Have you gotten a collection call about a debt you don’t recognize?

Have you gotten a collection call about a debt you don't recognize? by Ari Lazarus, Consumer Education Specialist, FTC Nobody likes getting debt collection calls. But have you ever gotten one for a debt you already paid — or you know isn't yours? Or have you been threatened and harassed by a debt collector until you paid up? If so, we want you to know how to protect yourself. Read more https://www.consumer.ftc.gov/blog/2020/09/have-you-gotten-collection-call-about-debt-you-dont-recognize  This is a free service provided by the Federal Trade Commission.

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FTC Consumer Alerts: Summer Film Series - Avoiding student loan debt

Summer Film Series: Avoiding student loan debt by Megan Gordon, Intern, Division of Consumer & Business Education, FTC Today's Summer Film Series feature is about something many recent graduates might be trying to put out of their minds this summer: student loans. Read more https://www.consumer.ftc.gov/blog/2019/08/summer-film-series-avoiding-student-loan-debt?utm_source=govdelivery  Video https://www.consumer.ftc.gov/blog/2019/08/summer-film-series-avoiding-student-loan-debt?utm_source=govdelivery This is a free service provided by the Federal Trade Commission.

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In the News: social media diet is beneficial; student loan servicing company adding to student debt

From the Milford Daily News, articles of interest for Franklin:

"If you were considering going on a social media diet, new research backs up the benefits. 

According to a paper in the Journal of Social and Clinical Psychology’s December issue, tightening Facebook, Instagram, and Snapchat use can lower loneliness and depression. 

University of Pennsylvania psychologist Melissa G. Hunt led the study, which surveyed 143 students at Penn. Researchers divided the undergrads into groups that limited social media use and groups that continued to use the platforms as they pleased. Participants, who were predominately female, were offered academic credit for their time. 

The study did not ask students to abstain from social media. The researchers explained this choice in the paper, noting, “It is unrealistic to expect young people to forgo this information stream entirely.”

Continue reading the article online (subscription may be required)
https://www.milforddailynews.com/zz/news/20181120/study-cutting-social-media-time-can-lessen-depression-and-loneliness

https://www.instagram.com/franklinmatters.ma/

"One of the nation’s largest student loan servicing companies may have driven tens of thousands of borrowers struggling with their debts into higher-cost repayment plans. 

That’s the finding of a Department of Education audit of practices at Navient Corp., the nation’s third-largest student loan servicing company. 

The conclusions of the 2017 audit, which until now have been kept from the public and were obtained by The Associated Press, appear to support federal and state lawsuits that accuse Navient of boosting its profits by steering some borrowers into the high-cost plans without discussing options that would have been less costly in the long run. 

The education department has not shared the audit’s findings with the plaintiffs in the lawsuits. In fact, even while knowing of its conclusions, the department repeatedly argued that state and other federal authorities do not have jurisdiction over Navient’s business practices."

Continue reading the article online (subscription may be required)
https://www.milforddailynews.com/zz/news/20181120/is-national-student-loan-servicer-swindling-borrowers

Franklin Debt Service

One of the fiscal policies Franklin operates with is using up to 3.5% of the general funds for debt service. This is an easy way to fund medium term capital projects without getting a debt exclusion approved. This has allowed the new fire stations, the Senior Center and other building or renovation projects to occur. The worksheet use to calculate the FY 2014 debt as a percent of the general funds can be see below. This was reviewed with the Finance Committee during their December meeting.




This worksheet also handed out and reviewed with the Finance Committee at their December meeting, is more of an eye challenge. The current available capacity is gradually growing and will be almost $1M by 2016.

"considered high quality by all standards"

Towns with a higher bond rating are more likely to be able to pay off their loans, and as such are often given a lower rate of interest on their bonds. 

"On smaller projects, a few (percentage) points isn’t going to matter too much," said Ballantine. "But if you’re building a high school, it can make a significant difference." 

Much like there are three main credit bureaus for personal credit scores, there are three main bond rating agencies — Moody’s Investors Service, Standard and Poor’s, and Fitch Group.

Read more: http://www.metrowestdailynews.com/news/x521655892/Despite-recession-area-municipal-bond-rates-in-good-shape#ixzz23KDAVE3B

Franklin has been able to maintain a very good bond rating with its overall budget management. This will be a major factor as the new high project goes out to bid for the bonds to finance the building. Of course, the timing for the actual construction bids will hopefully produce the lowest overall cost for the project as well.

Franklin is also aggressive in managing its debt to take advantage of the lowest ratings available. It was able to perform two refinancing exercises that substantially reduced the amount of interest that would be paid over the life of the bond. The most recent of these efforts was reported on during the FinCom meeting in April
http://www.franklinmatters.org/2012/04/live-reporting-fincom.html

Jeff Nutting on the Capital Outlook (audio)

Town Administrator Jeff Nutting outlines the capital needs for the near future and gets into discussion with the Council on how this could be done with either cash, grants, or debt.

Time: 51 minutes, 57 seconds



MP3 File