor and Gamble will not hire graduates of non-AACSB accredited programs.
[edit] Nursing Program
The Bachelor of Science in Nursing and the Master of Science in Nursing programs are accredited by the Commission on Collegiate Nursing Education (CCNE).
[edit] Counseling Program
The Master of Counseling program in Community Counseling (in Phoenix and Tucson, Arizona) and the Master of Counseling program in Mental Health Counseling (in Utah) are accredited by the Council for Accreditation of Counseling and Related Educational Programs (CACREP).
University of Phoenix (UOP) is a for-profit educational institution specializing in adult education, with campuses located throughout the United States, Canada, Mexico, and Puerto Rico. UOP was founded in 1976 by Dr. John Sperling.
In the early 1970's, at San Jose State University in California, John Sperling and several associates conducted field-based research in adult education. The focus of the research was to explore teaching/learning systems for the delivery of educational programs and services to working adult students who wished to complete or further their education in ways that complemented both their experience and current professional responsibilities. At that time colleges and universities were organized primarily around serving the needs of the 18-22 year old undergraduate student. That is not at all surprising, given that the large majority of those enrolled were residential students of traditional college age, just out of high school. According to Sperling, working adult students were often "invisible" on traditional campuses and treated as second-class citizens.
Since 1976, University of Phoenix has grown considerably, producing more than 171,000 alumni. In 1989, University of Phoenix was recognized as the first U.S. university to offer course work online. As of October 2006 University of Phoenix has an estimated 280,000 students attending via the various methods of going to school. The University of Phoenix, originally, was based out of California. Later its main campuses were moved to Phoenix, Arizona.
In April 2006 UOP began offering classes through a sister organization, Axia College of University of Phoenix, which is an online-only school focusing on Associate Degree programs and entry level college courses.
In September 2006, UOP agreed to pay $154.5 million over 20 years for the right to put its name on the Arizona Cardinals' new NFL stadium, previously named Cardinals Stadium, in Glendale, Arizona[1]. UOP does not field any intercollegiate athletic teams.
UOP is accredited by the Higher Learning Commission and is a member of the North Central Association of Colleges and Schools. UOP as a school is regionally accredited. UOP does not have professional accreditation for many of its majors, in particular its very popular MBA program. In British Columbia, the University of Phoenix was accredited by the Private Post-Secondary Education Commission (PPSEC) in 2002. That agency is now called the Private Career Training Institutions Agency (PCTIA).
[edit] Business Programs
UOP does not have "professional accreditation" for their business programs, however UOP is a candidate for accreditation with ACBSP. According to a UoP statement,
Employers have not expressed a preference for business school accreditation. Regional accreditation, like that of the Higher Learning Commission, which accredits the University of Phoenix, is important for students seeking employer reimbursement and federal financial aid. With respect to the academic issues, UOP students greatly benefit from being taught by practitioner faculty who are experts in their field. This allows our students to integrate and apply the content knowledge to their chosen professions. By adhering to this model of instruction, the University of Phoenix is better served by not being accredited by AACSB. In addition, compliance by UOP faculty standards requires over 50% of its educators to be of a doctorate level (terminally degreed) to teach masters level courses, while working in their field. [1]
However, a 12-month corporate preference study held with HR professionals conducted by the Online University Consortium (OUC)[2] concluded the following:
All of the best business degree programs now carry both regional and professional accreditation from an accrediting body that's been approved by the Department of Education. A program accreditation to look for is Association to Advance Collegiate Schools of Business (AACSB) International. It's considered to be one widely accepted standard in the market for business education. Another to consider is the International Assembly for Collegiate Business Education (IACBE).[3]
UOP's statement also contradicts a recent announcement by Intel, where Intel states that they will no longer reimburse tuition for non-AACSB accredited business programs, as well as published statements that companies like Proctor and Gamble will not hire graduates of non-AACSB accredited programs.
[edit] Nursing Program
The Bachelor of Science in Nursing and the Master of Science in Nursing programs are accredited by the Commission on Collegiate Nursing Education (CCNE).
[edit] Counseling Program
The Master of Counseling program in Community Counseling (in Phoenix and Tucson, Arizona) and the Master of Counseling program in Mental Health Counseling (in Utah) are accredited by the Council for Accreditation of Counseling and Related Educational Programs (CACREP).
Student loan refinancing
Student loan refinancing
In Australia, students can pay for university courses using the Higher Education Contribution Scheme (HECS). The selection criterion for HECS is based on the rank achieved in the secondary school final examination. HECS fees are government-subsidised and are substantially cheaper than full-fee paying places which have lower entry requirements.-
Courses are ranked into three bands, with a year's tuition costing around $4,000–$6,000 AUD. Students have the option of deferring the HECS fee until they start earning above a certain threshold, whereupon they will repay the government through the tax system; the amount owed is indexed to inflation. Alternatively, students can pay upfront at the beginning of the semester; this option provides a 25% discount (2004).
Recent legislative changes that allow a high proportion of full-fee paying places, and lower upfront payment discounts have been a source of controversy.
==Canada==requirement(toefl and GRE score)
[edit] Government loans
Canadian students are normally eligible for loans provided by the federal government, through the Canada Student Loans Program, in addition to loans provided by their province of residence. Loans issued to full-time students are interest free while a student is in full-time studies. Part-time students must make interest payments while in study and begin payments of principal and interest when they cease to be a part-time student. Grants may supplement loans to aid students who face particular barriers to accessing post-secondary education, such as students with permanent disabilities or students from low-income families.
Students must apply for the Canadian and provincial loans through their province of residence. The rules for what determines your province of residence vary, but normally it is defined as where you have most recently lived for at least 12 consecutive months, not including any time you spent as a full-time student at a post-secondary institution. In most cases, the province of residence is the province one lived in before becoming a post-secondary student.
Canada Student Loans (CSL) of up to $210 per week of full-time study or 60% of the student's assessed need (the lesser of these) can be issued per loan year (August 1–July 31). Loans issued through provincial programs will normally provide students with enough funding to cover the balance of their assessed need. Part-time loans of up to $4,000 can be made, but a student cannot be more than $4,000 in debt on part-time loans at any one time. All Canadian students may also be eligible for the Canada Millennium Scholarship Foundation Bursary (CMS Grant), and other grants provided by their province of residence.
For example, students in British Columbia may be eligible for a maximum of $14,300 combined loan and grant funding per year.
[edit] History
Some text from the Department of Human Resources and Social Development Canada:
The CSLP was created in 1964. Since its inception, the Program has supplemented the financial resources available to eligible students from other sources to assist in their pursuit of post-secondary education. Between 1964 and 1995, loans were provided by financial institutions to post-secondary students who were approved to receive financial assistance. The financial institutions also administered the loan repayment process. In return, the Government of Canada guaranteed each Canada Student Loan that was issued, by reimbursing the financial institution the full amount of loans that went into default.[1]
In 1995, several important changes were made to Canada Student Loans. First, the Canada Student Financial Assistance Act was proclaimed, replacing the existing Canada Student Loans Act (which still remains in force to this day) reflecting the changing needs of the parties involved in the loan process, including the conferred responsibility of the collection of defaulted loans to the banks themselves. The Government of Canada developed a formalized "risk-shared" agreement with several financial institutions, whereby the institution would assume responsibility for the possible risk of defaulted loans in return for a fixed payment from the Government which correlated with the amount of loans that were expected to be, or were, in default in each calendar year. During this period, the weekly federal loan amount was increased to a maximum of $165.-
On July 31, 2000, the risk-shared arrangement between the Government of Canada and participating financial institutions came to an end. The Government of Canada now directly finances all new loans issued on or after August 1, 2000. The administration of Canada Student Loans has become the responsibility of the National Student Loans Service Centre (NSLSC). There are two divisions of the NSLSC, one to manage loans for students attending public institutions and the other to administer loans for students attending private institutions. Defaulted Canada Student Loans disbursed under this new regime are now collected by the Canada Revenue Agency which, by Order in Council dated August 1, 2005, became responsible for the collection of all debts due under programs administered by Human Resources and Social Development Canada.
[edit] Students in professional programs
Most charter banks in Canada have specific programs for students in professional programs (e.g., medicine) that can provide more funds than usual in the form of a line of credit, sometimes with lower interest rates as well. Students may also be eligible for government loans that are interest free while in school on top of this line of credit, as private loans do not count against government loans/grants.
In Australia, students can pay for university courses using the Higher Education Contribution Scheme (HECS). The selection criterion for HECS is based on the rank achieved in the secondary school final examination. HECS fees are government-subsidised and are substantially cheaper than full-fee paying places which have lower entry requirements.-
Courses are ranked into three bands, with a year's tuition costing around $4,000–$6,000 AUD. Students have the option of deferring the HECS fee until they start earning above a certain threshold, whereupon they will repay the government through the tax system; the amount owed is indexed to inflation. Alternatively, students can pay upfront at the beginning of the semester; this option provides a 25% discount (2004).
Recent legislative changes that allow a high proportion of full-fee paying places, and lower upfront payment discounts have been a source of controversy.
==Canada==requirement(toefl and GRE score)
[edit] Government loans
Canadian students are normally eligible for loans provided by the federal government, through the Canada Student Loans Program, in addition to loans provided by their province of residence. Loans issued to full-time students are interest free while a student is in full-time studies. Part-time students must make interest payments while in study and begin payments of principal and interest when they cease to be a part-time student. Grants may supplement loans to aid students who face particular barriers to accessing post-secondary education, such as students with permanent disabilities or students from low-income families.
Students must apply for the Canadian and provincial loans through their province of residence. The rules for what determines your province of residence vary, but normally it is defined as where you have most recently lived for at least 12 consecutive months, not including any time you spent as a full-time student at a post-secondary institution. In most cases, the province of residence is the province one lived in before becoming a post-secondary student.
Canada Student Loans (CSL) of up to $210 per week of full-time study or 60% of the student's assessed need (the lesser of these) can be issued per loan year (August 1–July 31). Loans issued through provincial programs will normally provide students with enough funding to cover the balance of their assessed need. Part-time loans of up to $4,000 can be made, but a student cannot be more than $4,000 in debt on part-time loans at any one time. All Canadian students may also be eligible for the Canada Millennium Scholarship Foundation Bursary (CMS Grant), and other grants provided by their province of residence.
For example, students in British Columbia may be eligible for a maximum of $14,300 combined loan and grant funding per year.
[edit] History
Some text from the Department of Human Resources and Social Development Canada:
The CSLP was created in 1964. Since its inception, the Program has supplemented the financial resources available to eligible students from other sources to assist in their pursuit of post-secondary education. Between 1964 and 1995, loans were provided by financial institutions to post-secondary students who were approved to receive financial assistance. The financial institutions also administered the loan repayment process. In return, the Government of Canada guaranteed each Canada Student Loan that was issued, by reimbursing the financial institution the full amount of loans that went into default.[1]
In 1995, several important changes were made to Canada Student Loans. First, the Canada Student Financial Assistance Act was proclaimed, replacing the existing Canada Student Loans Act (which still remains in force to this day) reflecting the changing needs of the parties involved in the loan process, including the conferred responsibility of the collection of defaulted loans to the banks themselves. The Government of Canada developed a formalized "risk-shared" agreement with several financial institutions, whereby the institution would assume responsibility for the possible risk of defaulted loans in return for a fixed payment from the Government which correlated with the amount of loans that were expected to be, or were, in default in each calendar year. During this period, the weekly federal loan amount was increased to a maximum of $165.-
On July 31, 2000, the risk-shared arrangement between the Government of Canada and participating financial institutions came to an end. The Government of Canada now directly finances all new loans issued on or after August 1, 2000. The administration of Canada Student Loans has become the responsibility of the National Student Loans Service Centre (NSLSC). There are two divisions of the NSLSC, one to manage loans for students attending public institutions and the other to administer loans for students attending private institutions. Defaulted Canada Student Loans disbursed under this new regime are now collected by the Canada Revenue Agency which, by Order in Council dated August 1, 2005, became responsible for the collection of all debts due under programs administered by Human Resources and Social Development Canada.
[edit] Students in professional programs
Most charter banks in Canada have specific programs for students in professional programs (e.g., medicine) that can provide more funds than usual in the form of a line of credit, sometimes with lower interest rates as well. Students may also be eligible for government loans that are interest free while in school on top of this line of credit, as private loans do not count against government loans/grants.
Federal student loan consolidation
In the United States both the Federal Family Education Loan Program (FFELP) and the Federal Direct Student Loan Program (FDLP) include consolidation loans that allow students to consolidate Stafford Loans, PLUS Loans, and Federal Perkins Loans into one single debt. This results in reduced monthly repayments and a longer term for the loan. Unlike the other loans, consolidation loans have a fixed interest rate for the life of the loan.[1][2][3]
Consolidation loans have longer terms than other loans. Debtors can choose terms of 10–30 years. Although the monthly repayments are lower, the total amount paid over the term of the loan is higher than would be paid with other loans. The fixed interest rate is calculated as the the weighted average of the interest rates of the loans being consolidated, assigning relative weights according to the amounts borrowed, rounded up to the nearest 0.125%, and capped at 8.25%. Some features of the original consolidated loans, such as postgraduation grace periods and special forgiveness circumstances, are not carried over into the consolidation loan, and consolidation loans are not universally suitable for all debtors.[3][2]
The Federal Loan Consolidation Program was created in 1986. In 1998, the United States Congress changed the interest rate to the aforementioned fixed rate weighted mean, effective February 1, 1999. Consolidation loans taken out before that date had a variable interest rate, determined by the individual FDLP loan origination center (e.g., in the case of Harvard University the university) or FFELP lender (e.g., a third party bank).[3][4]
In 2005, the Government Accountability Office considered consolidating consolidation loans so that they were exclusively managed through the FDLP. Based on several assumptions about future variations in interest rates, the loan volume, the percentage of defaulters, cost estimates from the United States Department of Education, it concluded that while doing so would incur an additional cost of $46 million, caused by the higher administrative costs of the FDLP compared to the FFELP, this would be offset by a $3,100 million saving comprised in part of avoiding $2,500 million in subsidy costs,
Consolidation loans have longer terms than other loans. Debtors can choose terms of 10–30 years. Although the monthly repayments are lower, the total amount paid over the term of the loan is higher than would be paid with other loans. The fixed interest rate is calculated as the the weighted average of the interest rates of the loans being consolidated, assigning relative weights according to the amounts borrowed, rounded up to the nearest 0.125%, and capped at 8.25%. Some features of the original consolidated loans, such as postgraduation grace periods and special forgiveness circumstances, are not carried over into the consolidation loan, and consolidation loans are not universally suitable for all debtors.[3][2]
The Federal Loan Consolidation Program was created in 1986. In 1998, the United States Congress changed the interest rate to the aforementioned fixed rate weighted mean, effective February 1, 1999. Consolidation loans taken out before that date had a variable interest rate, determined by the individual FDLP loan origination center (e.g., in the case of Harvard University the university) or FFELP lender (e.g., a third party bank).[3][4]
In 2005, the Government Accountability Office considered consolidating consolidation loans so that they were exclusively managed through the FDLP. Based on several assumptions about future variations in interest rates, the loan volume, the percentage of defaulters, cost estimates from the United States Department of Education, it concluded that while doing so would incur an additional cost of $46 million, caused by the higher administrative costs of the FDLP compared to the FFELP, this would be offset by a $3,100 million saving comprised in part of avoiding $2,500 million in subsidy costs,
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