Resource About Finance
College Financing
Extended Repayment
The extended repayment plan may be an option depending on the loan program
under which you borrowed and the amount you owe on your loans when you enter repayment.
The extended plan is available to Federal Direct Loan Program borrowers and to
Federal Family Education Loan Program borrowers who borrowed for the first time
on or after October 7, 1998, and owe more than $30,000 in principal and accrued interest.
Scholarships
Undergraduate scholarships and graduate fellowships are forms of aid that help
students pay for their education. Unlike student loans, scholarships and fellowships
do not have to be repaid. Hundreds of thousands of scholarships and fellowships from several thousand sponsors are awarded each year.
Generally, scholarships and fellowships are reserved for students with special
qualifications, such as academic, athletic or artistic talent. Awards are also
available for students who are interested in particular fields of study, who are
members of underrepresented groups, who live in certain areas of the country or who demonstrate financial need.
How to Apply for a Scholarship
Application Tips:
- Start your research early;
- Read eligibility requirements carefully;
- Organize all scholarship materials;
- Proofread your application carefully;
- Don't leave items blank;
- Follow instructions to the letter;
- Make sure your application is legible;
- Make copies of everything you send;
- Double-check your application;
- Get your applications in early.
Saving for College
According to the Bureau of Labor Statistics, the tuition component of the Consumer
Price Index (CPI) increased by 8% per year, on average, from 1979 to 2001. This
means that children born today will face college costs that are 3 to 4 times current prices by the time they matriculate.
Parents should expect to pay at least half to two-thirds of their children's
college costs through a combination of savings, current income, and loans. Gift
aid from the government, the colleges and universities, and private scholarships accounts for only about a third of total college costs.
Accordingly, it is very important that parents start saving for their children's
education as soon as possible, even as early as the day the child is born. Time
is one of your most valuable assets. The sooner you start saving for college, the more time your money will have to grow.
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Avoiding Scams and Dubious Offers
Unfortunately, there are a lot of businesses and individuals out there that do NOT have your best interests at heart.
High school students and the parents of first-time college students are heavily
targeted by scam artists. Scam artists realize that most high school students
do not necesarily have the ability or the experience to recognize a "scam"
when they see one. They also realize that most parents are in a total state of
panic over how they are going to pay for college. Because of this panic, even
the most reasoned and intelligent of parents are potential victims of scams.
The Federal Trade Commission's consumer alert on Scholarship Search Scams suggests
looking for these six signs that a scholarship program or scholarship search company might be less than legitimate:
- "This scholarship is guaranteed or your money back."
- " You can't get this information anywhere else."
- "May I have your credit card or bank account number to hold this scholarship for you?"
- "We'll do all the work."
- "The scholarship will cost some money."
- "You've been selected by a 'national foundation' to receive a scholarship,
(for just a small handling fee we can send you the check)" or "You're
a finalist in a scholarship contest, (the handling fee will be...)" and you never entered that scholarship!!
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Scholarship and College Financing Resource
Student Aid on the Web
The U.S. Department of Education provides over $60 billion in grants, loans, and
work-study for
college or career school each year. Here you'll find help for every stage of the
financial aid process, whether you're in school or out of school.
- The Student Guide - A comprehensive resource on student financial aid from
the U.S. Department of Education. Grants, loans, and work-study are the three
major forms of aid available through the Department's Federal Student Aid office.
Updated each award year, The Student Guide tells you about the programs and how to apply for them.
- Funding Your Education - An introductory publication for students not yet
enrolled in a postsecondary school, provides general information about the U.S.
Department of Education's federal student financial aid programs and how to applyfor them.
- Free Application for Federal Student Aid (FAFSA)
Looking for Student Aid - Find out how to get free information regarding federal and state student aid.
Lunch-Money.com
Free scholarship search site that allows students to search through up-to-date
information on thousands of scholarships. For select scholarships, students can
fill-out, save, and submit application forms online. The site also provides a
wealth of interactive tools and content to help students navigate the financial aid and scholarship process.
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Banking Service
NSB: More Ways to Bank
Online Banking
eNSB Takes the Bank out of banking. With eNSB you can view images of your checks,
keep track of your balances, transfer funds and even pay bills, all with the click
of a mouse, whenever and wherever you want. It's safe, simple and secure. See
for yourself how simple online banking can be! Click here for a demonstration.
Telephone Banking
No time to go to a branch? Need to check your balance? Find out current rates?
Make a transfer between accounts? It's fast, it's free, it's easy - and you can
get the information you need, when you need it. As long as you have a touch-tone phone, you're ready to use the automated NSB PhoneBank.
Branch Locations
For your convenience, NSB offers 11 branches in Vermont.
ATM Card Is Fast and Convenient
You can use an ATM Card to access your NSB checking or savings account - you can
link up to 10 accounts from your ATM Card, and you can use it all over Vermont
(and all over the U.S.). You can use your ATM Card at any machine with these logos:
NYCE®, Cirrus®, Maestro®, and the Falcon Network (machines found throughout
Vermont). Even minors can use an ATM Card with parental permission.
Debt Relief Network Inc.
Debt Relief Network, Inc. is a consumer advocacy organization dedicated to helping
you eliminate your burden of debt. We are a member of the National Debt Settlement
Association and the American association of Debt Management Organizations.
Our sole purpose is to protect people with legitimate financial hardship. We
help our customers avoid the stigmas of bankruptcy, pay their debt off faster, and rebuild their credit.
Our unique approach puts you in control of your financial future. Fill out the
form on the right for a free and confidential consultation.
Online Business Banking Services
The Merrill Lynch Business Center is a 24-hour online business banking service
 designed
to provide you with more control over your day-to-day cash management needs. Integrated
with the WCMA® account, you and designated employees can perform a wide range
of electronic business banking activities. Key features include:
- Information Reporting
Obtain comprehensive balance and transaction reporting on your WCMA account.
Access current and historical cash, portfolio and available balance information.
View electronic transfers, check disbursements, deposits, Visa® Business card activity and lockbox receipts.
- Transaction Processing
Process transactions in your WCMA account through a single electronic portal.
Initiate U.S. dollar-denominated wire transfer disbursements to external bank accounts with same-day settlement.
Transfer funds between your enrolled WCMA accounts.
Initiate a variety of receipt and disbursement transactions using the ACH settlement network.
Automate the collection of client receivables.
- Security
Protect your data from unauthorized viewing and modification during transaction
processing. To maintain security and integrity of all data, Merrill Lynch Business
Center uses Secured Socket Layer (SSL), 128-bit encryption software the same level
of security the U.S. Department of Defense uses to allow military personnel online access to their payroll records.
UBS Lending Services
UBS Bank (Canada) provides you with a wide range of lending options tailored to
meet your needs. Innovative collateralized credit is available to facilitate the
leveraging and diversification of portfolios as well as to provide personal working capital.
Flexibility to explore a w.ide range of proposals and options for collateralized lending.
Facilities structured to meet specific financing and tax needs.LIBOR or Prime Rate- based credit facilities.
Features of Our Lending Services:
Lending facilities are arranged on a secured basis using assets held with UBS Bank (Canada) as collateral.
Terms that range from overnight to one year; longer maturities available for specific structured transactions.
Depending on asset class and collateral concentration, standard advance margin rates range from approximately 40% to 90%.
Foreign Exchange Cheque Rate Converter
The Foreign Exchange Cheque Rate Converter allows you to quickly convert between over 40 foreign currencies.
Cheque Rates apply to the conversion of paper instruments such as cheques,
drafts, etc. Exchange rates for cash are less favourable to recover shipping and handling charges. Click here for cash rates.
Simply enter the amount you wish to convert, select a source currency and a
destination currency, and click on the "Convert" button.
Proposals for a Sovereign Debt Restructuring Mechanism (SDRM)
The IMF's crisis prevention efforts are aimed at reducing the number of financial
crises over time, but it is unrealistic to expect that all member countries will
be able to avoid all crises all of the time. In rare instances where countries
amass unsustainable debt burdens, they must restructure their obligations. Currently,
the international financial system lacks a strong legal framework for the predictable
and orderly restructuring of sovereign debt, which drives the cost of default
even higher. The IMF is trying to create a framework for an equitable debt restructuring
that restores sustainability and growth, without including incentives that unintentionally increase the risk of default.
In September 2002, the International Monetary and Financial Committee (IMFC)
endorsed the Fund's work and requested the IMF to develop a concrete SDRM proposal for consideration at the April 2003 Spring meetings.
In recent years countries have turned increasingly from bank loans to bond
issues to raise capital. As a result, the international capital markets are more
diversified and function more efficiently. Specifically, there is a broader investor
base available to provide financing for emerging market sovereigns, which has
helped diversify risk. But there is a serious downside if a country faces unsustainable
debt. Private creditors have become increasingly numerous, anonymous and difficult
to coordinate. This problem is exacerbated by the variety of debt instruments
involved and the range of legal jurisdictions in which debt is issued. When faced
with a restructuring, individual creditors, unlike banks, have more incentives
to hold out for the best possible terms, or to sue for better terms. Also, disagreement
over the relative treatment of different types of creditors are more likely.
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USDA/RMA--Building a Risk Management Plan
Building a Risk Management  Plan:
Risk Reducing Ideas That Work
This unique publication includes a list of crop insurance companies and phone
numbers, producer information sources (both print and electronic), and quizzes
to test your financial strength and management skills. Its comprehensive articles,
meant to help growers start building a risk management plan, is a cooperative
effort between RMA, the Economic Research Service, and Farm Futures magazine.
Ordering Information
This free report can be ordered by sending your request, listing the report by
name and number (MP-36), to: FSA-KCMO Warehouse, 9240 Troost, Kansas City, Missouri
64131-3055. You may also fax your request to 1-816-363-1762. Please read through
the report, considering your intended use and audience, as well as the report's
tongue-in-cheek style, before ordering large quantities.
Banking Services For Personal Retail Consumers
Marker defintion
Individual banking products sold to personal consumers are comprised of at
least one of three economic services: money transmission, holding deposits, and
issuing credit. There is clearly no substitution between these economic functions.
But consumer products do not map exactly on to these functions:
- the main purpose of a current account is to provide access to money transmission.
The current account also acts as a savings vehicle, and may be used to get credit,
through an overdraft. The money transmission services of a current account have
no effective substitutes, the other two functions do;
- both credit cards and personal loans are sources of unsecured credit. The
credit card also provides a limited means of money transmission, effectively restricted to retail transactions;
- mortgages are the most common form of secured lending. In some cases, a mortgage
can be used as a substitute for unsecured lending; the reverse is not, in general,
the case. The price of unsecured lending means it would be an uneconomic way of buying property, or of making major investment in a home;
- there are a number of substitutes for savings accounts, but all of these are
investment products, which are outside the scope of the review.
Technological developments
The development of the internet and  other
online services is likely to have a significant impact on the way banking services
are delivered to personal consumers. Internet use is increasing rapidly in the
UK. In late 1999, 27 per cent of the UK population had used the internet in the
previous month, compared with 14 per cent the same period the previous year4.
Consumers are also becoming more willing to use electronic channels for financial
and banking services. The Review found that approximately 5 per cent of all current
account holders use PC banking, choose an account because it offers PC or internet
banking, pay bills this way, or have closed a previous account because PC or internet
banking was not available. Research suggests that approximately 15 per cent of
UK consumers would use the internet to help arrange a mortgage, personal loan,
credit card or current account5. As access to the internet becomes cheaper, easier
and faster, more people will use it. And as perceptions of the ease and security
of internet transactions change, the willingness of consumers to embrace technology
in connection with financial services and products will increase even more.
The internet offers the prospect of more competitive banking services because it:
- reduces unit costs compared with branch based supply;
- potentially makes it easier for consumers to compare the products of rival companies;
- potentially increases the effect of cross border competition from non UK based
financial firms, who will be able to distribute their products without a branch network in the UK.
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Efficiency, Profitability, and Quality in the Provision of Banking Services
Operational efficiency model
There is a vast literature on models for benchmarking operational efficiency
of bank branches. The literature, broadly speaking, adopts either a production
approach or an intermediation approach. In the former case the branch is considered
as a “factory” delivering services to its clients in the form of transactions.
Benchmarking models examine how well different branches
combine their resources to support the largest possible number of transactions.
The intermediation approach considers various types of costs as the inputs, and
those are combined to support the largest possible number of revenue generating
accounts. Sherman and Gold (1985) motivate most of the research on the production
approach, and Berger, Leusner, and Mingo (1994) proposed the intermediation model.
The model described here does not differ in any essential way from other production models in the literature.
Quality efficiency model
The importance of achieving high levels of quality has been discussed extensively
in the literature, especially when dealing with the service industry. Service
quality (SQ) is considered by many as the key to gaining competitive advantage, and its
importance for the Banking industry, in particular, has been documented in Roth
and van der Velde (1991, 1992). It is difficult to find today a bank that has not
initiated some kind of service quality improvement program.
One of the challenges that service managers face is how to deliver services
of high quality (Parasuraman, Zeithamel, and Berry, 1994). The benchmarking model
developed here assists in identifying those branches of a bank that deliver superior
quality, and aid the rest in their quest for quality improvements. Most efficiency
benchmark models developed for bank branches consider operating efficiency and/or
profitability (see Berger and Humphrey (1997) for an international survey of recent
studies). The importance of delivering high volume of output of superior quality,
although recognized, has not been incorporated in any benchmarking model in the
literature. Branches ignoring service quality may report high volume of products
and services offered, as well as profits, but lose their advantage in the long-run
due to eroding service quality. The DEA model of this section benchmarks branches
to identify those that utilize in the most efficient way their resources to deliver high quality to their clients.
Profitability efficiency model
We now turn to the final link of the chain and address directly the issue of profitability
efficiency. Substantial research has been done on this key issue, specifically
for banks. Depending on the economic foundation assumed— cost minimization
or profit maximization—alternative models have appeared in the literature,
but they are all of the econometric type aiming at the calibration of cost or
profit functions. These functions can then be used to assess whether a given bank
(or branch) is operating at the most profitable (or least costly) point.
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online banking
Online banking is a service provided by many banks, thrifts, and credit unions
that allows you to conduct banking transactions over the Internet using a personal
computer, mobile telephone, or handheld computer. You may be able to:
- Access accounts round-the-clock, even on weekends;
See balances on-line and find out whether checks or deposits have cleared;
- Transfer funds between accounts;
- Download information directly into personal finance software;
- Receive and pay bills on-line (without check writing, envelopes, or stamps);
The Internet is a convenient place to find bargains in banking products and
services. You also can view rates for savings accounts, credit cards, loans, and
other financial products and services. Some Web sites can help you directly compare financial products on-line.
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Online Banking Services
Enjoy the convenience of banking on your PC from home or office. With Online Banking
system, you can view account balances, transfer funds and perform many other useful
tasks. Online Bill paying is available to individuals as a separate service.
Some of the available features are:
- Check checking, savings, time deposit and loan account balances
- Obtain information about checks and deposits that have posted
- Transfer funds between Frontier Bank accounts and schedule repetitive or future transfers
- Make loan payments
- Order copies of checks, deposits or statements
- Bill Payment (for personal customers only)
- Originate ACH files (approved business customers only)
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Other banking Services
Deposit Services
This service offers you a wide variety of innovative, convenient products and
services to help ensure that every dollar you have is working for you. It offer
interest-bearing checking accounts, enhanced-yield money market deposit accounts
CD's, and checking accounts that sweep excess balances into a Harris money market mutual fund taxable or tax-exempt.
It is easy to access your money via ATMs and Debit cards at scores of full-service
Harris Banks throughout Chicagoland. You can access your accounts 24 hours a day
from home, work or personal computer to best fit your busy schedule.
Credit Services
This service offers you fast approval flexible terms and competitive rates on
their complete
line of personal, business and investment loans. It offer:
- Residential Mortgages and Home Construction Loans
- Home Equity Loans and Lines of Credit
- Personal Loans and Lines of Credit
- Letters of Credit
- Leasing Lines
- Investment Loans and Lines of Credit
- Capital Contribution Loan Financing
- Working Capital Lines of Credit
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Insurance
Insurance is the business of providing protection against financial aspects
of risk, such as those to property, life, health and legal liability. It is one method of the overall concept known as risk management.
What is an Insurance Policy?
Insurance plans offer financial protection against different forms of risk associated
with your life, be it with regard to health, home, vehicle, or any other possessions.
The person who seeks financial protection is called the 'Insured' and the person
offering the service is called the 'Insurer'. In return for a payment called 'Premium'
insurance lenders agrees to provide comprehensive coverage to the insured against losses covered within the insurance agreement.
This relationship between the insurer and the insured is written down as a legal
contract known as 'Insurance Agreement' or 'Insurance Policy'.
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Automobile Insurance
Automobile insurance covers motorized vehicles, which require a separate policy
for property damage and liability exposures. Motorized vehicles are not covered
under a homeowners insurance policy for property damage and/or bodily injury liability
situations when operated away from an insured's premises.
Insurance companies look at many details when setting the price for insurance
policies. Price alone should not be the basis of your decision. There are other
factors to consider, including quality of service provided, the claims process, policy provisions, and coverage limits.
- Choosing an Insurance Company
- Benefits and coverage
- Reduce the cost of your auto insurance
- Tips for Students
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Health Insurance--Annuity
Health Insurance is a type of insurance whereby the insurer pays the medical costs
of the insured if the insured becomes sick due to covered causes, or due to accidents.
The insurer may be a private organization or a government agency. Market based
health care systems such as that used in the United States rely on private medical insurance.
An annuity pays a monthly (or quarterly, semi-annual, or annual) income benefit
for the life of a person or for a specified period of time. The annuitant (insured)
can never outlive the income from the annuity. While the basic purpose of life
insurance is to provide an income for a beneficiary at the death of the insured,
the annuity is intended to provide an income for the life of the annuitant.
There are two basic types of annuities, fixed annuities, which pay a fixed income
backed by fixed dollar investment such as secure bonds and mortgages, and variable
annuities, which vary in payment according to the value of stock and bond investments.
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Term Iife insurance and Whole Iife Insurance
Term life insurance, also called temporary insurance, covers a person against
death for a limited time, the term. For example, the term might be until children
are grown, or until college is paid for, or until retirement. You pay for the
policy period and at the end of the term, the contract or policy expires. If no
claims are made against the policy during the term, you don't receive any benefits
after the policy expires, just like auto or homeowners insurance.
Whole life insurance, also called permanent insurance, is permanent and does
not expire (assuming you continue to pay the premiums). It provides coverage similar
to term life insurance, but it also provides an investment vehicle. A portion
of the premium goes for life insurance, while the rest goes into an investment
account. This account can be either an interest bearing account or a variable (stocks and bonds) investment account.
The substantially lower premiums enable them to purchase sufficient coverage
to protect against loss of income. Any discretionary investment funds can be placed
in other vehicles (mutual funds, money market accounts, etc.) that are likely
to generate returns similar to or better than life insurance policies. Whole life
insurance is sometimes purchased by people for tax and estate planning purposes. You should consult with your financial advisor.
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Reinsurance and Glossary
Reinsurance refers to the situations where insurance companies insure against losses they may incur.
Insurance companies have a limited amount of capital, and to protect this capital
they will often attempt to cap the net losses that they may incur by purchasing
reinsurance. Typically, the smaller the insurer the more reinsurance they will buy.
Admitted Reinsurance
A company is “admitted” when it has been licensed and accepted
by appropriate insurance governmental authorities of a state or country. In determining
its financial condition a ceding insurer is allowed to take credit for the unearned
premiums and unpaid claims on the risks reinsured if the reinsurance is placed in an admitted reinsurance company.
Burning Cost
A term most frequently used in spread loss property reinsurance to express
pure loss cost or more specifically the ratio of incurred losses within a specified
amount in excess of the ceding company’s retention to its gross premiums over a stipulated number of years.
Catastrophe Reinsurance
A form of reinsurance that indemnifies the ceding company for the accumulation
of losses in excess of a stipulated sum arising from a catastrophic event such
as conflagration, earthquake or windstorm. Catastrophe loss generally refers to
the total loss of an insurance company arising out of a single catastrophic event.
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Glossary of insurance
Admitted Assets - Assets permitted by state law to be included in an insurance
company's annual statement. These assets are an important factor when regulators
measure insurance company solvency. They include mortgages, stocks, bonds, real estate and fixed assets.
Earned Premium - The amount of the premium that as been paid for in advance
that has been "earned" by virtue of the fact that time has passed without
claim. A three-year policy that has been paid in advance and is one year old would have only partly earned the premium.
Impaired Insurer - An insurer which is in financial difficulty to the point
where its ability to meet financial obligations or regulatory requirements is in question.
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