SFA Financial Aid will be switching lenders for student loan programs. This scheduled change will affect more than 7,000 students utilizing the Federal Stafford Loans (subsidized and unsubsidized) as well as the Federal Parent Plus Loan.
Currently, loan funding comes from 100+ financial institutions that participate in the federal loan program; with this change, funding will now be allocated through one direct lending source, the U.S. Treasury. All students who plan on receiving financial aid beginning with the Fall 2010 Semester must complete a new master promissory note regardless of previously completed promissory notes. This includes any loans granted to SFA parents as well.
This change will not affect interest rates, as they are set in the same manner and will be appointed accordingly.
"Our biggest concern is educating students about this impending change so that they know what to do and when to do it," Rachele Nixon, assistant director of financial aid, said. The financial aid department plans on rolling out a campaign to educate students on the changes beginning in December with a heavy emphasis in the Spring 2010 Semester after the transition has been completed and the process nailed down.
An important issue for upper level students receiving financial aid to consider is that this change will have a greater affect on their loans.
"Our long-term goals for students is that they understand when they graduate they will then carry two loans, (one) from the previous system and (one from) the new system. At (that) point they may wish to consider a consolidation loan upon graduation to alleviate the burden of carrying multiple loans," Valerie Harrell, assistant director of financial aid, said.
Student loans for the 2008 SFA school year amounted to $68 million, further indicating the scope of this change for students. This transition to direct lending through the U.S. Treasury is being instated in multiple higher education institutions, and the numbers are expected to grow. Over the past two years the financial aid program has begun losing participating lenders due to fundamental issues concerning new regulations that are tightening up the lending process.
While SFA is not legally bound to make this switch, current legislation indicates that it may very well become a mandate in the future.
Source
Monday, December 28, 2009
Tuesday, December 15, 2009
Home Depot sales, profit slide in third quarter
As consumers slowly dust off their wallets to purchase clothing and electronics, home improvement sales continue to lag.Earnings reports this week show same-store sales continuing to sputter at Home Depot and Lowe's, while stores with off-price goods like TJMaxx saw improvement.
Home Depot's third quarter sales fell 8 percent, reflecting a continued malaise in the housing market triggered by a drop in home values and neighborhoods plagued by foreclosures. Roughly 38 percent of homeowners are estimated to have negative, or near negative, equity in their homes.
The home improvement sector has seen $55 billion in annual sales evaporate since 2006, noted Carol Tomé, Home Depot's chief financial officer, in an interview with The Atlanta Journal-Constitution after the chain's quarterly report on Tuesday. Home Depot still has a 20.5 percent share of what is now a $289 billion market for the last 12 months, down from $344 billion in 2006, Tome' said.
"Generally people are concerned about jobs and credit," she said. "As they look forward to 2010, they don’t see a lot of relief coming their way."
The Atlanta-based retail giant posted third quarter profit of $689 million, or 41 cents a share, down 8.9 percent from a year earlier. Sales were $16.4 billion.
Like many companies, Home Depot has held up profits by cutting costs and closing stores. The company raised its full-year earnings guidance, but not its revenue outlook.
In a conference call with analysts, Chief Executive Frank Blake said a recovery for the home improvement sector is not yet at hand. "We are still in ‘less bad' territory" compared to previous reports, he said.
In one telling sign, Home Depot said purchases of less than $50 rose 2 percent in the quarter, while big ticket purchases – $900 or above – fell by 10 percent. Lowe's reported a similar gap. The average checkout tab at Home Depot slipped to $51.89, down 7 percent from a year earlier.
On Monday, Lowe's announced earnings of $344 million, a 29.5 percent decline, on revenues of $11.4 billion, down 3 percent.
Analysts note that while decreased home improvement sales led retailers into the recession, it appears they will trail the sector coming out.
"Given that declines in home improvement demand led the overall retail space by over two years, one might have expected home improvement sales to lead in the recovery," Colin McGranahan with Bernstein Research wrote in a Nov. 2 report. "However, the opposite has occurred – home improvement declines are persisting even as core retail sales are beginning to recover."
Tomé said stagnant or falling housing prices prompt homeowners to think: " ‘Why should I if I'm not going to get a return?' If you think of [home improvement] as an investment, you'll think differently than if it’s a cost."
Source
Home Depot's third quarter sales fell 8 percent, reflecting a continued malaise in the housing market triggered by a drop in home values and neighborhoods plagued by foreclosures. Roughly 38 percent of homeowners are estimated to have negative, or near negative, equity in their homes.
The home improvement sector has seen $55 billion in annual sales evaporate since 2006, noted Carol Tomé, Home Depot's chief financial officer, in an interview with The Atlanta Journal-Constitution after the chain's quarterly report on Tuesday. Home Depot still has a 20.5 percent share of what is now a $289 billion market for the last 12 months, down from $344 billion in 2006, Tome' said.
"Generally people are concerned about jobs and credit," she said. "As they look forward to 2010, they don’t see a lot of relief coming their way."
The Atlanta-based retail giant posted third quarter profit of $689 million, or 41 cents a share, down 8.9 percent from a year earlier. Sales were $16.4 billion.
Like many companies, Home Depot has held up profits by cutting costs and closing stores. The company raised its full-year earnings guidance, but not its revenue outlook.
In a conference call with analysts, Chief Executive Frank Blake said a recovery for the home improvement sector is not yet at hand. "We are still in ‘less bad' territory" compared to previous reports, he said.
In one telling sign, Home Depot said purchases of less than $50 rose 2 percent in the quarter, while big ticket purchases – $900 or above – fell by 10 percent. Lowe's reported a similar gap. The average checkout tab at Home Depot slipped to $51.89, down 7 percent from a year earlier.
On Monday, Lowe's announced earnings of $344 million, a 29.5 percent decline, on revenues of $11.4 billion, down 3 percent.
Analysts note that while decreased home improvement sales led retailers into the recession, it appears they will trail the sector coming out.
"Given that declines in home improvement demand led the overall retail space by over two years, one might have expected home improvement sales to lead in the recovery," Colin McGranahan with Bernstein Research wrote in a Nov. 2 report. "However, the opposite has occurred – home improvement declines are persisting even as core retail sales are beginning to recover."
Tomé said stagnant or falling housing prices prompt homeowners to think: " ‘Why should I if I'm not going to get a return?' If you think of [home improvement] as an investment, you'll think differently than if it’s a cost."
Source
Monday, August 31, 2009
Pennsylvania's Home Improvement Consumer Protection Act Takes Effect July 1
The Home Improvement Consumer Protection Act, which was adopted by Pennsylvania's General Assembly last October, will take effect July 1, 2009. The law requires that all contractors who perform $5,000 or more in home improvements annually register with the Attorney General's Office. Included are those who perform home improvements, installations or replacements of a variety of services including doors and windows, solar energy systems, as well as many others. Registration requires that contractors maintain minimum insurance coverage and use contracts containing important information about home projects, including the start date and completion date, a description of work being performed and consumers' rights under the law. The registration is valid for two years and costs $50.
According to Pennsylvania attorney general Tom Corbett, the law is intended to protect consumers from unscrupulous contractors, provide new protection for consumers who hire home improvement contractors and authorize criminal penalties for home improvement fraud.
Door and window companies in Pennsylvania say this new regulation is good news for the state's home improvement market.
"We are thrilled that the Attorney General's Office is requiring contractors/dealers to register with the state if they want to do business here after July 1," said Alan Levin, president and chief executive office, of Northeast Building Products located in Philadelphia. "We are encouraged to know that people wishing to do home improvement work and or repair in our state, are now required to provide information, such as proper insurance, and their drivers licenses. This will help to reduce the chances of fraud that has become Pennsylvania's number one complaint with the Attorney General's Office, surpassing automobile fraud. This we are not proud of. Anything that gets done to help maintain the credibility of our industry is a positive one."
Tyson Schwartz, vice president of sales and marketing for Gorell Windows and Doors in Indiana, Pa., has a similar view.
"This new act, which is meant to protect homeowners from unscrupulous contractors does put the professional and honest remodeling dealers/contractors on a much better playing field. Remodelers will have to have a more open book policy with homeowners in regard to insurance, any past legal issues, any past licensing issues, etc.," says Schwartz. "The Pennsylvania remodeling dealers will quickly adjust to the act, and homeowners will have the benefit of knowing the remodeling industry will be a much more professional and open book industry."
Source
According to Pennsylvania attorney general Tom Corbett, the law is intended to protect consumers from unscrupulous contractors, provide new protection for consumers who hire home improvement contractors and authorize criminal penalties for home improvement fraud.
Door and window companies in Pennsylvania say this new regulation is good news for the state's home improvement market.
"We are thrilled that the Attorney General's Office is requiring contractors/dealers to register with the state if they want to do business here after July 1," said Alan Levin, president and chief executive office, of Northeast Building Products located in Philadelphia. "We are encouraged to know that people wishing to do home improvement work and or repair in our state, are now required to provide information, such as proper insurance, and their drivers licenses. This will help to reduce the chances of fraud that has become Pennsylvania's number one complaint with the Attorney General's Office, surpassing automobile fraud. This we are not proud of. Anything that gets done to help maintain the credibility of our industry is a positive one."
Tyson Schwartz, vice president of sales and marketing for Gorell Windows and Doors in Indiana, Pa., has a similar view.
"This new act, which is meant to protect homeowners from unscrupulous contractors does put the professional and honest remodeling dealers/contractors on a much better playing field. Remodelers will have to have a more open book policy with homeowners in regard to insurance, any past legal issues, any past licensing issues, etc.," says Schwartz. "The Pennsylvania remodeling dealers will quickly adjust to the act, and homeowners will have the benefit of knowing the remodeling industry will be a much more professional and open book industry."
Source
Monday, August 17, 2009
Take advantage of energy-saving tax credits for your home
Natick, Mass. - Home improvement season is here and Better Business Bureau is offering advice on how to take advantage of tax credits being offered by the Federal government while increasing home energy efficiency and helping the environment at the same time.
The American Recovery and Reinvestment Act of 2009 included several new tax and expanded credits that homeowners can take advantage of while increasing the energy efficiency of their home, and according to Remodeling Magazine's 2008-2009 Cost vs. Value report, energy efficient replacement projects are some of the best bets for recouping money at resale. Some qualifying improvements include routine work that every homeowner must undertake now and then, such as installing a new roof. However, other qualifying improvements are more involved including installing a wind or solar energy system.
“Increasing the energy efficiency of your home is one way to cut down on monthly bills, and now is a great time to make some modest home improvements to take advantage of federal tax credits and boost resale value,” said Paula Fleming, BBB spokesperson. “Before making any energy saving purchases, do your homework because not all products qualify for a tax credit and not every product with an ENERGY STAR seal will apply.”
To qualify for tax credits, improvements must typically be made on the owner’s primary residence. Homeowners should keep in mind that just because a product has an ENERGY STAR seal—the Environmental Protection Agency’s standard for energy efficient consumer products—it doesn’t mean the purchase qualifies for the tax credit. For the following home improvements, a household can take a tax credit for 30 percent of the improvement cost up to $1,500 total for all improvements made.
Source
The American Recovery and Reinvestment Act of 2009 included several new tax and expanded credits that homeowners can take advantage of while increasing the energy efficiency of their home, and according to Remodeling Magazine's 2008-2009 Cost vs. Value report, energy efficient replacement projects are some of the best bets for recouping money at resale. Some qualifying improvements include routine work that every homeowner must undertake now and then, such as installing a new roof. However, other qualifying improvements are more involved including installing a wind or solar energy system.
“Increasing the energy efficiency of your home is one way to cut down on monthly bills, and now is a great time to make some modest home improvements to take advantage of federal tax credits and boost resale value,” said Paula Fleming, BBB spokesperson. “Before making any energy saving purchases, do your homework because not all products qualify for a tax credit and not every product with an ENERGY STAR seal will apply.”
To qualify for tax credits, improvements must typically be made on the owner’s primary residence. Homeowners should keep in mind that just because a product has an ENERGY STAR seal—the Environmental Protection Agency’s standard for energy efficient consumer products—it doesn’t mean the purchase qualifies for the tax credit. For the following home improvements, a household can take a tax credit for 30 percent of the improvement cost up to $1,500 total for all improvements made.
Source
Monday, August 3, 2009
Home improvement Q&A: Getting patio furniture spruced up for summer
Q: We bought patio chairs several years ago. We leave them out of doors year-round, and the material has become discolored. Is there a way to clean them? No holes or any other problems.
A: Let's talk about cleaning more than just your chairs, if we may, since summer has arrived, and it's time to play outdoors.
To clean woven furniture, you'll need to get into and around those intricate weaves. And that requires a variety of brushes - a new, rather than used, toothbrush (stiffer bristles); a small paintbrush with bristles cut down by half, to make them stiffer but not sharper; and a bristle brush with medium bristles.
Some experts recommend sharpening a dowel to pick out bits of dirt and debris, but the best tools are already sharpened - try the wooden skewers used to make shish kebab.
After you have gotten the gunk and grime out of the weaves, vacuum a wicker piece thoroughly. Then, wash it using minimal amounts of a solution that is two tablespoons of ammonia to two gallons of water. Clean in sections from top to bottom, then dry the wicker quickly to prevent it from warping. Lay the piece on a clean canvas drop cloth; tip it so the tighter weaves are on top and the looser on the bottom, so the moisture runs down and away quickly. Keep the weaves straight, so they don't shrink.
If mere cleaning isn't enough, sand and repaint (following the manufacturer's suggestions). Depending on the piece, spray paint may give better coverage in less time.
For regular aluminum chairs, grab a plastic scrub brush and dishwashing detergent at full strength and then scrub, scrub, scrub. Rinse thoroughly, then let dry.
For coated-aluminum pieces, experts also recommend full-strength dishwashing detergent, but using a sponge instead. Rinse completely, dry with a soft cloth, and then rub on car wax to polish, avoiding the fabric. If you get wax on the fabric, clean it quickly. Buff the metal after it dries.
Take a look at your old plastic furniture. Is it worth keeping another year?
If the chairs cost $2 each 10 years ago, you can find sturdier and nicer ones for about the same price today. But if you opt to keep them, wash the pieces with three tablespoons of powdered laundry detergent (or oxygenated bleach such as OxiClean) mixed in a gallon of warm water. A scrub brush will work, but avoid stiff bristle brushes, which can scratch or gouge the plastic surface. Let the solution soak in for a few minutes. Rinse thoroughly, then dry.
Check the label for the manufacturer's suggestions. If cushions or seat webbing are washable, use warm, soapy water or a foam cleaner. Apply with a sponge, rinse and dry quickly.
Wrought-iron furniture tends to rust, which is why it should always be covered if left outside in winter. If corrosion has already begun, use a wire brush on the metal lightly, to remove the rust but not the paint. Naval jelly, available at home centers and hardware stores, also can dissolve rust; some products become a primer that lets you apply protective paint in 24 hours. Rust stains can be removed with fine steel wool dipped in kerosene. Wear protective gloves and safety glasses and apply in the open, away from fire. To get into the joints, disassemble the furniture.
Got a mildewed patio umbrella? Open it and lay it on its side, then clean with oxygenated bleach in warm water - though you should check the manufacturer's care suggestions (chlorine bleach will fade acrylics). Use a soft-bristle brush on one section at a time; rinse with clean water and let dry.
Source
A: Let's talk about cleaning more than just your chairs, if we may, since summer has arrived, and it's time to play outdoors.
To clean woven furniture, you'll need to get into and around those intricate weaves. And that requires a variety of brushes - a new, rather than used, toothbrush (stiffer bristles); a small paintbrush with bristles cut down by half, to make them stiffer but not sharper; and a bristle brush with medium bristles.
Some experts recommend sharpening a dowel to pick out bits of dirt and debris, but the best tools are already sharpened - try the wooden skewers used to make shish kebab.
After you have gotten the gunk and grime out of the weaves, vacuum a wicker piece thoroughly. Then, wash it using minimal amounts of a solution that is two tablespoons of ammonia to two gallons of water. Clean in sections from top to bottom, then dry the wicker quickly to prevent it from warping. Lay the piece on a clean canvas drop cloth; tip it so the tighter weaves are on top and the looser on the bottom, so the moisture runs down and away quickly. Keep the weaves straight, so they don't shrink.
If mere cleaning isn't enough, sand and repaint (following the manufacturer's suggestions). Depending on the piece, spray paint may give better coverage in less time.
For regular aluminum chairs, grab a plastic scrub brush and dishwashing detergent at full strength and then scrub, scrub, scrub. Rinse thoroughly, then let dry.
For coated-aluminum pieces, experts also recommend full-strength dishwashing detergent, but using a sponge instead. Rinse completely, dry with a soft cloth, and then rub on car wax to polish, avoiding the fabric. If you get wax on the fabric, clean it quickly. Buff the metal after it dries.
Take a look at your old plastic furniture. Is it worth keeping another year?
If the chairs cost $2 each 10 years ago, you can find sturdier and nicer ones for about the same price today. But if you opt to keep them, wash the pieces with three tablespoons of powdered laundry detergent (or oxygenated bleach such as OxiClean) mixed in a gallon of warm water. A scrub brush will work, but avoid stiff bristle brushes, which can scratch or gouge the plastic surface. Let the solution soak in for a few minutes. Rinse thoroughly, then dry.
Check the label for the manufacturer's suggestions. If cushions or seat webbing are washable, use warm, soapy water or a foam cleaner. Apply with a sponge, rinse and dry quickly.
Wrought-iron furniture tends to rust, which is why it should always be covered if left outside in winter. If corrosion has already begun, use a wire brush on the metal lightly, to remove the rust but not the paint. Naval jelly, available at home centers and hardware stores, also can dissolve rust; some products become a primer that lets you apply protective paint in 24 hours. Rust stains can be removed with fine steel wool dipped in kerosene. Wear protective gloves and safety glasses and apply in the open, away from fire. To get into the joints, disassemble the furniture.
Got a mildewed patio umbrella? Open it and lay it on its side, then clean with oxygenated bleach in warm water - though you should check the manufacturer's care suggestions (chlorine bleach will fade acrylics). Use a soft-bristle brush on one section at a time; rinse with clean water and let dry.
Source
Monday, July 20, 2009
Home Improvement Gets a Quick Fix
MAY HOUSING METRICS WERE LARGELY consistent with our view that the market although still weak, is stabilizing. While ongoing home-price declines and the recent uptick in mortgage rates are factors to watch, the improving turnover backdrop should help pave the way for improving comparable-store sales profiles at Home Depot (ticker: HD) and Lowe's (LOW) as we move into fiscal 2010. We continue to rate both stocks at Outperform.
New single-family home sales came in at 342,000 units (seasonally adjusted annul rate), below consensus expectations of 360,000. New home sales declined 0.6% from April's downwardly revised estimate of 344,000 (from 352,000) and were 32.8% below year-ago levels. May's median price of $221,600 increased 4.2% sequentially, but fell 3.4% year over year; however, we caution reading too much into the number as these price data are volatile and do not adjust well for sales mix.
While the continued reduction in new home inventory (units down 2.3% from April and 35.5% below May 2008 levels) is a clear positive, months of supply still remain very elevated at 10.2 (versus 10.4 in April).
With today's new home sales release and yesterday's existing home sales data, we now have a more complete snapshot of housing activity during May. Total turnover (new and existing single-family home sales, seasonally adjusted) was 4.59 million units, a 1.7% increase from April and 4.9% above January 2009's trough level of 4.38 million.
Compared to a year ago, turnover declined 6.1%, a modest sequential improvement from April's 6.6% decline and still much improved versus the February 2008 trough decline of 24.5%. We remain encouraged by the continued stabilization in this key housing metric, though recognize that the recent uptick in mortgage rates will likely cool some activity levels near term.
Monday, July 6, 2009
State licensing board answers home-improvement questions
The California Contractors State License Board (CSLB) answers questions on hiring and managing building contractors.
Q: My son’s scouting troop was trying to find a way to raise money for their next camping trip. One of the boys came up with the marvelous idea of selling a graffiti removal service to different business and property owners. It would improve the community and give the troop a way to earn money. My brother said this qualifies as contracting and they would need a state license. Tell me this isn’t true?
A: Anyone, Boy Scout or not, who does contracting work valued at $500 or more needs to be licensed by the Contractors State License Board. Painting walls or the sides of buildings is considered contracting work. If the jobs are under $500, they might get by with city or county permits.
Check with your planning or community development department to identify your local regulations. If the troop is trying to generate long-term contracts with clients, it could explore some other options. For instance, you might find a licensed contractor willing to oversee their work. However, workers’ compensation and liability insurance should be strong considerations when thinking about any kind of contracting work.
Q: A couple of men dressed in some kind of uniforms knocked on my door offering a free fire safety inspection. They made it sound like they were from the city. But, I didn’t believe it and wouldn’t let them in. That started me thinking that maybe I should have called someone to report them. What’s your take on this? Do the police and fire departments ever do random inspections like this?
A: You were absolutely right not to let those men into your house. Be suspicious of anyone who knocks on your door without an invitation and tries to offer a service. There are many scams that begin with the offer of an “inspection.” The offer could be to examine an air-conditioning system or roof, and they sometimes use scare tactics about fire or physical safety. It doesn’t hurt to ask for an ID and a business card. Then call the nonemergency phone number of your local police department to pass along the information. You can also access a form to report unlicensed contracting activity to the CSLB’s Statewide Investigative Fraud Team (SWIFT) at www.cslb.ca.gov.
Q: Our bathroom is badly in need of repairs and updating. Our original plan was to hire a general contractor to oversee the project. But, my employer cut my hours because of the economy and now there is not enough money. My husband and I are taking classes at the local building supply store and plan to do the work ourselves. Is there anything we should keep in mind while doing the job?
A: A major project like a bathroom remodel should not be taken lightly. You most likely will need to get permits from the planning department and pass inspections. You, as an “owner-builder,” will be responsible for the integrity of the work and pulling the necessary permits. Remodeling work done without permits can cloud any attempt to sell the property in the future.
Sometimes thedo-it-yourself approach ends up costing more money when you need to call in a professional to fix something that didn’t work out. You might consider doing your bathroom in phases. Or, a licensed contractor may be able to come up with financial arrangements that work better for your project and your budget. Ask friends and family if they can recommend a licensed contractor who can work with you.
Source
Q: My son’s scouting troop was trying to find a way to raise money for their next camping trip. One of the boys came up with the marvelous idea of selling a graffiti removal service to different business and property owners. It would improve the community and give the troop a way to earn money. My brother said this qualifies as contracting and they would need a state license. Tell me this isn’t true?
A: Anyone, Boy Scout or not, who does contracting work valued at $500 or more needs to be licensed by the Contractors State License Board. Painting walls or the sides of buildings is considered contracting work. If the jobs are under $500, they might get by with city or county permits.
Check with your planning or community development department to identify your local regulations. If the troop is trying to generate long-term contracts with clients, it could explore some other options. For instance, you might find a licensed contractor willing to oversee their work. However, workers’ compensation and liability insurance should be strong considerations when thinking about any kind of contracting work.
Q: A couple of men dressed in some kind of uniforms knocked on my door offering a free fire safety inspection. They made it sound like they were from the city. But, I didn’t believe it and wouldn’t let them in. That started me thinking that maybe I should have called someone to report them. What’s your take on this? Do the police and fire departments ever do random inspections like this?
A: You were absolutely right not to let those men into your house. Be suspicious of anyone who knocks on your door without an invitation and tries to offer a service. There are many scams that begin with the offer of an “inspection.” The offer could be to examine an air-conditioning system or roof, and they sometimes use scare tactics about fire or physical safety. It doesn’t hurt to ask for an ID and a business card. Then call the nonemergency phone number of your local police department to pass along the information. You can also access a form to report unlicensed contracting activity to the CSLB’s Statewide Investigative Fraud Team (SWIFT) at www.cslb.ca.gov.
Q: Our bathroom is badly in need of repairs and updating. Our original plan was to hire a general contractor to oversee the project. But, my employer cut my hours because of the economy and now there is not enough money. My husband and I are taking classes at the local building supply store and plan to do the work ourselves. Is there anything we should keep in mind while doing the job?
A: A major project like a bathroom remodel should not be taken lightly. You most likely will need to get permits from the planning department and pass inspections. You, as an “owner-builder,” will be responsible for the integrity of the work and pulling the necessary permits. Remodeling work done without permits can cloud any attempt to sell the property in the future.
Sometimes the
Source
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