highfields capital management lp is a hedge fund founded in 1998 which had assets in excess of $ 10 billion in 2011 , per a report in absolute return + alpha .

highfields capital management

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2016 - present : westfield capital management 2015 - 2016 : surveyor capital 2012 - 2015 : cdp capital , inc . 2010 - 2012 : sac capital advisors 2001 - 2010 : corsair capital llc 2001 : princeton university , ba
the average salary for highfields capital management in boston , ma is $ 125 , 548 per year , ranging from $ 106 , 925 to $ 141 , 264 . compare more salaries for highfields capital management in boston , ma at paysa . com .
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molly morse , a spokeswoman for highfields at kekst & co . , declined to comment on highfields’ redemptions .
aaron cowen , chief investment officer at us $ 2 . 5 billion hedge fund suvretta capital management in new york , thinks 3g capital management team may even be better than warren buffett .
highfields capital iii l . p . ( reporting ) cik : 0001429876 ( see all company filings )
highfields capital management , a $ 13 billion hedge fund , has raised concerns about quant funds and passive investing in a letter to clients seen by business insider .
highfields capital management flagged concerns this week about computer - driven trading in its second - quarter letter to investors , a copy of which was reviewed by business insider .
with the transaction completed , bain capital and blackstone now own equal stakes in michaels stores , and funds affiliated with highfields capital management own a minority stake . senior management of the company also will acquire a minority stake in the company . the current michaels management team , led by jeffrey boyer and gregory sandfort , will continue to operate the business .
highfields capital management , the investment firm run by jonathon jacobson , told clients at year - end that it expected redemptions equaling about 3 percent of its $ 12 . 5 billion in assets .
jonathon jacobson , founder , chief investment officer and chief executive officer of highfields capital management lp , speaks at the sohn investment conference in new york , may 8 , 2013 . reuters / brendan mcdermid
dan farb , hedge fund manager at boston - based highfields capital management , which manages more than us $ 12 billion in assets , highlighted franklin resources inc . ( ben / nyse ) as a potential winner .
the company’s owners include wasserstein & company , the personal investment vehicle of the late financier bruce wasserstein . the firm , along with highfields capital management , took over the gift basket company in 2004 for $ 253 million .
his professional experience also includes senior analyst , financials team at cdp capital and equity analyst at sac capital advisors . mike began his career at corsair capital , a financial services - focused private equity firm .
oco provides intelligence and advisory services for production , sales and customer behavior management .
he said highfields will stop accepting new money at the end of the year and will likely return between 5 percent and 15 percent of its capital to clients .
highfields capital and its managed funds are not open for investment by members of the public . no offer of interests in such funds is being made or should be inferred .
quants , in particular , could worsen the next financial crisis , according to highfields , an active manager .
“high - quality managers have always endeavored to achieve a robust and sustainable capital base , but always in a manner that doesn’t sacrifice their fund’s return potential , ” said scott schweighauser , president of aurora investment management .
aaron cowen , chief investment officer at us $ 2 . 5 billion hedge fund suvretta capital management in new york , thinks restaurant brands international inc . ( qsr / tsx ) may be ready to make another acquisition .
mike joined westfield capital in 2016 as a senior security analyst and member of the investment committee covering the financial services sector . previously he was with surveyor capital as an equity research analyst focused on financial stocks .
about bain capital bain capital ( urltoken ) is a global private investment firm that manages several pools of capital including private equity , venture capital , public equity , and leveraged debt assets with approximately $ 40 billion in assets under management . since its inception in 1984 , bain capital has made private equity investments and add - on acquisitions in over 230 companies around the world , including such leading retailers and consumer companies as toys
r
us , burger king , staples , burlington coat factory , shopper ' s drug mart , brookstone , domino ' s pizza , dollarama , sealy corp . , sports authority and duane reade . headquartered in boston , bain capital has offices in new york , london , munich , hong kong , shanghai , and tokyo .
alexander roepers , chief investment office at atlantic investment management , started off his presentation by comparing general motors and tesla motors .
boston ( reuters ) - highfields capital , which oversees $ 13 billion in assets for universities , hospitals and wealthy investors , plans to return as much as $ 2 billion to clients because it believes it can deliver better returns with less money .
jacobson , 53 , co - founded highfields after managing equities for harvard’s endowment . the firm can make equity and debt investments globally in event - driven or distressed situations , including restructurings , management changes and recapitalizations . it also takes positions on the rise and fall of stocks .
brad dunkley , waratah capital advisors , best idea : linamar corp $ lnr . to roe at all - time highs
highfields gained roughly 18 percent after fees through the end of september , a source close to the firm said , swelling its assets , but making jacobson’s investment team’s job harder . highfields now wants to be closer in size to what it managed at the start of 2013 , the letter said .
the highfields capital iv lp fund , the firm ' s biggest fund , with about $ 5 . 6 billion under management , returned 1 . 2 % for the first half of the year , according to investor documents . that ' s compared with a 9 . 3 % gain in the s & p ; 500 and an 11 % gain for the msci world index over the same period .
this describes the type of investor this organization is ( e . g . angel , fund of funds , venture capital )
brad dunkley , co - ceo at toronto - based waratah capital advisors , chose a canadian company to highlight on thursday .
telling attendees at the two - day charitable event in toronto that the owner of tim hortons and burger king has the best management team in the business with 3g capital , cowen thinks qsr can climb from about us $ 43 per share today to us $ 75 .
this describes the stage of investments made by this organization ( e . g . angel , fund of funds , venture capital )
cyrus reinsurance ii holdings spc is majority - owned by investment funds affiliated with highfields capital management lp . its subsidiary , cyrus reinsurance ii limited , is a class 3 bermuda reinsurer (
sidecar
) that is expected to enter into a collateralized quota share reinsurance treaty with xl re ltd and xl re europe ltd ( the
ceding companies
) . the treaty will cover policies incepting between january 1 , 2008 and july 1 , 2008 . lenders will be at risk for events occurring between january 1 , 2008 and july 1 , 2009 . capital cannot be returned to investors before september 1 , 2009 and equity capital cannot be returned to shareholders until all three loans have been repaid .
clients listed here were chosen as generally representative of the types of clients that comprise westfield capital management ' s institutional client base and were not chosen based on performance - based criteria . it is not known whether these clients approve or disapprove of the adviser or the advisory services provided
boston - based highfields uses a fundamental value - investing strategy , and though it is one of the biggest hedge funds , it doesn ' t often get much attention .
jacobson also noted that highfields will find itself sitting on a much bigger stack of cash that it needs to deploy in the coming year after many bets worked out well .
lastly , farb thinks a family and management - led buyout could surface at some point , although he believes this option is least beneficial to long - term shareholders .
great company to work for ; everyone is extremely helpful and willing to teach . very nice open company environment . senior management is very approachable and love to learn about their employees .
the redemptions , which would be about $ 375 million , come after boston - based highfields posted low single - digit returns last year , said the people , who asked not to be identified because the information is private . the firm is closed to new investments and returned about 15 percent of capital to clients in 2013 after it gained 27 percent that year .
vandad fartaj has been senior managing director and chief capital markets officer of pennymac financial services , inc . ( nyse : pfsi ) since february 2016 . he is responsible for all capital markets and investment - related activities , including the development and execution of investment strategies , secondary marketing , hedging activities and capital markets strategies with government - sponsored enterprises . in addition , mr . fartaj is responsible for developing and managing relationships with wall street broker - dealers and fixed income investors . mr . fartaj also serves as senior managing director and chief investment officer of pennymac mortgage investment trust ( nyse : pmt ) . previously , mr . fartaj was the company’s chief capital markets officer . he has served on the company’s management team since its founding in 2008 . prior to joining the company , mr . fartaj was employed in a variety of positions , from 1999 to 2008 , at countrywide securities corporation , a broker - dealer , managing the strategy and execution of the whole loan conduit . mr . fartaj is an experienced mortgage banking executive with substantial experience in capital markets , mortgage - related investments , and interest rate and credit risk management . mr . fartaj earned a bachelor’s degree in political science from the university of california , los angeles .
even with a smaller size , highfields will still rank among the $ 2 . 4 trillion hedge fund industry’s biggest players in part because it is not alone in deciding it is better to be smaller and more maneuverable .
andrew s . chang has been senior managing director and chief financial officer of pennymac financial services , inc . ( nyse : pfsi ) since january 2017 . he is responsible for overseeing the company’s financial management , reporting and controls , and tax management , as well as corporate development , portfolio acquisitions and investor relations activities . mr . chang also serves as senior managing director and chief financial officer of pennymac mortgage investment trust ( nyse : pmt ) . previously , mr . chang was the company’s chief business development officer and chief fund administration officer . he has served on the company’s management team since its founding in 2008 . prior to joining the company , mr . chang was employed at blackrock , inc . , a global investment management firm , from 2005 to 2008 , as a senior member in its advisory services practice , specializing in financial strategy and risk management for banks and mortgage companies . from 1999 to 2005 , he was a management consultant and engagement manager at mckinsey & company , a global consulting firm , advising large financial institutions in the areas of strategy , operational performance and organization . mr . chang earned an a . b . magna cum laude with highest honors in biology from harvard university .
ubs and ally have also agreed to provide $ 100 million in exit financing , while bondholders have agreed to backstop a $ 55 million rights offering meant to raise additional capital .
aspect capital ( aspect ) , the us $ 7 . 3bn systematic investment manager , today announced the launch of a ucits fund to provide investors with access to the aspect systematic global macro programme .
the boston - based money manager is the second prominent investment firm after baupost group to decide since september to shrink its capital as low interest rates and a strong stock market make it tougher to find new investments .
“while we are quite comfortable with our ability to generate good returns at our current size , we would rather be slightly smaller and generate better ones , ” jonathon jacobson , who co - founded highfields in 1998 , wrote in a letter sent to investors and seen by reuters .
balyasny asset management , which manages $ 12 billion , wrote about quants and passive investors fundamentally changing stock investing , and the $ 30 billion baupost group told clients earlier this month that low volatility could be a harbinger of
the next financial crisis .
the firm’s investment in mortgage - servicing company ocwen financial corp . dragged on performance . ocwen’s shares fell 73 percent last year as the company was accused by us and state regulators of mishandling foreclosures . highfields’ exposure to greek bank debt also hurt returns , one of the people said .
quants could worsen the next financial crisis , jonathon jacobson , founder of highfields , wrote in the letter . he highlighted the lead - up to the 1987 financial crisis and partly blamed
portfolio insurance ,
or
the concept of dynamically hedging an active portfolio with stock index futures .
irving , tx , october 31 , 2006 – michaels stores , inc . ( nyse : mik ) today announced the completion of the merger of michaels stores with affiliates of two leading global private investment firms , bain capital partners llc and the blackstone group . on june 30 , 2006 , affiliates of bain capital and blackstone entered into a merger transaction with michaels stores for a purchase price of more than $ 6 billion . under the terms of the merger agreement , michaels stores stockholders are entitled to receive $ 44 per share in cash , without interest .
mr . tozer has been a member of our board since august 2017 . mr . tozer served as the president of the government national mortgage association , or ginnie mae , from february 2010 to january 2017 . before joining ginnie mae , mr . tozer served as senior vice president of capital markets at national city mortgage company . he also has served as a charter member of the national lender advisory boards of both fannie mae and freddie mac , chairman of the capital markets committee of the mortgage bankers association of america ( mba ) , and as a member of the residential board of governors of the mba . mr . tozer received a b . s . degree in accounting and finance from indiana university in 1979 , and is a certified public accountant ( inactive ) and a certified management accountant . we believe mr . tozer is qualified to serve on our board because of his numerous years of experience in the mortgage and financial services businesses and his deep understanding of mortgage banking and agency relations .
“we are pleased with the successful outcome of this transaction , ” mr . boyer said . “we look forward to partnering with bain capital and blackstone to take michaels stores to the next level , both operationally and financially , and to realize our company’s full long - term potential with the help of our dedicated employees . ”
“if you look at ( qsr owner ) 3g capital’s patterns – and i haven’t spoken to anybody at 3g – every two to three years they tend to ramp up the acquisition machine , ” cowen said . “they did the tim hortons deal two years ago , so it seems like it’s time to do something else . ”
despite its size and muscle as an occasional activist investor at companies such as canadian coffee - and - doughnut chain tim hortons inc , highfields and jacobson work hard to stay out of the limelight . the firm seldom touts its success in being among the first investors to spot trouble at enron before it went bankrupt , and jacobson speaks only rarely at conferences and walks around his back bay office building without attracting as much as a second glance from other pedestrians .
david m . walker has been senior managing director and chief risk officer of pennymac financial services , inc . ( nyse : pfsi ) since january 2017 . he is responsible for enterprise risk management , credit risk management , mortgage compliance and internal audit . mr . walker also serves as senior managing director and chief risk officer of pennymac mortgage investment trust ( nyse : pmt ) . previously , mr . walker was the company’s chief credit and enterprise risk officer . he has served on the company’s management team since its founding in 2008 . prior to joining the company , mr . walker served in a variety of executive positions from 2002 to 2007 at countrywide bank , n . a . , including chief credit officer and chief lending officer . from 1992 to 2002 , he served in a variety of executive positions at countrywide funding corporation ( cfc ) , including executive vice president of secondary marketing and managing director and chief credit officer . prior to joining cfc , mr . walker was employed at citibank n . a . in leveraged acquisitions and u . s . securitization and at mckinsey & company as a finance specialist . mr . walker earned a b . a . from california state university , fullerton and an m . b . a . from the university of southern california .
highfields , which has had only two losing years since its inception in 1998 , was among many firms posting smaller gains as the hedge fund industry put in its worst showing since 2011 . funds averaged gains of 1 . 4 percent in 2014 , trailing the 11 percent advance by the standard & poor’s 500 index , according to data compiled by bloomberg . seth klarman’s $ 28 . 5 billion baupost group climbed as much as 8 percent , compared with its 17 percent annualized return since inception .
daniel s . perotti has been senior managing director and deputy chief financial officer of pennymac financial services , inc . ( nyse : pfsi ) since january 2017 . he is responsible for oversight of all accounting operations , the balance sheets , analysis of realized and projected financial performance , and valuation of investment assets for the company and the entities it manages . mr . perotti also serves as senior managing director and deputy chief financial officer of pennymac mortgage investment trust ( nyse : pmt ) . previously , mr . perotti was the company’s chief asset and liability management officer . he has served on the company ' s management team since 2010 . prior to joining the company , mr . perotti was a vice president at blackrock , inc . and served as the head of the quantitative research team within its blackrock solutions business from 2002 to 2008 . mr . perotti earned his bachelor of arts in economics and computer science from columbia university in 2002 .
3 ) alignment of interests : in moody ' s opinion , there is adequate alignment of interests between stakeholders given that the ceding companies will retain 90 % of premiums and losses with ample skin in the game . additionally , any reinsurance purchased by the ceding companies for its retained portfolio would inure to the benefit of the sidecar . dividend distributions to shareholders are prohibited , mitigating some of our concerns about the highly levered capital structure .
stanford l . kurland is the founder and executive chairman of pennymac financial services , inc . ( nyse : pfsi ) . mr . kurland has been the company’s executive chairman since january 2017 . previously , he was chairman of the board and chief executive officer of pennymac financial . mr . kurland also serves as executive chairman of pennymac mortgage investment trust ( nyse : pmt ) . mr . kurland also has served as chairman of pnmac capital management , llc ( pcm ) since its formation in march 2008 , and as chairman of pennymac loan services , llc ( pls ) since its formation in february 2008 . prior to the company’s founding , mr . kurland served as a director and , from 1979 to 2006 , held several executive positions , including president , chief financial officer and chief operating officer , at countrywide financial corporation , a diversified financial services company . mr . kurland holds a bachelor of science from california state university , northridge .
anne d . mccallion has been senior managing director and chief enterprise operations officer of pennymac financial services , inc . ( nyse : pfsi ) since january 2017 , and has been a member of pennymac financial ' s board of directors since february 2018 . she is responsible for overseeing the company’s enterprise operations function and has management responsibility for legal , regulatory relations , human resources , technology infrastructure and corporate administration . ms . mccallion also serves as senior managing director and chief enterprise operations officer of pennymac mortgage investment trust ( nyse : pmt ) . previously , ms . mccallion was the company’s chief financial officer . she has served on the company’s management team since 2009 . prior to joining the company , ms . mccallion was employed by countrywide ( and bank of america corporation , as its successor ) , where she worked in a variety of executive positions , including deputy chief financial officer and chief operations officer , from 1991 to 2008 . ms . mccallion earned a b . s . from gannon university in pennsylvania and an m . b . a . from ashland university in ohio .
deutsche bank maintained fifth street senior floating rate corp ( nasdaq : fsfr ) on wednesday , august 12 with “buy” rating . maxim group maintained fifth street senior floating rate corp ( nasdaq : fsfr ) on thursday , august 10 with “hold” rating . barclays capital maintained cbs corporation ( nyse : cbs ) on sunday , august 16 with “hold” rating . icon advisers holds 0 . 22 % of its portfolio in cbs corporation ( nyse : cbs ) for 50 , 904 shares .
derek w . stark has been senior managing director and chief legal officer and secretary of pennymac financial services , inc . ( nyse : pfsi ) since february 2018 . mr . stark is responsible for overseeing all of the company’s legal management , compliance and affairs , including securities , corporate governance and corporate transactions , and he serves as the primary legal contact with the company’s board of directors . he also serves as senior managing director and chief legal officer and secretary of pennymac mortgage investment trust ( nyse : pmt ) . mr . stark previously served as the company’s managing director , general counsel and secretary , and he has served on the company’s senior management team since 2009 . prior to joining the company and after leaving private practice , mr . stark served in a variety of executive positions , including executive vice president and deputy general counsel , from 1999 to 2008 , at countrywide financial corporation . mr . stark has served on the board of trustees of west hills hospital and medical center since 2013 . mr . stark earned a b . a . in political science from the university of california , berkeley and a j . d . from loyola law school , los angeles .
4 ) cash waterfall : at each quarterly interest payment date , trust assets that exceed loss reserves and a reserve cushion can be released to pay interest . however , capacity must exist to fully pay all remaining scheduled interest and principal on the senior secured term loans before any trust capital can be released to pay interest and principal on the senior subordinated or junior subordinated loans . the same rule applies to the priority of payments between the senior subordinated and junior subordinated loans . this cash waterfall is reflected in our financial modeling .
2 ) defaults are sensitive to rate and investment income assumptions : our analysis suggests that default rates and expected loss rates to debt holders are sensitive to assumptions about premium rates and investment yields . this is fairly intuitive given that equity capital is thin ( 75 % debt , 25 % equity ) and tranche attachment points are relatively low . that is to say , investors will have to rely more on premium income and investment income to defray losses . premium rates in 2008 are uncertain . in our financial modeling , we have modeled for the possibility that rates may fall up to 20 % from their 2007 levels . additionally , we have modeled investment returns stochastically .
cyrus re ii is expected to provide collateralized quota share coverage exclusively to two subsidiaries of xl capital ltd ( nyse : xl ) - - xl re ltd ( aa3 / stable ) and xl re europe ltd ( the
ceding companies
) . if the quota share agreement is executed , the ceding companies will pass on ( cede ) - - and cyrus re ii will assume - - 10 % of the premiums and losses on a future portfolio of non - proportional catastrophe reinsurance contracts . those underlying contracts will be written in 2008 and will cover natural catastrophe risks throughout the world . the future portfolio is expected to be similar to the ceding companies ' existing portfolio as client retention tends to be relatively high . this quota share agreement , if executed , will be distinct and separate from the ceding companies ' previous sidecar , cyrus reinsurance limited .
doug jones has been senior managing director and chief mortgage banking officer of pennymac financial services , inc . ( nyse : pfsi ) since january 2017 , and he was appointed president of pennymac loan services ( pls ) in march 2017 . mr . jones is responsible for all business activities relating to the company’s loan production , loan servicing and application development operations . mr . jones also serves as senior managing director and chief mortgage banking officer of pennymac mortgage investment trust ( nyse : pmt ) and as senior managing director and chief mortgage banking officer of private national mortgage acceptance company , llc ( pnmac ) . previously , mr . jones was the company’s chief correspondent lending officer . he has served on the company’s management team since 2012 . prior to joining the company , mr . jones worked in several executive positions , including senior managing director , correspondent and warehouse lending , at countrywide ( and bank of america corporation , as its successor ) from 1997 until 2011 , where he was responsible for managing and overseeing retail sales at bank of america , in addition to correspondent and warehouse lending operations . mr . jones earned a b . a . in economics from california state university , sacramento .
harry & david , the purveyor of fruit - filled gift baskets , filed for bankruptcy protection on monday as part of an effort to reorganize its troubled finances .
the company filed what is known as a prearranged chapter 11 plan in delaware bankruptcy court . under that plan , bondholders would take over by converting their debt holdings into equity .
the prearranged chapter 11 plan , which could eliminate almost all of harry & david’s $ 198 million in bond debt , is meant to avoid a protracted struggle in bankruptcy court as the company continues trying to rebound from its recession - related woes .
“we believe that entering into this agreement provides the best opportunity for harry & david to restructure its balance sheet on an expedited basis , strengthen its operations and create long - term value , while continuing to provide customers with the highest quality products and service , ” kay hong , chief restructuring officer and interim chief executive , said in a statement on monday .
harry & david’s existing lenders , ubs and ally financial , have agreed to provide about $ 100 million in debtor - in - possession financing to help it continue operating while in bankruptcy . bondholders would provide another $ 55 million .
harry & david’s plans come as no surprise . the company has been working with advisers — the investment bank rothschild , the law firm jones day and the consulting firm alvarez & marsal — on possible reorganization options .
a weak holiday season helped drive some of harry & david’s troubles . for the quarter that ended dec . 25 , sales fell 1 . 8 percent , to $ 262 . 1 million , compared with $ 267 million in the period a year earlier . gross profit dropped 20 . 6 percent , to $ 104 . 2 million .
“during the 2010 holiday season , the debtors expected a significant improvement in sales performance , which ultimately did not materialize , ” ms . hong wrote in a court filing . “in order to clear inventory purchases , the debtors were forced to discount even more heavily than anticipated . ”
last month , harry & david warned in a regulatory filing that it might need to file for bankruptcy . and this month , the company skipped a $ 7 million interest payment on some of its bonds as it negotiated with its creditors .
wasserstein & company , which also owns some of harry & david’s bonds and is expected to retain some equity , has already recouped 1 . 25 times its initial investment , according to a person briefed on the matter who was not authorized to speak publicly about confidential investor details .
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new york , november 27 , 2007 - - moody ' s has assigned the following ratings to three proposed bank loans of cyrus reinsurance ii limited (
cyrus re ii
) : ba1 to the $ 65 million senior secured term loan , ba3 to the $ 20 million senior subordinated secured term loan , and b3 to the $ 20 million junior subordinated secured term loan .
cyrus re ii is a type of limited purpose reinsurer that is commonly referred to as a ' sidecar ' ,
explains senior analyst kevin lee .
the sidecar will be capitalized with $ 35 million of equity and $ 105 million of term loans ( 75 % debt , 25 % equity ) ,
notes mr . lee .
the term loans are arrayed in tranches , each having a different probability of attachment , expected loss , and priority with respect to interest and principal payments , hence the difference in ratings .
the ratings for the term loans are supported by moody ' s financial modeling to determine both the probability of default (
pd
) and expected loss (
el
) to lenders . the most important inputs into the financial model are the annual aggregate probability loss curve derived by the ceding companies ( the
base curve
) , premium assumptions , and investment income assumptions . moody ' s applied stress factors and performed sensitivity analysis on all three inputs ( see below ) . the pds and els from our simulation runs were then compared to moody ' s idealized default rates and expected loss rates over a weighted average life of about 1 . 7 years for each loan . finally , the assigned ratings also reflect , in our opinion , sufficient alignment of interests between stakeholders .
for more information on moody ' s approach to rating sidecars , as well as a comparison of sidecars and cat bonds , please refer to our special comment titled
reinsurance sidecars : moody ' s five principles
, dated march 2007 .
1 ) model risk : catastrophe modeling error is the most important risk factor . the ceding companies modeled their existing portfolio using rms 6 . 0 peril models that are common in the industry . parameter uncertainty , the quality of input data , and how the models are used can all contribute to modeling error .
in general , the current portfolio is diversified with respect to geography and layers of coverage . a majority of the current portfolio consists of personal lines and standard commercial risks which generally offer more homogeneous data than industrial and surplus lines risks . the ceding companies receive exposure data from clients or brokers for nearly all underlying contracts , allowing the ceding companies to duplicate the modeling work with all discretionary ( more conservative ) settings applied ( e . g . , near - term hurricane event rates , secondary perils like storm surge , fire following and , when feasible , sprinkler leakage , loss amplification , and secondary uncertainty ) . one notable exception is assumed retrocession business ( 2 . 5 % of current portfolio limits ) , for which exposure data isn ' t available , but is nonetheless modeled by the ceding companies . many of the covered perils are modeled using rms 6 . 0 peril models . european flood , european earthquake and attritional losses ( e . g . , midwest floods , brushfires , etc . ) are modeled using in - house curve fitting methods .
moody ' s has applied a moderate load to the base curve to account for the following elements : 1 ) potential deviations from the expected portfolio ( e . g . , exposure growth and change in mix ) ; 2 ) difficult - to - model classes of business such as industrial and surplus lines risks ( estimated to be roughly 20 % of current portfolio limits ) ; 3 ) non - modeled contract elements such as loss adjustment expenses and extra - contractual obligations ( i . e . , bad faith claims ) ; 4 ) inherent uncertainty in peril modeling especially as it relates to perils like earthquakes where little historical data is available for model calibration ; and 5 ) a small load for perils that are not modeled by any methods such as volcanic eruption , meteorite impact , tsunami , domestic terrorism and industrial / residential conflagration .
cyrus reinsurance ii limited - - $ 20 million junior subordinated secured term loan at b3 .
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traders on the floor of the new york stock exchange shortly after the closing bell .
quants use algorithms to make investment bets , while passive funds track market indexes . both are challenging active managers , the human - backed stock pickers that have traditionally dominated wall street .
a $ 13 billion hedge fund that flies under the radar is sounding the alarm on one of the biggest investment trends : quants and passive investing .
portfolio insurance , he wrote , contributed
to the complacency as the market ascended to nosebleed territory and most definitely contributed to the downward spiral of that fateful friday , monday , and tuesday in october 1987 .
the strategies employed by many of today ' s quant and other systematic investors are essentially the same thing ,
he wrote .
they weight securities or asset classes based upon their ' risk ' as measured by volatility . much like portfolio insurance , this strategy gives the purveyor the comfort to take more risk than he or she would otherwise take , and ' works ' well in benign markets .
quant strategies have recently pulled in huge amounts of money , becoming some of the biggest players in hedge funds . renaissance technologies , a secretive computer - driven fund , increased its assets by about 42 % last year , adding $ 12 billion , and two sigma investments grew by 20 % , adding some $ 5 billion over last year , according to the hedge fund intelligence billion dollar club ranking .
the bigger point is that the ability for both passive and quant funds to outperform active , fundamentally oriented managers into perpetuity is improbable at best . in regard to the ' quants , ' hundreds of billions of dollars can ' t exploit the same ' inefficiency ' for long . my sense is that we are a lot closer to the end than the beginning of these strategies producing excess returns .
jacobson also touched on the market ' s historic low volatility , a common theme in hedge fund managers ' recent client letters . managers usually send letters to their clients in the weeks after the close of each quarter .
common sense would suggest markets should be more fragile , not less . congress is hopelessly gridlocked . the attempt to reform obamacare failed miserably . it seems more unlikely every day that either major tax reform and / or some sort of economic stimulus package will be enacted , and these are the twin premises that have underpinned the ' trump trade . ' central bankers seem determined to end the dual policies of zero interest rates and quantitative easing . and from a geopolitical standpoint , we have a highly inexperienced and impetuous president sitting atop a world that has never seemed more precarious .
typically , protracted periods of good market performance are characterized by low volatility and excessive complacency . we can ' t prove this , but we are convinced that ' quant ' funds , which have attracted hundreds of billions of dollars in the last few years and a significant portion of which use leverage , and whose models and various strategies are largely based on price action and correlations extracted from the reasonably recent past when volatility has been low ( largely of their own making ) , have contributed mightily to the illusion that market risk is low . as the money continues to flow into these strategies , this dynamic becomes self - fulfilling .
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decisions by top investment firms to limit access might prove disappointing for institutional investors , who have been increasingly seeking access to hedge funds as a safe and low - volatility option in a tricky investing landscape , but might now be shut out .
like other managers who have worried aloud about where to find the next top investment , jacobson , whose firm listed 102 u . s . stock positions at the end of the second quarter , said a strong stock market factored into his decision to slim down .
“it has become increasingly difficult to find new compelling investments given today’s low interest rates and how much equity multiples have expanded over the past 12 months , ” he wrote .
“as a handful of hard catalysts in some of our existing positions have come to fruition and with the continued run - off of our credit book , we foresee 15 - 20 percent ( and perhaps more ) of the current portfolio turning into cash over the next 12 - 18 months , ” he wrote .
jacobson and his team have already started to take some profits from successful positions . for example , in the second quarter , the firm trimmed its bet on lender slm corp , whose stock rose 44 . 5 percent this year . it also cut its position in united parcel service inc , whose stock climbed 23 . 5 percent his year , regulatory filings show .
finally , jacobson said the firm has made money by shorting , or betting against , certain securities , but that it was becoming more difficult to make these investments as the firm grew .
seth klarman’s $ 28 billion baupost group , one of the world’s biggest hedge funds , plans to return a yet - to - be - decided sum of money to clients at year’s end , two people familiar with the boston - based firm’s plans said last month .
it would be only the second time in klarman’s 31 years of running baupost that he is giving money back , and the reason is that it is getting tougher to put all of the cash to work , said the sources , who asked not to be named .
daniel loeb’s $ 13 billion third point llc also decided earlier this year to stop taking in any new money as a way of limiting the fund’s size .
institutional holdings information is filed by major institutions on form 13 - f with the securities and exchange commission .
washington trust provides $ 19 . 5 million in financing for multi - tenant retail center in waterbury ,
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lendkey ( formerly fynanz inc. ) is a lending platform and online marketplace that allows consumers to apply for and receive private student loans , student loan refinancing and home improvement loans from their local credit unions and community banks .

lendkey 's cloud-based tools and infrastructure enable the nation 's 13,000 + community financial institutions to enter online lending and offer lower-rate loans for various asset classes .

lendkey

appa member gift when refinancing with lendkey , and the endorsement is effective immediately .
home > new york > new york > loans > lendkey technologies , inc .
lendkey helps you find a local credit union that can provide you a student loan .
if you’re ready to refinance with lendkey , apply on its website . here’s how :
! here is a sneak peak into lendkey ' s data engineering department from one of our team members bhavana . watch and apply to join lendkey ' s data engineering team !
lendkey is a platform that connects borrowers with community banks and credit unions that provide private loans for undergraduate and graduate students . we’ll focus here on lendkey’s options for undergraduate student loans .
lendkey 401k plan is a defined contribution plan with a profit - sharing component and 401k feature . lendkey 401k plan currently has over 100 active participants and over $ 1 . 1m in plan assets .
have a credit score of at least 660 . approved lendkey borrowers have credit scores of 757 on average .
where lendkey ' s svp of regulatory compliance counsel , david mark , gives you the inside scoop . thank you to
lendkey works with financial institutions to enable dreams for borrowers on this preview of the # abapodcast where @ lendkey ' s svp of regulatory compliance counsel , david mark , gives the inside scoop . thank you to @ ryanrasske for hosting . # abarcc
wait for the loan to be disbursed . the typical time from approval to funding is 27 days , according to lendkey .
both lendkey and earnest are very different in how they function and operate . lendkey is very unique in that it manages all of its lending relationships with borrowers through over 13 , 000 financial institutions and credit unions in borrowers’ communities . earnest differs from lendkey in that their relationships with their borrowers are primarily faceless with seamless online application , approval , lending , and repayment processes .
both lendkey and earnest are very reputable companies for any graduates looking to consolidate their student loans . though earnest offers more unique options , particularly for repayment terms , than lendkey , borrowers with more tumultuous financial histories may find a better fit for approval in lendkey . additionally , some borrowers may prefer to tackle their student loans online through earnest while others may think that working with a community lender through lendkey is the better option . though the companies differ vastly , both are excellent options to consider for loan consolidation .
do not live in maine , nevada , north dakota , rhode island or west virginia . lendkey does not lend to borrowers in these states .
lendkey technologies , inc . has received 3 . 68 out of 5 stars based on 4 customer reviews and a bbb rating of a + .
lendkey , a cloud - based lending technology company , has raised $ 12 . 5 million in series b funding . led by updata partners and ttv capital and joined by existing investor draper fisher jurvetson and gotham ventures , the round brings lendkey to a total of $ 22 million in funding .
lendkey offers great customer support . we emailed all of the private student loan providers on our list , assessing how long their customer service teams took to respond to our questions . lendkey was the first to respond , and they took the time to provide an accurate and comprehensive answer to our questions .
do not live in maine , nevada , north dakota , rhode island or west virginia . lendkey does not refinance loans for borrowers in these states .
lendkey , a lending technology firm that serves credit unions and other lenders , said it has raised an additional $ 12 . 5 million in venture funding .
lendkey is a platform that connects borrowers with community banks and credit unions that provide private loans for undergraduate and graduate students and refinance loans for college graduates .
when you refinance student debt , a private lender replaces multiple student loans with a single loan at a lower rate . consider refinancing with lendkey if you :
, founder and ceo of lendkey .
refinancing student debt can be one of the largest financial savings opportunities available to doctors , who spend an average of
in the world of private student loans , lendkey is one of the best private student loan providers . it works with credit unions and small community banks to find the best rates for its customers . the maximum that lendkey will loan is $ 175 , 000 . it also offers a longer forbearance period of 18 months and a short cosigner release period of 12 months . because of these student loan options , lendkey is the winner of our top ten reviews bronze award .
not all of the 280 lenders on lendkey’s marketplace work with every borrower . credit unions often have eligibility rules based on where you live or work . to use a community bank , you typically have to live in the geographical area that bank serves . lendkey will help you find the loans for which you’re eligible .
lendkey is one of the best student loan providers in our review because of their loan limit of $ 175 , 000 , their short cosigner release period and their fast email response time . though they only offer variable - rate student loans , lendkey is a solid option if you need a student loan to complete your education .
to search for , compare and complete student , auto and home improvement loans online from trusted financial institutions . financial institutions work with lendkey to stay competitive with the online lending ecosystem , to better reach customers and to avoid the cumbersome process of launching an in - house online lending platform . for more information on lendkey , visit
customized decisioning criteria : lendkey lets you choose the risk and pricing criteria that’s right for your business , with the added flexibility to change the parameters at any time .
both lendkey and earnest are standout lending companies because of their dedication to exceptional customer support . however , their approaches to providing this support for their clients varies dramatically .
earn at least three times your debt load . the minimum debt - to - income ratio lendkey will accept is 33 % , not including housing costs . that means your monthly debt payments should equal no more than 33 % of your monthly income . the typical lendkey borrower has a debt - to - income ratio of 19 % .
lendkey invested $ 30 million dollars to create and continually innovate a lending - as - a - service platform to help lenders build and run a profitable digital lending business .
lendkey differs vastly from earnest in that their repayment options for borrowers are very much standard . borrowers can choose between five , seven , 10 , and 15 - year repayment options . for borrowers who have the financial merit to be approved for consolidation with earnest , their flexibility and unique customizable repayment options might be a better fit compared with lendkey’s repayment options .
formerly known as fynanz , lendkey switched its branding at the beginning of this year to distinguish itself from its previous services . it started as a peer - to - peer lending platform like prosper and lending club , but has since taken its platform to the institutional level . lendkey currently serves 253 lending partners and manages about $ 400 million in student loans through its service .
lendkey ' s website features a well - designed student loan calculator to help you estimate your monthly payment based on current interest rates , the size of the loan and your repayment period .
secure platform : lendkey’s web - based application processes are secure , fully compliant and auditable so that any lending institution can easily trace its origination process , review loan files and track performance .
stop by the lendkey booth at # nasfaa2018 to learn how we provide low private student loan rates for your students through community lenders . @ nasfaa # peopleoverprofit # privatestudentloans # communitylenders # finhealth urltoken
.
this relationship with lendkey will directly relieve that pressure for our members and provide them with access to lower rate loans from an organization that matches our passion for service and member satisfaction .
additionally , once you ' ve paid off 10 % of the principal , lendkey will reduce your interest rate by 1 % . we didn ' t see this with the other student loan providers we evaluated .
choose an offer . lendkey will show you loans only from credit unions and community banks whose eligibility rules you meet , or that are free to join . borrowers see four to five loan options on average .
choose a loan term . lendkey will show you loans only from credit unions and community banks whose eligibility rules you meet , or that are free to join . borrowers see four to five loan options on average .
complete an application . like many lenders , lendkey doesn’t offer a soft credit check that shows you what interest rates you qualify for . fill out a full application that includes your education , citizenship and income information .
you don ' t have to begin paying back your lendkey student loan until six months after graduation . this grace period is designed to give students enough time to find a job before they begin paying back their loan .
check your interest rate . after entering some basic personal details , lendkey will do a soft credit check and let you know what interest rate you qualify for . this takes about three minutes and won’t affect your credit .
complete a full application . when you’re ready to officially apply , lendkey requests your id , proof of income , proof of college graduation and documentation from your loan servicer showing how much loan debt you plan to refinance .
lendkey was founded in 2009 after the great recession , during a difficult time for financial institutions facing the triple threat of high capital requirements , increased regulatory scrutiny and nascent fintech companies focused on disrupting banks and credit unions .
the expansion of services will help lendkey stand out among other competitors that offer student loan financing solutions , such as first marblehead . passione tells me a large advantage is that the service takes care of the entire loan procedure . another way the company mitigates work for its clients is by offers services instead of finance management software like fiserv and jack henry . lendkey charges an origination fee on all loans originated , as well as an annual servicing fee .
the requirements below are reflective of loans available to all borrowers . but once you choose a loan , make sure you understand that lender’s specific terms . we’ll focus here on lendkey’s options for refinancing and borrowing undergraduate student loans .
as is true for other lenders , more than 90 % of college loans funded by lendkey are co - signed . that means if you can’t qualify on your own as an undergrad , you’ll need to add someone with a credit score of at least 660 to the loan . you can take your co - signer off the loan after you’ve made 24 on - time monthly payments . a lendkey student loan might be a smart move if you :
the startup provides a comprehensive solution for managing lending transactions , from creating and scoring credit applications to pulling funds from lending institutions to issuing electronic invoices . “it’s your brand and it’s your balance sheet , ” lendkey founder and ceo vince passione says . “it’s our technology and our people , and we take care of the entire end - to - end process . ” this approach cuts out any unnecessary staff , since lendkey takes care of most of the processes .
lendkey offers 18 months of forbearance . unlike some other loan providers we reviewed , lendkey doesn ' t limit how many months of forbearance you can apply for at a time . this is a great option if you lose your job or run into financial difficulties , because you can postpone your loan payments and not be considered delinquent . you need to be careful with forbearance , however , because the interest on your student loan is still accruing during this period .
lendkey functions as the student loan servicer for all the loans its members fund . that means borrowers have access to strong , modern customer service along with the borrower - friendly loan terms credit unions and community banks are known for .
lendkey pioneered lending - as - a - service ( laas ) to credit unions and banks in 2009 , and is currently the leading laas provider in the u . s . , with over 300 financial institution clients . located in
while you can use a co - signer to refinance student loans with lendkey , the company says only 17 % of customers do ; the vast majority qualify on their own . you’ll be in the best position to refinance if you :
as a downside , though , lendkey doesn ' t offer online chat . instead , you can reach the lender by phone monday to friday , 9 a . m . to 8 p . m . eastern time , or by email .
we shared valuable insights on how banks mitigate risks that may exist by partnering with fintech companies at @ ababankers # abarcc this week . looking forward to hearing lendkey ' s feature on the # abapodcast # fintechpartner # fintech # banks # wednesdaywisdom urltoken
even with federal student loans , many students need additional funding to complete their college educations . with lendkey , you can borrow up to $ 175 , 000 to pay for your undergraduate education . the limits are even higher for graduate and professional loans .
lendkey offers just one 10 - year loan term , and borrowers must pay a flat fee of $ 25 a month while in school . you’ll pay the full amount — principal plus interest — after your 6 - month post - graduation grace period has ended .
lendkey’s approach is completely different from earnest . though they also value a high level of customer service , their entire company set - up is based on outsourcing their borrowers to lending companies in their own communities . lendkey is simply the conductor of these relationships , guiding borrowers to the right financial institution or credit union for their specific situation . though they manage the lending relationships between borrowers and their network of over 13 , 000 lending institutions , they have a primary focus of excellent customer service that is brokered through these intentional lending relationships .
“since 2013 , lendkey has partnered with wsfs bank in providing digital solutions to our customers . they have successfully helped us accelerate our online student lending and refinance product offerings , while allowing us to maintain control over the credit criteria and keep the loans on our balance sheet . ”
earnest takes some interesting factors into consideration when looking to approve borrowers , such as bank account balances and financial history , and lendkey is similar in that they consider unique aspects such as a history of academic success and the presence of a cosigner when making their decision to approve a candidate .
another drawback with lendkey is that it only offers variable - rate student loans . variable interest rates are based on market rates and can fluctuate , meaning the amount you pay per month can go up or down . other private student loan providers offer you a choice between variable and fixed interest rates .
of all the private student loan providers that we reviewed , lendkey offered one of the best cosigner release periods . if you make 12 on - time payments , you can apply to have the cosigner on your student loan removed . this is great for students who need parents or grandparents to cosign on their loans .
if you have federal and private loans , lendkey offers to consolidate those loans . consolidation can be useful if you ' re juggling multiple student loan payments and don ' t mind having a longer repayment term . ( however , consolidating your federal student loans with a private student loan can disqualify you from some federal student loan forgiveness plans . )
forbearance : lendkey offers a tiered system for granting hardship forbearance if you have trouble making payments . for 5 , 7 - and 10 - year loans , borrowers receive 12 months of forbearance total in up to 4 - month chunks . for 15 - and 20 - year loans , it increases to 18 months total in up to 6 - month chunks .
a main point of difference between most student loan consolidation companies is the profile of their ideal borrowers . earnest is very traditional in that they approve candidates that are in excellent financial situations with very few exceptions . their typical borrowers have outstanding credit history , consistently growing bank accounts , a clear history of financial stability , and a full - time job with a high income . candidates with a financial or credit history containing a few surprises might be better off with a company like lendkey for their consolidation needs . though lendkey also values candidates with a history of smart financial decision - making , they are much more likely to approve potential borrowers with a less - than - stellar credit score or those in a slightly less stable financial situation .
the appa is committed to providing its medical , dental , and osteopathic doctor members with information , benefits and financial services that enhance their professional careers and personal lives . saving money by refinancing student loans into lower fixed or variable rates with lendkey is among the many resources that the appa provides to its members . as an added benefit , all appa members will also receive a
lendkey helps you launch , scale , and maximize your consumer lending with our cloud based digital lending - as - a - service platform . create your online loan offerings based on your risk policy , underwriting guidelines , and pricing . with our turnkey solution , you also receive marketing support , compliance assistance , balance sheet management and digital servicing to efficiently grow your business and serve your customers .
as more and more college students begin to graduate and face their student loan payments , many people are turning to student loan consolidation companies in order to lower their interest rates and potentially decrease their total amount of debt . there are many consolidation companies with varying benefits for their borrowers as well as different criteria for approval . two well - known companies in the lending market are earnest and lendkey .
/ prnewswire / - - lendkey , the leading lending - as - a - service platform that connects borrowers with credit unions and banks , today announced that it has been exclusively endorsed by the american professional practice association ( appa ) . the partnership allows appa member doctors the opportunity to refinance existing federal and private undergraduate and graduate school loans at lower rates and save tens of thousands of dollars , on average .
passione says the funding will go to expanding the company’s tech , sales and operational teams as well as a new office in ohio . the startup’s first product was managing in - school student loans in 2009 , and moved into student consolidation loans in 2011 . passione tells me lendkey will be adding a green loan service by the end of the year , to finance loans for high - efficiency home retrofits and solar panels .
formerly fynanz , company says it now has 250 lending partners on its platform .
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there is a new way to spell peer - to - peer lending : fynanz . while you or i might not entrust the financing of our college education to a company that cannot spell , the txt - happy generation might go for it . and if they can find college loans at lower rates than at a bank , who cares ?
fynanz launched quietly on monday . it wants to apply the peer - to - peer lending model ( see prosper , zopa , lending club , and qifang in china ) to student loans . right now , only students who are residents of florida or new york can apply for a loan , but that will expand to the entire country later this year . anyone can become a lender .
unlike prosper or other p2p lending sites , fynanze guarantees each loan . and since they are qualified educational loans , the students can deduct the interest from their taxes once they start paying back . to reduce its risk , the startup looks at other factors in addition to credit scores when evaluating each student borrower , including grade point averages and what school the student is attending . says ceo chirag chaman , a former banker who put up $ 500 , 000 in seed money to get the startup off the ground :
we looked at 15 years worth of data to create an underwriting model specific to student loans . we now what are the factors that reduce default rates . i was doing structured loans at citibank .
you can think of it as securitization for the masses , but i am removing investment banks from the process .
the loans are co - payable to the school , and fynanz takes into account tuition and other expenses to make sure students don’t take out more than they actually need . “it is not for your spring break , ” says chaman . by cutting out the banks , he thinks he will be able to find individual lenders willing to offer loans that are 0 . 60 % to 1 . 0 % lower than what a student would get from a bank . ( and that is after fynanze takes a 1 % fee for its guarantee fund ) .
with interest rates coming down , though , in response to the fed’s recent interest - rate cuts , it is going to be tough to compete with the big banks . but the focus on student loans should shelter fynanz in comparison to other p2p startups with a broader loan portfolio ( student loans tend to have lower default rates than most consumer loans ) .
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around 44 . 2 million americans are suffering from student loan debt today . while these numbers rise , so does its ' market opportunity ! learn why investing in the private student loan market is not as risky as you think :
thank you everyone for participating # cunaacuc see you at the # cunagac , and next years # cunaacuc in orlando . safe travels home ! @ cuna @ americascus urltoken
our svp of regulatory compliance counsel , david mark , lead a excellent session at the @ ababankers regulatory compliance conference today . thank you to all the attendees for your participation . # ababankers # abarcc # abaconference # speaker
thank you to diane cheng , @ helenfaith1 , and @ calgaryglen for discussing initiatives to assist their students to make more informed financial decisions . . . leading to a decrease in borrowing ! @ nasfaa # fintech # finhealth # studentloans
great session at # nasfaa2018 hosted by lisa k . mitchell , katherine anderson , and emily sillcocks on the graduate degree battle ! we gained useful insights on how graduate students are paying for their advanced degrees . @ nasfaa # fintech # finhealth # nasfaa2018
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unfortunately , the loan term is 10 years . this means you don ' t have the option of stretching your payments over a longer period of time , which reduces your monthly loan payment . college ave and citizens bank both have shorter loan term options .
if you sign up to have payments automatically deducted from your checking or savings account , you can qualify for a 0 . 25 % interest rate deduction . this discount is smaller than what other providers offer , but it can add up over the length of the loan .
have federal student loans and don’t plan to use federal programs like income - driven repayment or public service loan forgiveness . you won’t be able to take part in those programs if you refinance federal loans .
opt for the shortest repayment term you can handle when refinancing . if you choose a longer term than before , you likely won’t enjoy the savings from a lower interest rate .
$ 5 , 000 minimum . maximum : $ 125 , 000 for undergraduate degrees ; $ 250 , 000 for graduate degrees ; $ 300 , 000 for medical , dental or veterinary degrees .
rates updated april 30 , 2018 . aprs include 0 . 25 % rate reduction that borrowers get for signing up for automatic payments .
earn at least $ 24 , 000 a year . approved borrowers earn $ 63 , 000 a year on average .
graduated from an eligible school . borrowers must have graduated from a school that participates in the federal government’s title iv federal student aid programs .
compare multiple refinancing options to get the best interest rate you’re eligible for . understand not only how much you’ll pay per month and in total , but what options you have for pausing payments in case of job loss or a medical emergency .
agree to a hard credit check . to provide you with final loan offers , lenders must perform a hard credit check . this will slightly impact your credit score .
interest - only payments : borrowers with 15 - or 20 - year loan terms can make lower , interest - only payments for the first four years . that gives you the flexibility to pay less if you want to focus on other financial priorities without letting interest build in the meantime .
but refinance borrowers should choose the shortest term they can manage to get the biggest savings . that means a 15 - or 20 - year term may not be the best choice for you .
is there a co - signer release option ? yes , after 12 on - time payments , and as long as the primary borrower qualifies based on his or her own financial profile .
can i qualify if i’ve filed for bankruptcy in the past ? yes ; after five years .
can i qualify if i didn’t go to a title iv - accredited school ? no .
need to fill a gap in the financial aid you received for college after filling out the free application for federal student aid , known as the fafsa .
have good or excellent credit , or access to a co - signer who does .
like the idea of working with a community bank or credit union that you may have a personal connection to .
$ 2 , 000 minimum . maximum : $ 160 , 000 for undergraduates .
before getting a private student loan , complete the fafsa so you’re eligible for federal loans , grants and work - study . borrow up to the maximum amount of federal loans available first ; they have more repayment options than private loans and don’t require a co - signer .
have access to a creditworthy co - signer . since most borrowers can’t qualify without one , consider adding a co - signer to your application . he or she must have a credit score of 660 or higher , income of $ 24 , 000 or more a year and a maximum debt - to - income ratio of 33 % . approved co - signers typically have a credit score of 774 , income of $ 87 , 000 and a debt - to - income ratio of 14 % .
attend an eligible school . borrowers must attend a school that participates in the federal government’s title iv federal student aid programs .
to make sure you’re getting the best interest rate available , compare multiple private loan options . understand not only how much you’ll pay per month and in total , but what options you have for pausing payments in case of job loss or a medical emergency .
add a co - signer . co - signers will click the “co - sign a loan” button on the application and enter their own personal and financial information .
consent to a hard credit check . while this will affect your credit score , it’s a necessary step in order for lenders to approve you for a loan .
undergraduate borrowers can get up to 18 months of forbearance over the course of their loan terms , in periods of up to six months at a time .
is there a co - signer release option ? yes . the primary borrower must first make 24 consecutive on - time payments .
nerdwallet believes the best student loan is one you can repay at the lowest interest rate you can get . that’s why nerdwallet’s private student loans ratings reward lenders that offer a variety of loan terms , limit their fees and penalties , and extend borrowers multiple options to avoid default . points are also awarded for soft credit checks , underwriting transparency and other consumer - friendly features . use these ratings as a guide , but we encourage you to shop around for the lowest interest rate you can qualify for . nerdwallet does not receive compensation for its reviews . read our
brianna is a personal finance writer at nerdwallet . her work has been featured by the associated press , usa today and wnyc . read more
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private student loans – attract students and families looking to bridge the ever increasing gap in the cost of education and federal financing options .
student loan refinancing - get immediate cash flow and attractive returns by tapping into this $ 1 . 4 trillion market . attract and develop lasting relationships with millennials looking to better manage college debt .
home improvement loans - provide your customers with an attractive alternative financing source to home equity loan , credit card or personal unsecured loan . our national network of contractors promote the loans and feed traffic to your brand .
end - to - end digital experience : enables customers to complete the entire borrowing experience , from application to loan servicing , digitally .
full service capabilities : our expert servicing includes all of the customer facing functionality as well as remittance and loan level detail reporting .
enhance your lending : our lending - as - a - service solution provides a fully compliant , turnkey platform so you can start lending online in as little as four weeks , at the risk level that’s right for you .
grow your business : acquire new customers and serve your existing customers in multiple asset classes and get the consumer marketing support , data and analytics you need to drive performance .
boost returns : put your capital to work as you diversify , manage and optimize your loan programs . obtain portfolio liquidity through participation networks and secondary market partners .
reduce risk : our dedicated regulatory and compliance team protects your business from point of origination through disbursement , servicing and repayment .
due diligence reports are currently available on select solutions and for bank members only . get report .
in a rapidly changing landscape , banks turn to the proven expertise of aba endorsed solutions for the most advanced technologies and products to grow their business , cut costs , and transform the customer experience .
consumer lending market by connecting thousands of banks and credit unions with millions of borrowers online . consumers can go to
about appa since its inception in 1963 , appa has continuously served its members with educational options , training , and services . our goal is to provide our medical , dental , and osteopathic doctors with information , benefits and financial services that enhance their professional careers and personal lives . the current dynamics in healthcare offer many challenges for the healthcare professional . appa is positioned to help its members meet those challenges . we are committed to meeting your development needs by offering comprehensive , relevant programs while providing courteous informed service by professionals , for professionals .
with an average rate of 7 . 25 % apr before refinancing and 5 . 25 % apr ( with ach auto - pay discount ) after refinancing on a 15 - year loan .
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it’s important to note that though a stable financial history is important to earnest , the actual credit score of their candidates is not as important as other financial factors . through a process called “merit lending , ” they consider candidates on a case by case basis using a rubric of various financial criteria that allow the lending company to determine if the candidate is a good fit for consolidation through their company .
earnest makes it very clear to potential borrowers that the appeal of their company is their in - house support for their clients . their customer service team is called client happiness , and they take an extremely hands - on approach to make sure every client’s consolidation experience is the best it can possibly be . they specifically make a promise never to outsource one of their borrower’s questions or situations to an outside customer service team .
the various options a potential borrower might have to repay their refinanced student loans is an important point for consideration , particularly for those who hope to consolidate federal student loans . federal student loans have a number of perks , including income - driven repayment plans , and those perks are no longer available to borrowers who refinance .
however , some student loan consolidation companies like earnest have extremely flexible repayment plans available to their borrowers . unlike most companies with standard repayment terms like five , 10 , 15 , and 20 - year repayment plans , borrowers with earnest can choose their own repayment term based on how much they would like to pay on their student loans each month . once you decide what you’d like your monthly payment to be with earnest , they give you the exact repayment term that corresponds to that monthly payment down to the amount of days and months in the repayment time period . additionally , earnest is also flexible in that borrowers have the constant option to increase their monthly payments . an added bonus for earnest borrowers is that they are allowed to skip one payment per year after making six consecutive on - time monthly payments .
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student loan consolidation companies was created to help borrowers navigate through the variety of lenders offering refinancing and consolidation . these reviews are independent and unbiased , so you can trust them unlike many of the other sites out there who are solely interested in making money .
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plan is exempt from the general requirement under title i of erisa requiring an independent audit .
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403 ( b ) plan participants have filed a lawsuit against matrix trust company for making several transfers to an unauthorized account held by recordkeeper vantage benefits administrators .
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