Newspapers / Winston-Salem Chronicle (Winston-Salem, N.C.) / July 29, 1993, edition 1 / Page 25
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Business NOTES & BRIEFS NCBA Endorses Hunt's Proposal The North Carolina Bankers have both passed Hunt's Smart Development Council (TMSDC) Association recently endorsed Start proposals and have included has added seven corporate mem Gov. Jim Hunt's early childhood them in their biennial budget. bers as a result of a recent mem initiative, saying its emphasis on The North Carolina Bankers bership drive. reaching children before age 5 is a Association is a state-wide trade The new members are the city long-term investment in a quality group representing 73 of the 78 of High Point, Douglas Battery, work force. commercial banks and two trust Forsyth Memorial Hospital, North Smart Start is Hunt's proposal companies in the state. The mem- Carolina Baptist Hospital, South to provide quality early childhood bership of the North Carolina em National Bank, the Winston cdttcarion to every child in North Bankers Association comprises 97 Salem Chamber of Commerce and Carolina who needs it In addition, percent of the state's commercial Luwa Bahnson. Smart Start would lower child- banking assets. The JMSDC works with staff ratios, increase the child care minority business enterprises tax credit and immunize every A New Members seeking expanded opportunities child. The state House and Senate The Triad Minority Supplier with corporations. President Clinton, Congress Replinish SB A Loans President Clinton recently signed a supplemental funding bill to replenish SBA's popular 7(a) loan program, and authorizations for more than 5755 million in approved SBA loan guarantees began moving to commercial banks. The $753 million represents loan guarantees that have been approved for more than 3340 small business es since late April, when the agency's 7(a) General Business Loan Guarantee Program exhausted its loan authority for the year. Those loan approvals had to be held back pending approval of a supplemental appropriation. The bill signed by President Clinton included an appropriation of S175 million for the 7(a) loan pro gram, enough to finance $3.2 billion in guaranteed loans. That brings the total^ program level for FY 1993 to $6.8 billion, a 21 percent increase over the record $5.6 billion set in FY 1992. _ 1 Bererlj R. Mitchell - ?t1? nt>7M-a729 General ChrftlLaw including ? Wills & Estates ?i Residential Real Estate ? Domestic Relations ? Personal Injury-Auto ? Workman's Comp/Social Security Disability ? Bankruptcy Wake Foe?t Law School Paying Off Student Loans A large number of recent col lege graduates had to borrow money through student loan pro grams to cover their college costs. As a result, they are in debt before they get their first job. Upon graduation these college graduates have to start paying back the money that they borrowed. This has, however, become a problem for many graduates who finished school during a period when the American economy is weak and jobs are limited, or pay for work is. lower than expected. Even though the prospects may seem bleak, there are ways to deal with outstanding student loans. These loans can be deferred, forgiv Refinancing of a student loan is an option for some graduates, particularly those who have loans such as the Supplemental Loan for Students and the PLUS loan for parents. With the Supplemental Loan for Students and PLUS loan for parents dropping to below 7 per cent, it would make sense for those individuals who are paying !2 per cent to refinance these loans. Keep these terms in mind as you deal with your student loan(s): ? Forbearance - This arrange ment postpones repayment of prin cipal, but interest continues to accrue. Forbearance is granted for hardship. MONEY WATCH By THEODORE R. DANIELS en, restructured, refinanced or con solidated. Unlike other personal loans or mortgages, student loan programs do accommodate the needs of borrowers. For example, if you don't have a job but are active ly looking for one, you may be eli gible for a loan deferment This will allow you to delay the payment of the loan and in some instances delay the charging of interest on the outstanding balance. Those student loan programs sponsored by the Federal government allow defer ment for such reasons as: returning to school; being pregnant; if recent ly out of school, temporarily dis abled or serving in the armed forces. If you can't meet the require ments for deferment of a student loan, you may be able to get a for bearance. Under this arrangement, the principal payment is suspended, but interest continues to be charged. You should also be aware that some college graduates can get their stu dent loans forgiven, if they accept teaching jobs in certain areas of the country or go into the military. Many college graduates have more than one student loan. If you fall into this category, you should consolidate the loans. This allows an easier payment arrangement because you don't have to write multiple checks each month nor negotiate several repayment plans. Under the Federal student loan pro gram, student loans totaling $7,500 or more can be combined so that the borrower writes only one monthly check. The normal 10-year repayment period can be extended to 20 to 30 years, which makes the monthly payments much lower. ? Consolidation - This allows you to combine your student loans totaling $7,500 or more into one loan. This can also reduce your monthly payment by extending the loan period to up to 30 years. Deferment - This allows you to postpone repayment and stops interest on the loan(s). ? Graduated repayment - Under this arrangement, monthly pay ments are smaller in the early years and larger in the later years as your annual income increases. Someone Who Cares * Free Consultation * We're Paid Only If You Collect Practice Limited To Accidents, Injury, And Wrongful Death LEWIS & DAGGETT ATTORNEYS AT LAW P.A. 765-7777 Phone Answered 24 Hours 285 Executive Park, Blvd (near Hanes Mall) Winston-Salem. NC 27103 A History of Helping People PHILLIP S. BANKS III PERSONAL INJURY Personalized Service - ALL COURTS - FREE INITIAL CONSULTATION OHict Hour* By Appointment 3000 Bethesda Place 659-0911 IMPORTANT NOTICE TO HOMEOWNERS! THROUGH APPROVED LENOERS, THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, UNOER TITLE 1 OP THE NATIONAL HOUSING ACT, HAVE MADE AVAIL ABLE MONIES FOR MILLIONS OF FAMILIES TO MAKE MAJOR IMPROVEMENTS TO THEM HOME . . . WITHOUT WHOSE HELP IT MttHT NOT HAVE BEEN POSSIBLE. YOU MAY BE ELIGIBLE NO MATTER HOW LONG YOU'VE OWNED YOUR HOUSE. ETHNIC BACKGROUND, LOCATION, CONOmON, INCOME, AGE ANO MARITAL STATUS. It to the purpose of thto program to encourage energy conservation and neighborhood preservation. ALL TYPES OF HOME IMPROVEMENT: SIDING, REPLACEMENT WINDOWS, KITCHENS. BATHROOMS, ROOM auditions; decks, REMODELING KITCHENS, ROOFING, SPECIALIZE IN HEATING/ AIR CONDI TIONING, ELECTRICAL WORK, GARAGES. CALL US NOW1 748-0994 Q ^ Cut out coupon and mail today! Pleaae call between 11:00-4:00 p.m.. call between 11:00-4:00 p.m., MONDAY THROUGH THURSDAY Forsyth Mechanical Ik Construction Co. 3100 ftmajBfale Arenac N.C. 37107 City : State/Zip la: 3 CI Brick CJ Cement d Block C3 Stucco O Other ^Type of work needed: FREE CONSULTATION First Forsyth Mortgage Company Invites you to call for a Free Mortgage Frapp?I to reduce your debts and monthly payments and increase your available monthly cash flow. Fixed & Variable competitive rates 15 - 20 - 30 year programs Use your home equity to increaoe yoiir financial growth freedom ;. We have a variety of programs for people who have a problem qualifying with: ? slow* credit ? high debt ratios?piioi baiknytc; Home Improvements ~ Debt ConeolidatUm - Pureham Mone No Income verification (eetf-employed only) Pre-qualifying epprorel* in 48 hoars or toast First Forsyth Mortgage Company "The Mortgage Advieon" Committed to Bnellinee 3880 Vest Mill Road 919-760-0411 or 800-849-8684 shouldn't feel tcoNOMY Checking . $4 Per Month No minimum balance required. Wachovia Banking Card and Phone Access included. There are no surprises with Wachovia's Economy Cheeking. It's inexpensive. Its convenient. Its simple It allows you to make up to 12 monthly withdrawals, cither by check or automatic teller, for only $4 per month* It gives you use of Phone Access: ? It also gives you a free Banking Card. So you'll be ahje to hank 24 hours a day, seven days a week What's more, there's no minimum balance requirement For more details, stop by and talk to a Personal Banker/" Thai s free too. Welcome to Personal Banking. Welcome to Wachovia. \yAOHMA VVmlx i I DK Tilu n-ni\ will Sr vKirt?r*l I<* c.iih wuMuwil )v\i?xl I? |V? n???iihl\ s?.n1 nnin i \> li V wiili .ill wii I** u t Ih'i t :'ic ?* ' < fci ->?' ?I in ? ? >;hdi.iu.it .iihI Virni> prr Kilirvc inquiry >* lurxJ> tr,ir?lct wilf hr ihjrjRtl (i* all Rrlj\ < Phis* jihI I!?****? irjmsminK |MiU.i*,l .11 .uiM.uitil h-tl?. i'i.k!iuvm>|Vi.ihiI inlsi p.nn? iiuihh: lnv>*n n> 'VhhiumI th.if|SL<> .ippK u* irjn>*ttiin iillrrcd ihnmph PK** Auj>*
Winston-Salem Chronicle (Winston-Salem, N.C.)
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July 29, 1993, edition 1
25
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