| ScholarPoint Offers Tips to Reduce Student Debt Stress
ScholarPoint offers tips for parents, friends, advisors and mentors of recent college grads to help them reduce stress from student loan debt. La Jolla, CA (PRWEB) July 30, 2007 -- Recent graduates are leaving college stressed out over how they are going to pay back their student loans. No wonder-- nearly two-thirds of students graduating from four-year colleges and universities now have student loan debt and the average amount of that debt has more than doubled from $9,250 to $19,200 since 1993. Many of today's new college grads are ill-equipped to manage their finances and student loan debt. When it's time to start repayment, many of them experience varying levels of stress and anxiety. ScholarPoint maintains that new grads have enough to be stressed out about and offers the following tips for parents, friends, advisors and mentors of recent college grads to help them reduce stress by getting their finances in order.
Paul Galeski
Despite the stress, the chase for money and the challenges of starting a second company, several serial information-technology entrepreneurs say theyd do it again.
In 1990, Paul Galeski started Magnum Technologies, a factory automation software firm, with $6,000, two employees and a small office in Belleville, Ill. Like a lot of entrepreneurs, he poured his heart and soul into the company.
It expanded quickly, making the Inc. 500 list of fastest growing U.S. companies. Then, in 1997, it caught the eye of General Electric Co.
GE offered to buy Magnum and wanted Galeski to stay on to help run it. Making the decision to sell was brutal, Galeski recalls.
You raise this thing from a pup and grow it into a pretty substantial business, he says from his office at Maverick Technologies in Columbia, Ill.
Business Notes
MOUNT HEALTHY - A fast-growing church community has purchased the former Surf Cincinnati property. Inspirational Baptist Church, 9208 Daly Road, paid $925,000 for the 14.23-acre site on Sebring Drive in Forest Park near the intersection of Interstate 275 and U.S. 127. Spokeswoman Edie Langford said that the church will initially build a multi-use facility, consisting of a 1,500-seat worship space and a community center. Inspirational Baptist's senior pastor, Bishop Victor S. Couzens, would like to see the church purchase additional land adjoining the Surf Cincinnati property and launch job and social service programs to benefit the larger community. .
Finance, Accounting and Consultancy
The subprime mortgage market consists of loans to borrowers with high credit risk, and the mechanisms that have evolved to originate, service, and finance those loans. While this market has existed since the early 1980s, it was not until the mid-1990s that the growth of the subprime industry gained significant momentum. .
Credit Repair Secrets
At least, that's how many hits I got when I Googled the phrase "credit repair secrets." Most of these, as far as I could tell, offered e-books or services promising quick solutions to bad credit problems. Many hinted at "secrets" that the credit bureaus "don't want you to know." As if Experian and Equifax (NYSE: EFX - News) actually delight in lousy credit ratings! (They don't care either way, as far as I know -- they just try to be accurate.) Many of the services seemed like the kind that Fool Dayana Yochim wrote about a couple of years back -- high-fee, aggressively sold "debt consolidation" services that might or might not end up helping your credit rating. One in particular stood out, though. This outfit (I'm not going to name it) offered guaranteed increases in your FICO score for an up-front fee -- 50 points for $499, 100 points for $999 -- with an ongoing maintenance fee of $10 a month.
A nation in debt
The financial chickens are coming home to roost. Two sets of figures released yesterday should act as warning signals to Scots planning to head off for their customary weekend retail-therapy session. With personal debt in Scotland already standing at an average of nearly £9000 per person (excluding mortgage debt), more and more people are sliding into insolvency, according to government figures. While second-quarter personal bankruptcies in England and Wales appear to have levelled off, the figure for sequestrations (the Scottish equivalent) was up by more than 23% on the corresponding period of 2006. That translates as a record 38 Scots going bust every single day, the equivalent of nearly 14,000 a year, compared with fewer than 5000 in 1998. At the same time, statistics from the Council of Mortgage Lenders show a 30% rise in repossessions in the six months to June.
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