Banks get out of student loan business as students are expected to have a tough time with repayment.  

Posted by LOANEX.NET in ,

Banks across United States have been getting out of the student loan business and now First Financial Bankshares is following by getting out of student loans biz. Government student loans are one of the few programs not being cut because of the economic recession. However, students graduating with student loans may face a tough time with repayment. First Financial has notified the schools it services that it is temporarily suspending its student lending activities as a result of changes mandated by the Department of Education beginning with the 2009-2010 school year. New regulations significantly reduced the profitability of the student loan program.

With fewer summer jobs posted this year and most employers cutting back on staff and other expenses, more students will be required to resort to student loans to help pay for their tuition and fees next year.

New rules for payday loans in British Columbia  

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Starting in November, payday loan companies in B.C. will have to be licensed and limit their charges on a short-term loans. The regulations will also prevent payday lenders from lending more than 50 per cent of the customer's next paycheque. Payday loan companies will have to pay $1,500 for an operating licence, plus $750 to licence each office they operate. The licence fees include the cost of a mandatory criminal record check for payday loan operators in BC.

Payday lenders will also be required to post signs that tell customers what they're really paying in terms of interest rate.

Oh yea, the max interest limit on pay-day loan is 23%.

Some industry analysts believe the new rules will protect consumers from predatory business owners, while others predict consumers will suffer because some payday loan operators may shut down for good. Some consumer advocates, however, say the government may not have gone far enough. People will still have to pay 600% annual interest rates on their short-term loans.

Commercial loan Losses Will hurt Large Banks  

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Banks' losses on loans to businesses will get much worse than investors expect within the next six months. With first-quarter results due out in the coming weeks, investors should focus more on long-term credit deterioration at banks than one period's potential profits. Losses from commercial loans are just starting to accelerate, and that large banks are particularly exposed to these large loans. A wave of losses in business loans would follow the increasing deterioration in residential mortgages and consumer loans.

RBC® Visa Infinite* Avion® card  

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The RBC Visa Infinite Avion card is an travel rewards credit card that caters to your travel needs. Its benefits include:

-RBC Rewards® points for flights on any airline.

-No blackout periods, seating restrictions or points expiry.

-25% more RBC Rewards points on travel purchases using RBC® Visa Infinite* Avion® card.

-Travel insurances such as out-of-country/province emergency medical insurance

-concierge service and access to dining privileges.

-2,500 bonus RBC Rewards points each year on renewal

-Earn 1 RBC Rewards point for every dollar spent on the card

-Redeem points for other travel rewards, merchandise, gift certificate/cards and more.

-Chip and PIN technology for additional security for your credit card.

BC Student Loans - Government Subsidized  

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Student loans are government-funded repayable financial assistance. This student loan for education financing is intended to help students finance their post-secondary education. Your eligibility for student financing is determined by a standard test developed by the federal and provincial governments. The government subsidizes the interest on your loan when you are ful time student.

To obtain a Student loan, apply directly to the government assistance provider in British Columbia. This is a one-stop process that considers you for federal and provincial loans for students. To receive a student loan or to establish interest-free student loan status, you must maintain the required course load.

Student Loan Applicants must be Canadian citizens or permanent residents (landed immigrants) and residency in British Columbia must be established according to federal-provincial criteria.

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