“Research and Markets: Targeting Gen Y for Personal Loans in Australia Examines the Behaviours of Gen Y in the Personal ... (Business Wire via Yahoo! Finance)” plus 3 more

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• Research and Markets: Targeting Gen Y for Personal Loans in Australia Examines the Behaviours of Gen Y in the Personal ... (Business Wire via Yahoo! Finance)
• More Small Banks Offering Student Loans (Fox News)
• Speaker offers personal finance lessons (The Advocate)
• First Century Bank, Carter High partnering on in-school branch (Knoxville News Sentinel)

Research and Markets: Targeting Gen Y for Personal Loans in Australia Examines the Behaviours of Gen Y in the Personal ... (Business Wire via Yahoo! Finance) Posted: 16 Feb 2010 05:43 AM PST Message from fivefilters.org: If you can, please donate to the full-text RSS service so we can continue developing it. DUBLIN--(BUSINESS WIRE)--Research and Markets(http://www.researchandmarkets.com/research/0629b5/targeting_gen_y_fo) has announced the addition of the "Targeting Gen Y for Personal Loans" report to their offering. RFI has produced a series of reports which focus on Generation Y (Gen Y) and their characteristics throughout different areas of retail banking. This report examines the behaviours of Gen Y in the personal lending arena, using the results from a survey of 2000 respondents. Areas examined include how Gen Y borrowers research their personal loans, how a lender is chosen, reasons for paying out early and satisfaction, as well as the alternatives to personal loans which are considered. Scope and methodology The report uses data from a July 2009 survey of current and prospective personal loan holders conducted by RFI. This survey: Is nationally representative Contains the responses of 1,000 current and 1,000 prospective personal loan customers Addresses a range of issues regarding personal loans, including loan characteristics, research channels, the application process, choice of lender, paying out early and loan satisfaction Highlights There are a number of important features which differentiate Gen Y borrowers from the average borrower, with differences evident in terms of demographics, loan purpose, application and research channels and the choice of lender. The use of lender and application channels showed a strong differentiation between Gen Y and the average, with Gen Y borrowers much more likely to have used CBA, ANZ and Bankwest compared to the average, while also expressing preference for the internet channel. Gen Y respondents were also much more likely than average to have considered and applied with multiple lenders. Gen Y respondents were more likely to be considering a loan from friends or family as an alternative to a personal loan, while Credit cards were also a more commonly considered alternative. Because of the tendency of Gen Y to use recommendations and also use social networking websites such as Facebook or Twitter, viral marketing presents itself as an important tool for lenders. Reasons to read this report Gain insight into the personal loan characteristics of Gen Y, including their intentions for paying out early, consideration of personal loan alternatives and satisfaction To learn of preferred application and research channels for Gen Y personal loan customers, as well as the reasons behind choosing a lender Country covered: Australia Key Topics Covered: Introduction Consumer Sentiment Respondents with a loan Loan characteristics Researching a loan Application channel usage Choosing a lender Paying out early Satisfaction with personal loans Those planning to take out a loan Alternatives to personal loans Researching a personal loan The application process Conclusion For more information visit http://www.researchandmarkets.com/research/0629b5/targeting_gen_y_fo Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. This posting includes an audio/video/photo media file: Download Now

More Small Banks Offering Student Loans (Fox News) Posted: 16 Feb 2010 08:22 AM PST Message from fivefilters.org: If you can, please donate to the full-text RSS service so we can continue developing it. As larger banks pull out of the private student loan game, community banks and local credit unions are stepping up to the plate. This fall, Washington, D.C.-based Independent Community Bankers of America will launch iHelp, a nationwide lending program that will allow students to apply for loans up to $10,000 per year through community financial institutions nationwide. As more small local institutions join the student loan game, college kids will have even more options for private loans. But know the pros and cons of banking small. Lower limits, better access The bad news is that local institutions may not have the same amount of capital as the big guys. The good news is that they're more willing to lend out what they do have. "Smaller lending institutions don't usually have a larger coffer of money to lend out. (Their) student loans could cover the total cost of college or it could just be for a few thousand dollars," says Ruth Pusich, director of financial aid for Elmhurst College in Elmhurst, Ill. "The advantage to a smaller institution is that they tend give a lot of personal attention. If there are gray areas, they're usually more willing to work with you. The larger institutions just work by the book." Pusich adds that "high-risk" students -- those with poor credit history, no co-signer or who attend unaccredited schools or institutions with high default and low graduation rates -- may find greater loan success through community banks and local credit unions. Whereas larger institutions frequently use a mathematical formula to determine loan eligibility, smaller ones often base loan eligibility more heavily on personal interviews and may offer a bit more sympathy. Personal loans versus student loans Those who opt for the community bank loan route should read the fine print carefully, says Kevin Moehn, CEO of Moehn and Associates in Vienna, Va., and a financial consultant for the iHelp program. "Most (local) banks don't have the infrastructure to support an official student loan program," he says, adding that that might change once the iHelp program is in full swing. "Right now, a lot of them have the money, but will give you a personal loan for educational purposes instead of an official student loan." The problem is that personal loans don't come with the same payback protections or borrower benefits as private student loans. While both loans accomplish the same goal of paying education expenses, student loans through big institutions such as Chase Bank and Wells Fargo come with certain borrower protections, including no prepayment penalties and the ability to postpone repayment while the student is still in school. Pusich adds that student loans also prevent students from overborrowing. "A student loan is limited to the cost of attendance minus all other financial aid, so students only take on a manageable amount of debt," she says. "If a bank offers a student anything above the cost of attendance, that should absolutely be a red flag." Different interest rates and borrower benefits Kelly Tanabe, co-author of "1001 Ways to Pay for College," says that when it comes to choosing a loan, students should investigate borrower benefits in addition to interest rates and repayment terms. "Private loans really vary a lot between institutions, but in general, smaller institutions, credit unions in particular, may offer a lower interest rate, but might not offer the same borrower incentives as larger banks," says Tanabe. "Students (who go to community institutions) could miss out on incentives like a lower interest rate after a certain payback period or a discount on fees if you pay by direct deposit. But if their interest rate is lower throughout the life of the loan, those things might not matter." To compare apples to apples, Tanabe advises students to shop around and ask both large and small lenders for the total amount a loan will cost, including fees, interest and discounts. First exhaust federal options Before considering a private loan from a community institution or otherwise, Lauren Asher, president of the Institute for College Access and Success in Berkley, Calif., advises students to investigate their federal loan options, including Parent PLUS loans and loans offered through the college directly. Shop around to both large and small institutions before making a fiscal commitment. "No matter where you go to find a loan, federal loans always offer better interest rates and borrower protections than private ones," she says adding that 64 percent of all undergrads with private loans take them on without maxing out the federal loans they're eligible for. "Regardless of who the lender is, private loans need to be evaluated individually and checked against offers from other banks. In the end, they should really be a last resort." More from Bankrate: A 529 plan is great for grad school, too What you need to know about FAFSA Is your state prepaid tuition plan flawed?   Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. This posting includes an audio/video/photo media file: Download Now

Speaker offers personal finance lessons (The Advocate) Posted: 15 Feb 2010 10:21 PM PST Message from fivefilters.org: If you can, please donate to the full-text RSS service so we can continue developing it. When talk at a Black History Month luncheon turned to student loans, guest speaker Glinda Bridgforth, author of "Girl, Get Your Money Straight," told the story of Shayla Price. While she was in high school, Price began applying for scholarships. By the time she got to college, she'd received $100,000 in scholarship offers, Bridgforth said. "She paid for her undergraduate degree, and she wrote a book," Bridgforth said. "Now, she's in law school." First Year Experience, an LSU program that assists students in their first year at the university, and the African American Cultural Center sponsored Bridgforth's LSU visit. Bridgforth, whose books include "Girl, Make Your Money Grow!" (co-author Gail Perry-Mason) and "Girl, Get Your Credit Straight!", was a banker in California handling other people's money well, Bridgforth said, while her own finances were "out of control" and her marriage was falling apart. "Broke at a high status level with nice cars and nice house," Bridgforth said she and her then-husband told themselves the pre-approved credit cards they received were to be used for emergencies only. "Do you know how many emergency cruises we took?" she laughed. Bridgforth, 58, said she started a financial consulting business and began writing books to make money but also to help others avoid her mistakes. Now remarried, Bridgforth said the last 10 years of her life have been the best. Her financial mess helped her see that she had more control over life than she'd thought when she was younger. "We are our own worst enemies," she said. "We let our finances control us." Student loans are easy to get, Bridgforth said. Schools encourage students to take out loans, she said. For some students, young women at the luncheon said, it's work or take out a loan. There's "a big push," said Shauntae Joseph, 21, a senior in biological science and co-chairman of LSU's Black History Month events, "to go to school after your undergraduate degree." Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. This posting includes an audio/video/photo media file: Download Now

First Century Bank, Carter High partnering on in-school branch (Knoxville News Sentinel) Posted: 16 Feb 2010 08:35 AM PST Message from fivefilters.org: If you can, please donate to the full-text RSS service so we can continue developing it. KNOXVILLE — Carter High School students are getting a crash course in personal finance with the official opening today of the school's Business Education Savings & Trust (BEST) Bank during lunch. Students can open savings accounts and take out "lunch loans" to be paid back with a dime of interest the next day. It's all part of Carter's Business Academy, established last year. Carter BEST Bank is sponsored by First Century Bank, which has a Strawberry Plains branch presence. First Century Bank made a $5,000 initial investment to set up the in-school bank, complete with two teller stations and customized database software. "It's an ongoing commitment," said Brandon Poore, assistant vice president and branch manager for First Century Bank. "We want students to learn life lessons they can take into the workplace with them." Unlike the model previously established but not currently functioning at Austin-East, Carter's bank is entirely student run. Five hand-selected students will receive credit hours for managing all aspects of banking operations, starting with a capital infusion of $200. Principal Cheryl Hickman said the project has been in the works for the past 18 months. She said half of Carter's 1,000 students are enrolled in business classes at any given time. Carter BEST Bank will provide a "real world opportunity" that Scott Bacon, supervisor of business partnerships for Knox County Schools, hopes to replicate in all 13 area high schools. First Century Bank's Strawberry Plains branch has been in operation for just over three years. The bank has been in business for 110 years and has had a successful school/bank partnership with Union County High School for the past six years. Community involvement is the cornerstone of First Century's philosophy, and Carter High School is reaping the benefits with its newly established BEST Bank. More details as they become available online and in Wednesday's News Sentinel. © 2010, Knoxville News Sentinel Co. Want to use this article? Click here for options! Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. This posting includes an audio/video/photo media file: Download Now

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