Student Loan Consolidation Rates Set to Increase on July 1

Congress voted on and passed Feb. 1 the Deficit Reduction Act of 2005 that included massive cuts to federal student loan programs. The $11.9 billion in student loan cuts, including changes in laws regarding student loan consolidation, will negatively impact those students seeking a college education and others seeking to consolidate their higher interest loans. The industry expects a rush of students seeking to consolidate at the current low rates that are set to increase on July 1.

The Deficit Reduction Act of 2005, S. 1932, was narrowly approved Feb. 1 by the House of Representatives. Passing by a two-vote margin of 216-214, S. 1932 was signed into public law Feb. 8 by President Bush, thereby approving the $11.9 billion in student loan cuts over the next five years.

Students and graduates now are in jeopardy. With college costs increasing every year and the forthcoming higher interest rates on student loan consolidation, college students are rushing to consolidate before the July 1 rate increase.

Student Loans Take the Hardest Hit

The cuts to federal student loans are the worst among cuts to other federal programs including Medicaid, Medicare and food stamps.

A majority of the legislation's provisions to student loans will take effect on July 1 and others will be implemented over time. Some provisions include an increase to 6.8 percent for federal Stafford Loans, from rates as low as 4.7 percent. PLUS fixed interest rates will jump to 8.5 percent, from 7.9 percent. The legislation leaves consolidation loans current fixed rate in place.

Consolidate Student Loans Before July 1 Rate Increase

With student loan consolidation rates set to skyrocket on July 1, now is the time for students and graduates to consolidate, according to NextStudent, the Phoenix-based education funding company. Students and graduates now are urged to consolidate as current consolidation rates can be as low as 2.75 percent with benefits applied. Other incentives to consolidate include a longer payment term, one monthly payment and no prepayment penalties.

The following are other provisions affecting student loan consolidation that take effect July 1, 2006. Students and graduates should be aware of the new regulations so that they now can take action:

Consolidation Loan Changes
- Single holder rule is not changed
- Eliminates in-school and spousal consolidation options.
- A subsequent consolidation loan may be made in the DL Program only if the FFELP borrower wishes to obtain an income contingent repayment plan and, the borrower is trying to avoid default, but that is conditioned by the requirement that such a loan has been submitted to a guaranty agency for what used to be called "preclaims assistance" but is now labeled as "default aversion."
- Also, in the Conf. Rpt. is a provision providing that only if a FFELP borrower has an application for a consolidation loan rejected by a lender or the application is rejected because the borrower wanted income-sensitive repayment terms, then the borrower can receive a direct consolidation loan.
- A borrower with a defaulted loan can receive a DL consolidation loan to resolve the default.
- Unless otherwise specified the terms of DL consolidation loans are the same as FFELP consolidation loans.

Approval of the Deficit Reduction Act brings major cuts to student loans and a change in regulations regarding student loan consolidation. Although the legislation has changed to the detriment of those seeking a higher education, students and graduates still have the option to consolidate before the interest rate is set to increase on July 1.

Hard-hitting former Raider Jack Tatum dies at 61

COLUMBUS, Ohio — He was called the "Assassin."

Jack Tatum was one of the hardest hitters in the NFL, a Pro Bowl safety who intimidated opposing players with bone-jarring tackles that helped make his Oakland Raiders one of toughest teams of its era.

He's also a player who will always be tied to one of the game's most tragic moments — a hit in a preseason game that left New England Patriots receiver Darryl Stingley paralyzed from the neck down.

Tatum died Tuesday at age 61 in an Oakland hospital. The cause was a massive heart attack, according to friend and former Ohio State teammate John Hicks. Tatum had battled diabetes and other health problems for years, Hicks said.

The collision with Stingley happened Aug. 12, 1978, at Oakland Coliseum.

Stingley was cutting inside when he lunged for a pass which fell incomplete. Bearing down at full speed from the opposite direction, Tatum met Stingley while the receiver was off balance and leaning forward. Stingley crumpled to the ground, his fourth and fifth vertebrae severed.

Over the years, Stingley would regain limited use of his body, but he spent the rest of his life in an electric wheelchair. He died in 2007.

There were never words of consolation or an apology from Tatum, and the two players never spoke after the hit.

"It was tough on him, too," Hicks said of Tatum. "He wasn't the same person after that (hit). For years he was almost a recluse."

Tatum said he tried to visit Stingley at an Oakland hospital shortly after the hit but was turned away by Stingley's family.

"It's not so much that Darryl doesn't want to, but it's the people around him," Tatum told the Oakland Tribune in 2004. "So we haven't been able to get through that. Every time we plan something, it gets messed up. Getting to him or him getting back to me, it never happens."

Tatum, though, showed no remorse for his headhunting ways in a 1980 book, "They Call Me Assassin" and the follow-ups "They Still Call Me Assassin: Here We Go Again" in 1989 and "Final Confessions of an NFL Assassin" in 1996.

"Jack was a true Raider champion and a true Raider warrior. ... Jack was the standard bearer and an inspiration for the position of safety throughout college and professional football," the Raiders said in a statement.

After starring for Ohio State under coach Woody Hayes, Tatum was drafted in the first round by the Raiders in 1971. In nine seasons with Oakland, he started 106 of 120 games, had 30 interceptions and helped the Raiders win the 1976 Super Bowl. He played his final season with the Houston Oilers in 1980.

In his third book, he wrote, "I understand why Darryl is considered the victim. But I'll never understand why some people look at me as the villain."

Tatum was not penalized on the play and the NFL took no disciplinary action, but it did tighten its rules on violent hits.

"He wasn't the type of person who was really out trying to maim anybody or hurt anybody," Hall of Famer and former Raiders teammate Willie Brown said. "He was just doing his job. That's the way he played the game."

Despite their lingering resentment, Stingley was gracious in 2003 when he learned Tatum had diabetes and several toes amputated.

"You can't, as a human being, feel happy about something like that happening to another human being," Stingley told The Boston Globe.

Tatum began a charitable group to help kids with diabetes and helped raise more than $1.4 million to fight the disease in the Columbus area.

"He was a good athlete and a good person," Hicks said. "He gave a lot back to the community, but he didn't want a lot said about it."

Tatum was also involved in "The Immaculate Reception" in the Raiders' 1972 playoff loss to the Pittsburgh Steelers. With 22 seconds left, Tatum jarred loose a desperation pass from Terry Bradshaw to Frenchy Fuqua with a trademark hit. The ball bounced off Fuqua's foot and ricocheted into the arms of Steelers running back Franco Harris, who never broke stride and ran 42 yards for the winning touchdown.

Tatum grew up in Passaic, N.J. and had little interest in organized sports until high school. He grew to love football and was offered a scholarship to Ohio State.

Recruited as a running back, Tatum would sneak over to the defensive side to play linebacker. In time, the Ohio State coaches — particularly secondary coach Lou Holtz — recognized that Tatum was a natural on defense.

Tatum was a part of the "super sophs" class that led Ohio State to an unbeaten season and the national championship in 1968. He stole the headlines in the Buckeyes' showdown with No. 1 Purdue early in the season, shadowing All-American running back Leroy Keyes in Ohio State's 13-0 upset of the Boilermakers.

In his three years as a starter, Tatum's teams went 27-2 and won two Big Ten titles.

Each week after an Ohio State game, the coaching staff awards the "Jack Tatum hit of the week" award for the hardest tackle or block by a Buckeye.

"We have lost one of our greatest Buckeyes," current Ohio State coach Jim Tressel said in a statement. "When you think of Ohio State defense, the first name that comes to mind is Jack Tatum. His loss touches every era of Ohio State players and fans."

Raiders safety Michael Huff sent a message on Twitter after learning of Tatum's death: "R.I.P. Jack Tatum the assassin. One of the best safetys to ever play this game, his legacy will live forever."

Source:
Jack Tatum

Darryl Stingley Video

In perhaps the most tragic and heart-stopping accident in NFL history, New England Patriots wide receiver Darryl Stingley was cut down by Raiders’ defensive back Jack “The Assassin” Tatum while leaping for a preseason pass. A young player at the height of his career, the devastating and controversial hit rendered Stingley paralyzed for the rest of his life.

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Daryl Stingley Video

Madden 11 Demo Ps3

Madden 11 Demo Ps3:EA Sports today reduced Madden NFL 11 for Xbox 360 demo and PS3 players. Xbox 360 version already and are ready for download and PS3 version will be landing on the Playstation Store later today. The demo version will give gamers a taste of various new systems such as traffic and game Flow.

Madden NFL 11 hits stores next month.

Fugazi To Launch Website Soon

Here is a great news for all you Punk-heads. Fugazi is going to launch a new website where you can download their live shows and recording session videos.

In 2004 and 2005, this influential Punk outfit delivered us with two series of live recordings containing a large assortment of the band’s live performances between 1987 to 2002. In an interview, the band’s member Guy Picciotto revealed that the band is nearly done finishing the digitization of a new set of live showvideos. He also said,

We are not that far away from being able to set up our own website where ultimately almost every show we ever played will be available for download,

The website will be available either by the end of this year or early 2011. The announcement of the availability of this live archive will be made through Dischord’s official site later this year.

Source:
Fugazi