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There are different ways to get rid of student loans and credit card debt, depending on the type of loans held, your outstanding balances, interest rates, and other factors.
How to Repay Card Balances Faster
While paying the balance in full each and every month sounds like the best thing to do, some people find it difficult to deal with high-interest debt. If you use two or more cards, i.e. student, department store, and so on, one option is to consolidate all balances and benefit from a promotional very low or zero interest rate. The main benefit to debt consolidation is that you will be able to repay your balances faster and at an affordable rate. Some issuers also offer long promotional periods of up to 18 months to attract new customers. If you have high interest student credit cards (https://www.lifeoncredit.ca/top-5-student-credit-cards-for-young-canadians/), this is one option to explore while a second option is to shop around for a consolidation loan. It is a good idea to check with the Better Business Bureau to ensure that you are dealing with a trustworthy and reputable lender. The average term is 60 months or 5 years, and the rate is usually considerably lower than credit cards (i.e. 6 percent vs. 18 – 10 percent or higher). This is a low-cost solution to be able to meet your monthly payments. There are many traditional lenders and online services to contact and apply for a consolidation loan. Some lenders even offer handy online tools to calculate your rate based on your credit score, amount required, and loan purpose, i.e. business, medical, home improvement, land purchase, debt consolidation, etc.
If you have other high-interest balances other than card balances, you can also apply for a consolidation loan. There are plenty of benefits such as affordable payments, one due date, one balance, and easier budgeting and planning.
This depends on whether you have a government-sponsored student loan or a loan from a private issuer. In the first case, there are options such as repayment assistance or forgiveness whereby borrowers only pay a portion of the outstanding balance or are offered debt relief. The options available depend on your province or territory of residence and whether you have a provincial or national student loan. There are several solutions to deal with debt that is unaffordable, including forgiveness, principal deferment, extended amortization, interest relief, and others. Keep in mind that these options are usually not available to borrowers who are delinquent or hold delinquent loans. It is important to seek timely advice before it is too late. There are other financial solutions if you are knee-deep in debt, one being credit counseling. Counseling helps heavily indebted borrowers to gain financial insight and acquire sound money management habits to repay student and other loans. This is a type of debt management whereby counseling agencies contact and negotiate with financial institutions so that borrowers benefit from better terms and a reduced monthly payment. When choosing a counseling agency, there are some questions to ask – whether they are licensed to offer financial services, for example. Inquire whether you will get reassurance that your personal and financial details will be kept confidential, including your employment details, phone number, current address, and so on. Obviously, it is important to ask about their fees if you are dealing with a for-profit agency. Finally, it pays to ask how a debt management plan works. Most credit counseling agencies will use the deposit you make on a monthly basis to repay medical bills, student loans, credit cards, and other balances, based on a payment schedule which has been approved by your financial institution.Read More
University research administrators have many responsibilities, among which invoicing financial reporting, proposal submission, approval and review, proposal preparation, and accounts receivable management, among others.
Jobs Tasks and Responsibilities
University research administrators are responsible for effort and personnel certification, program income, ongoing training, audits, reports and technical data, subcontracting plans and subcontracts, and project close-out. They are also responsible for conducting project financials and UI processes such as extensions, award initiation, advance accounts, and internal routing. Administrators are also tasked with oversight and monitoring when it comes to changes in policies and procedures, post-award project administration, grant and contract application procedures and requirements, and sponsor guidelines. They also offer direction when it comes to sponsor guidelines, expenditures, support activities, and a lot more. The role of university research administrators is to provide endorsement for sponsorships and project proposals. In general, research administration is tasked with post-award activities such as progress reports, no-cost extension, re-budgeting, and change in P.I. and other actions that require agency approval.
Administrators provide financial and analytical support and assistance when it comes to grant administration, contract processing, and budget development. They also act as liaison between different funding agencies and institutions of higher education. Administrators are tasked with developing, coordinating, and overseeing final proposals in compliance with agency and institutional requirements and monitoring grant awards and contracts in accordance with relevant terms and regulations. Finally, university research administrators are responsible for processing and oversight of sub-award modification, monitoring, and initiation, agreement and award amendments, and the processing of supplements, competing continuations, and non-competing continuations. Ultimately, research administrators are tasked with the administration and management of research proposals and data to keep up with workload guidelines and address key priorities.
Essential Skills and Competences
University research administrators in Canada must have a number of essential skills and competencies, including comprehensive knowledge of indirect cost rates, publication rights, conflict of interest requirements, intellectual property regulations, sponsor-specific requirements and policies, and federal regulations. Administrators typically have extensive experience with different types of award mechanisms such as cooperative mechanisms, sub-contracts, and various complex transactions. They must be able to interpret institutional requirements, policies, and regulations for others as well. Finally, research administrators must be able to carry out complex and high volume activities and transactions in a university, research, or college environment. Research administrators have strong communication and organization skills, good knowledge of complex financial concepts, and a consumer service focus. Problem solving skills and leadership skills are also a must.
Degree and Other Requirements
Research administrators must have a Bachelor or Master’s Degree and relevant certifications and licenses, if required. They must have equivalent experience and training as well. There are universities that offer programs and degrees in this area, for example, Master of Research Administration to help students master essential skills related to the implementation, management, and development of research projects and initiatives. The course work includes courses that focus on the legal framework, ways to identify funding opportunities, proposal preparation, and a lot more. Research administrators are in high demand across different institutional settings such as local and federal agencies, hospitals, institutes, centers, and private and public research universities. Job titles include grants accountant, director of export controls, research development coordinator or associate, financial administrator, research integrity officer, and contract or proposal manager.Read More