Personal Finance and Investing

There is a nonprofit organization named College Board that has tracked the amount of student loans, among other statistics, originated each year. Based in New York, the most recent report on the 2008-2009 academic year shows there were approximately $11 billion in private student loans issued. This is a 52 percent decrease over the prior year.

It is interesting to note that the private student loans have declined but the federal loans have risen. There are good reasons for this and most of them are related to the condition of the economy. It is much more difficult to obtain credit this year as opposed to last year as credit markets remain tight.

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As Bank of America continues its search for a new CEO, one of the nation’s most powerful unions is giving it some unsolicited help: Since last week, the Service Employees International Union has been running online ads announcing a CEO vacancy at a “big bank” that may “reward failure with big $” and does not require a “basic understanding of the economy.”

Protestors gather during a rally against Goldman Sachs, demanding they redirect bonuses, Monday, Nov. 16, 2009, in Washington. Read more…

This weekend saw gale-force winds and storms rock much of the UK and we’re not out of the woods yet. Flood and severe weather warnings were put out by the Environment Agency over the weekend and there is a danger that any further heavy rainfall could burst the banks of already-swollen rivers.

We look at what you should do if your home is affected by storm or flood damage. If you don’t have home insurance, you can use our tool to compare quotes from more than 60 home insurance providers.

Checking your home

Even if your home has appeared to weather the storms unscathed, it’s worth giving it a once over to double check for damage.

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Some of the important questions you need to ask your lending officer about your home loan may involve:

• The Terms Of The Loan: It is best to start the application of with this question. It is always beneficial to understand the terms of the mortgage upfront rather than wait and be surprised with something that you should have cleared up at the very outset. Ask questions like, what are the terms of the mortgage, what is the interest only period, what are the undisclosed charges that could apply to this loan structure etc.

• Can I Pay Off The Mortgage Early?: Often consumers feel that there are no penalties, which apply to paying off their mortgage early.

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