#profit and loss statement | Explore Tumblr Posts and Blogs

pppondi · 3 months

Text

‘At least I broke even on the table’

I am seeing this statement again and again at the moment in comics circles and it breaks my heart a little bit (strap in lads, it’s a long one).

Firstly what are people referring to? The amount of money they are making selling their work at in-person tabled events. So however much they paid to be there that day to showcase their work - that is what their end of day takings are. The majority of people I see making that statement are usually trying to find some positive from an otherwise crappy day or weekend - and I really do understand that. But I am here to tell you that THIS SHOULD NOT BE GOOD ENOUGH FOR YOU!

Factoring in your manufacturing costs, and your labour time means that breaking even on the table is a loss! You have worked SUPER HARD! You deserve to be in profit at these things!

Right. Do I think this is the fault of the people tabling? NO. ABSOLUTELY NOT.

There are things you can do to help maximise your sales, so if people have tips/advice please share them here for everyone to see💕

What do I think the actual issue is? It’s a mix of stuff. Firstly, let’s get over this idea that it’s a bad thing to want to make money from your art. I love making comics. If I make money making comics it means I get to make more comics! It can take a little while to build up your audience so you start making profit at events. But I’m here to tell you that I do generally make profit! And I’m nobody!

Conventions, zine fairs, comic fairs etc. are a big topic. They take many different forms and are aimed at massively different demographics. In the last few years, the costs of tabling at some events have skyrocketed. And let me make this clear. Comic artist - most events have more than made their money back off your table. If you are not doing the same this is not a fair deal.

From my own research, getting people to table events is not the issue - so telling the public about how wonderful and talented YOU ALL ARE and getting them excited about it should be the focus. The success of Thought Bubble and Shortbox is proof people want indie comics.

Events might tell you that their costs are going up because Brexit and Covid. And this is true! But so are yours dude. Paper is more expensive, printing is more expensive, travel is more expensive. It all is. So if that event is pulling more money out of you to compensate for rising costs, but then doesn’t work their arse off to get punters through the door, the only person covering their rising costs is the con.

This is also one of the many barriers that keep marginalised people out of comics. I honestly cannot afford to spend £100 a day on a table and not make that money back. My margins are too tight. So if that’s the case for ME (someone who lives with a loving partner that subsidises things a bit) how is anyone else supposed to make that work?? I’ve just stopped tabling at events where I know I’m not going to make money. I literally cannot afford to do them - I can’t risk it

Is the blame squarely on events themselves? No. Like everything it’s more complicated than that. Cossy lives etc. However, the difference in my takings from events that are enthusiastically promoting, and those that aren’t, is WILD.

There are aspects to this I haven’t covered here. Like I say, it’s a HUGE topic. So pls let me know what you think also💕

So all this to say. Comic artist! You work hard! You deserve to keep making that work you’re so passionate about. Stop tabling events that aren’t meeting you halfway and working their arses off to make this viable for you!

Kiss kiss xx

#comics #comic con #comic art #comic advice

82 notes · View notes

judesmoonbeauty · 5 months

Text

WC: 1,745 Writing Prompt: Play Fighting/Playing with Hair Pronouns: She/Her Tags: SWF ┃Modern AU ┃Road Trip ┃Fluff ┃Slice of Life ┃Pinching Kisses┃Established Relationship┃Teasing Dividers: @/natimiles This may potentially have a part two! Part 2: Here. [Master List] [Invitation to Crown]

Arid desert air swept through the hair of three beautiful Crown members riding in a black convertible as it sped down the blacktop that stretched for miles beneath them, just as the boundless blue sky did above them. The static of an FM radio played even though no one was listening to it, and a cloud of smoke that breezily escaped Jude’s lips, quickly disappeared into the air. Lying reclined in the passenger seat with his feet propped on the dashboard, he finished the cigarette he smoked right after he woke up from a rare nap that he usually wouldn’t take.

As Ellis drove them towards their destination that was still a few hours away, Jude had intended to review his prospective business partner’s profit and loss statements they’d submitted to him one more time, but the hot climate had relaxed his tense muscles into a much needed slumber. Jude lifted his black, round sunglasses and massaged his eyes in order to rid himself of his last bit of drowsiness, when he started to wonder if she had gotten any rest herself?

She hadn’t slept since departing from London for their overseas trip. It was like she was hardwired the entire flight. If she wasn’t looking out the window snapping pictures of the clouds or of the food that was served to them in the first class cabin, she was hard at work, arranging Crown’s ever-growing missions itinerary, along with his own work schedule. She was skilled and diligent, but this was concerning.

Subtly turning his his head to find her laying down in the back seat, Jude found her typing away on her tablet and check her watch for messages.

“That damned princess is going to work herself to death,” Jude grumbled under his breath.

Ellis said, “She’s been awake the entire time. What’s wrong, Jude? I thought you liked it when we work hard for you, it makes you happy doesn’t it?”

“The hell it does. I may wanna work ya both to the bone, but if ya work yourselves to death, then I just lose out when ya both die of exhaustion.”

The entire point of inviting her to tag along on this trip was to get her away from Crown for a while. Yes, while it was her choice to be a part of it’s darkness, and by extension, the darkness of his world due to the enemies he’s accumulated along the way of growing a successful business. But, Jude still felt disgusted at himself for grabbing hold of her and keeping her in his clutches when she offered herself and her love to him.

Poor lil’ bird. He’d often think this since she had no one who could save her from him now, but every once in a while, he simply wanted her to experience a somewhat normal life - one she would’ve had if she hadn’t chose him and Crown. And this business trip for his first overseas venture afford the perfect opportunity to do just that.

After a short while, Jude felt her wrap her arms around him from behind, and looking up at her as she looked down at him, he watched her hair dance wildly in the wind.

“So, how much longer before we get there?” she asked him.

Jude grabbed her face with his hand and slightly shook it, “What are ya, five? Get off me.”

“No.” she snapped back playfully while sticking her tongue out at him.

“Careful princess, I’ll clip that tongue off if ya get too sassy with me.”

She laughed at him and shifted her head around the head rest to place her face closer to his, and asked him, “Really? Ya promise? Remember, contract’s a contract, even if it’s just a verbal agreement.”

Imitating his accent and snarky attitude, she kissed his cheek and chuckled at him. The sweetness of her kiss spreads over his skin, prompting him to return her love with his own by pinching her cheek hard.

“Owww!”

Jude snickers evilly at her pain, “There’s more where that came from princess. Keep it up.”

She pulls her face back and rubs her cheek when Ellis speaks up, “Kate, it’s not safe to be moving around without your seatbelt on. Jude would be unhappy if something happened to you, please put it on, or do I need to hand the wheel over to Jude to go back there and restrain you myself?”

A pair of twilight eyes teasingly peek at her through his sunglasses with a slightly mean smile, and before she could even be attracted to drown in their wicked sweetness, Jude shoved Ellis’ face away.

“Quit makin’ eyes at my woman, ya nutcase and keep ‘em on the damn road instead.”

“Yea, okay,” Ellis smiled and turned his attention ahead of himself.

Turning her attention back to Jude she asked again, “No, but really, why did you have to rent a mansion in the middle of the desert, hours from the city when there’s a perfectly suitable hotel 10 minutes from the business meeting?”

He let an exasperated sigh, “’Cause I can afford to, that’s why. Now, sit back ‘n get some sleep. I don’t want my woman lookin’ haggard for our meetin’.”

Jude puts another cigarette in his mouth, but she grabs it from his mouth and puts it in her own as she goes back to her seat with a triumphant grin on her face.

“I’m not tired, and I’ve rested plenty. Oh! We should pick up some items from the market after the meeting….let’s see….we’ll need a cooler for the cold items, bags of ice, meat, vegetables, fruits…..”

No sooner had she lay back down on her seat had she started making lists and researching local markets.

“Oh, Jude, can you please confirm the tasks that I sent you while you were sleeping? I need to coordinate them with your schedule when we return to London, and - Oh, Victor just sent us more missions that require intelligence gathering, and Ellis there is another scheduled assassination for yourself….”

Growing weary of his love’s constant prattle about work and irritated that she stole his cigarette, Jude climbed into the back seat.

“Hey, Jude! That’s not safe!”

“Can it, Ellis.”

Jude steps into the back seat, grabs his love’s arm to pull her off the seat, and seats her on top his lap.

“Woah, Jude!” The unlit cigarette that she chewed between her teeth fell to the floorboard.

“What? Don’t trust me? ‘Fraid I’ll toss ya out the car?”

“No! But you scared me. What did you miss me that much?”

“Ha!” Jude pinched her thigh through shorts.

“Ouch! Stop pinching me!” She wrapped her arms around his neck and put her forehead to his.

She looks so tired. The silvery, thin bags under her eyes were worse than he thought, and all of a sudden he felt a pang of guilt for falling asleep while she stayed awake. How was that protecting her well-being? Feeling frustrated at his self-proclaimed failure, Jude determined that he was going to kill that guilt right now.

“C’mon princess, we both know ya love a little pain. Like when I do this….”

His lips caress her earlobe sending a tingly spark through her as he slowly sucked on it for the some time before he bit down on it hard.

“Nngh…”

“That’s for stealin’ my cigarette and droppin’ it on the floor.”

“S-sorry..”

Hearing her soft moan-filled apology blend into the wind, Jude gently kisses her all over her face, the tip of her nose, her eyelids, and brow bone. Saving her forehead for last he planted the most tender kiss there.

His eyes found her smiling at the shower of love he had just poured onto her, and when she opened her eyes, he said, “’Night, princess.”

Poking her on the forehead, Jude caught his beloved and laid her head to rest in his lap, rolling his eyes that he had to go to such lengths in the first place, but at least now she’s resting.

“That was mean, Jude.”

“Hah? Do ya not see the bags under her eyes? She’s been actin’ like a hyper-active lemur since we left Crown, and now she looks like she damned exhausted panda with circle under eyes!”

“That’s not what I meant….I meant the lie you told her. Aren’t you going to tell her the real reason why we’re staying in the desert? You know about toni-”

“Shuddup, or I’ll shove tumble weed down your throat, ya idiot!” Jude kicked Ellis’ seat as if she would over hear their conversation, though that wouldn’t happen due to the strength of Jude’s ability.

“Sorry…..”

Jude’s nerves chaffed when he thought of the real reason why they were staying in the middle of nowhere, so he tried to distract himself from that any way he could. Jude stared down at his other half, both stroking her cheek and pinching it to his satisfaction now that she couldn’t protest. Noticing her fly away hairs whipping around, he decided to braid her hair to prevent them from hitting her face, and he did just that. In the heat of this quiet desert, he carefully separated and twisted her hair until everything was neatly in place.

She truly was like the Sleeping Beauty of his cursed fairytale, the only good thing about it, the blessing that offset his curse. Lifting her hand to lips for a kiss, he gently mumbled against her warm skin, “Love ya, helpless princess.”

Tag List: @judejazza @ichigostellaglynn @atelierquinn @mrslelouch Please let me know if you want to be added to my tags list.

#invitation2crownCC #Jude Jazza #Ikevil Jude #Jude Jazza Fanfiction #Jude Jazza Fanfic #Fanfiction #ikevil fanfiction #ikevil fanfic #ikemen villains #Ikevil Jude fluff #Jude Jazza Fluff

82 notes · View notes

vickyvicarious · 2 months

Text

Today's entry is really not Dr. Seward's best on display. He's matter-of-factly drugging his patient and rifling through his belongings. He's daydreaming about a cause worthy enough to justify even greater breaches of ethics than he's already doing. But in amongst these musings, there's some interesting foreshadowing too.

How well the man reasoned; lunatics always do within their own scope. I wonder at how many lives he values a man, or if at only one. He has closed the account most accurately, and to-day begun a new record. How many of us begin a new record with each day of our lives? To me it seems only yesterday that my whole life ended with my new hope, and that truly I began a new record.

Seward's interest in Renfield's skillful reasoning "within [his] own scope" and subsequent curiosity at how he measures the worth of men is of course ironic. He himself has been guilty of reasoning that only goes so far because of his own bias (about this guy in particular, in fact) and also values lives differently depending on the person. Or at least in different ways - we'll see the distinct difference between how he cares for Lucy in her illness (even when there is a question of potential 'madness') versus how he has behaved with Renfield. Obviously, there's other factors at play there too, but I can't help but think of the distinction here, particularly when it comes right before he moves on to thinking more directly about Lucy.

Renfield ends his first account when Seward denies him a cat, and eats all his birds to put a close to the whole process. But then he begins anew the next day. Seward muses about endings and beginnings, and claims that to him it feels like only yesterday that his life "ended with [his] new hope." This refers of course to Lucy rejecting him, and his beginning again was our first introduction to his audio diary. By his count, we're already on his second record. And those of us who have read the book before can recognize that a third will be coming up. Once again, a loss of Lucy will mark the end of his account - according to him, but then he will have to start again when he's inducted into the vampire-hunting. And that's when, as I've seen other people joking about, he gets his "strong, unselfish cause to make [him] work" - but it's far from happiness. (Though he in particular does get a line about savage delight in killing vampite!Lucy, it's another instance of unfulfilled potential in a way. The statement is anticipatory, and when it comes time to actual kill her, Jack is firstly the support, and secondly recognizes it as a terrible task. If he were the one staking, would he take a savage joy in doing so as he expected, or would it be a burden he bore out of love for the woman she was, as Arthur did? He actively participates in beheading her afterwards, in filling her mouth with garlic, in sealing her up. We don't hear his thoughts on any of that in any depth, and that happened after she apparently returned to her former self in death anyway, so... who knows.)

So it will be until the Great Recorder sums me up and closes my ledger account with a balance to profit or loss.

This line is also really interesting. In line of what happens later - both in how important records are throughout this story, and also in the epilogue making it clear that the entire book we've read is a preserved account.

But it also draws a comparison with Renfield's notebook. When Seward looked in it previously, he directly compared Renfield to an accountant, balancing numbers representing what we now know represent lives. This wording is kind of placing Renfield in the position of God; at the least imitating a Godly approach. That also goes along with what happens later on with Mina being burned by the Host and the characters seeming to interpret that as God deeming her unworthy (marked down as 'a loss') for no fault of her own.* It could link back to that line about reasoning within one's own scope again. I'm reminded of this excellent meta by @animate-mush which talks about how transgressing or occupying multiple roles is key in so many ways throughout this book. Staying within one's (typical/expected) scope is limiting, while Doing Both is strengthening. A madman's reasoning only goes so far - but then again, so does his doctor's. In that sense, having a straightforward binary of profit/loss is unhelpful. But of course, all this is happening within the context of the Good People fighting Bad Vampires book. As a rule, the novel doesn't delve too deeply into realizing moral dilemmas, even though it raises the question of them multiple times. So this whole line of thought I've been led down by these lines is kind of another instance of that, and there's no clear resolution to it. But it's interesting to think about.

*Pretty sure I've read at least one meta suggesting the mark was actually a warning to instill the necessary sense of urgency they needed to motivate them to save her before it became too late. That it was never meant as a mark of shame at all. In this case it's fully the characters' own limited view affecting their understanding of the situation, and the accountant view of a God tallying up more 'objective' pluses and minuses is lessened.

#dracula daily #jack seward #dracula daily spoilers #just... thinking aloud i guess #fitting response to a seward entry #dracula meta #sort of

39 notes · View notes

sgiandubh · 1 month

Note

Have nothing against Ashley, but how are things better? Only seen the gin on one bar. Rest are just her cocktail pictures. Where's the sales information, data? Where are cocktails featuring Sassy on their permanent menus? Still unsold bottles at local store here and nothing has been sold out for his small batch whisky. Do not see anything of an impact except nice pictures in bars and her comped trip to the UK. It's too expensive for an unknown brand, period. It's good but not great and nothing special that other more established brands do. The pop up was again directed to OL female fans. It's far too early to see any impact, unless you have P&L documents showing differently, do you?

Dear Nothing Against Anon,

Oh, here we go again: the pseudo-expert fuckwit, coming along with her corporate vocabulary, fake syllogisms and paltry logic, just in order to tearfully drone that sinister 'I hope that prick fails and disappears forever' dirge.

You sound just like those cowardly Fascist types who always start their worst bullshit rants with statements like: 'I am not a racist, but...' (proceeds with all the rest of the Klan's repertoire).

I wouldn't trust your perception of time, either. You want results, you want them NOW and you want them with a rabid vengeance you could surely put to a better use for the profit of more noble collective causes. But you seem to conveniently forget one simple, tiny detail:

She just started working for Great Glen Company's Sassenach Spirits subsidiary last May. For being less than three months in that company, she surely started to make a difference, taking things out of slumber, using her contacts and mapping out what clearly is an expansion strategy. What do you want her to do first? Change everything in 24 hours, preferably with a magic wand? Shouldn't she at least start somewhere and with something, first? She is doing exactly what I was expecting her to do, Anon: terrain work, in order to get a better feel of the market's fabric. And she is doing it the only right way - go where relevant people and relevant potential outlets are, talk to those people, make things happen.

As many, too many people in here, you are just judging based on what you see of her work on her and SS's social media accounts. While doing this, you also seem to conveniently ignore the amount of BTS work it takes - are you, by any chance, one of those incompetent corporate execs, always talking with great confidence about things they have no real grasp upon, Anon?

No, you aren't. Not even that. You are just another random moron, with a smattering of management accounting notions. You write absurd idiocies like '(...) unless you have P&L documents showing differently, do you? ', perhaps in the hope you'd intimidate me, or something. You probably have no idea of the fact that P&L (that is Profit & Loss, by the way) documents are mandatory for public companies only and issued on a quarterly and annual basis. And for your information, doll: a public company is a company using shares of stock in order to organize ownership. It may or may not be listed on a stock exchange, but the intention to have those shares traded is always present.

Until further notice, Great Glen Company is a private company, governed by US law. There is no legal obligation to issue the documents you so confidently mention.

And the pop up shop? Not really for mommies:

Now go play elsewhere. I have no time to further lose with people like you.

#anon #fandom #shitshow #business #booze wars

47 notes · View notes

invisibleicewands · 8 months

Text

Michael Sheen's The Way echoes Tata steelworks reality

When Michael Sheen was filming clashes between steelworkers and riot police in his home town Port Talbot, little did he know 2,000 jobs at its steelworks would be at risk by the time it premiered.

"We had no idea when we were developing the story what would be happening at the steelworks when this came out," he said.

"It's incredibly unfortunate that the story we've written has come bizarrely very close to the truth."

Speaking ahead of The Way's premiere at Port Talbot's Reel Cinema, he insisted the three-part BBC drama - originally conceived in 2016 - was a fictional story and not about the Tata steelworks.

"But obviously, knowing the town, knowing the relationship the town has with the steelworks, knowing the insecurities and the anxieties that have always been there in my lifetime around employment and work there - that was part of what drew us to setting the story in this town," said Sheen, 55, who both directed and starred in the drama.

He said Port Talbot's steelworks was the "spiritual centre of the town" and "part of our DNA" and the news of job losses had been "devastating".

The Way is written by James Graham, created by Sheen, Graham and documentary filmmaker Adam Curtis and stars a number of Welsh actors.

The cast includes Steffan Rhodri (Steeltown Murders and Gavin & Stacey), Mali Harries (Hinterland), Sophie Melville (The Pact), Callum Scott Howells (It's a Sin) and Mark Lewis Jones (Men Up and Keeping Faith).

Episode one sees growing concern over the future of the steelworks, leading to protests, which later turn to riots.

Some take to the streets to join the fight, others frantically try to escape or hide in their homes as helicopters fly overhead.

The streets become a warzone and the town is locked down by armed police.

With Port Talbot facing an uncertain future, could life imitate art?

"It's not like we're saying 'this is what you should do as a result of what's going on' by any means, but obviously I have huge sympathy for the steelworkers," said Sheen.

"In no way is this a blueprint to how people should react, but you don't know do you? I have no idea how people are going to react.

"People will try and be as resourceful and as positive about it as they possibly can I'd imagine because that is the spirit of the people in this place - but at the same time you don't know and people are very angry as well."

For Sheen, "everything" is political.

A long-term champion of the NHS, in 2015 he was applauded for delivering a passionate speech to a pro-NHS march in Tredegar, Blaenau Gwent, and he is currently in rehearsal for a National Theatre production about NHS founder Aneurin Bevan.

In 2019, he sold property to bankroll the Homeless World Cup in Cardiff when funding for the £2m project fell through at the last moment.

In 2020, the actor, who was born in Newport and raised in Port Talbot, said he had handed back his OBE so he could air his views about the monarchy without being a "hypocrite".

In 2021, he said he had turned himself into a "not-for-profit" actor, using the money he earned from acting to fund projects.

He has been vocal on a range of issues from children in care to Welsh independence.

Was he trying to make a political statement in The Way?

"Everything is connected, everything happens for a reason, things are the way they are in this town and any town not just by chance, it's because of choices and various things... I think inevitably this was going to be a political story," he said.

"Part of the reason why we wanted to set it here... we needed to feel there was a great sense of discontent amongst a lot of people in the place, a lot of anxiety, a lot of feeling of not having their voices heard."

He said when people were made to feel that they were not being listened to and did not matter "that sense of frustration and anger can boil over".

Sheen made his name as an actor initially in the theatre before winning acclaim as a screen actor playing real people from Tony Blair, David Frost, Kenneth Williams and Chris Tarrant to lead roles in series including Good Omens, Masters of Sex and Staged.

In 2011, he directed and starred in a 72-hour epic theatrical production of The Passion, which moved around different locations across Port Talbot drawing huge crowds and critical acclaim.

It is perhaps unsurprising that he would choose to make his TV directorial debut in the town too.

"[The Way] was definitely very personal," he said.

"I feel like I knew what I was filming and I felt anchored and connected to what was going on."

Sheen now lives near Port Talbot with his partner Anna Lundberg and their two children Lyra and Mabli.

"It's somewhere I inevitably keep coming back to and it's an endless source of inspiration," he said of the town.

"It's the source of all my imaginative explorations really because it's my home.

"It's where I grew up, it's where all the most important things happened to me, it's where my family still lives, it's where I now live again and as I've got older I've realised more and more how important the beginning of my life was and all the opportunities people gave to me."

One of those people who gave him opportunities was Godfrey Evans, a drama teacher who helped shaped generations of actors through the West Glamorgan Youth Theatre and died in November, aged 82.

At the premiere across the road from the town's Aberavon Beach, Sheen dedicated the screening to both his former teacher and Port Talbot's steelworkers.

What are his hopes for those in his home town currently fearing for their jobs?

"Particularly at a time like this when there's so much anxiety and so much concern about the future it is so important to feel like you're supported and you can talk about what's going on and to find connection with other people who are maybe going through the same things," he said.

"We wish everyone the best and hope there's plenty of support for people in the future."

#Michael Sheen #The Way #Port Talbot #Interview #Movie #BBC

81 notes · View notes

lostlegendaerie · 1 year

Text

Fuck it! US Private Student Loans Guide!

DISCLAIMER: while I have worked in private loans specifically for five+ years, this isn't ‘financial’ advice and is just a heavily summarized guide on how to navigate them. Yes, these loans suck, but complain to your legislators not me. I’m just trying to help you know what you’re doing. Additional info for each section is under the cut!

1) Who are you and who are all the companies constantly running around with my money?

I work in loan SERVICING, which is basically the billing department. If you’ve got a new company asking you for money, it's probably a new servicer and your debt is still owned by the bank. We enforce the terms in the promissory note, the document you sign telling the bank “yeah I'll play by your rules if you give me the money.” If your loan defaults, you’ll get contacted by a third (fourth?) party, but how that works is beyond my wheelhouse. The bank or your servicer should be able to confirm what happens in case of default.

2) What am I looking for in a ‘good’ loan?

Generally, you’re going to want SIMPLE instead of compound interest, a FIXED RATE opposed to a variable one, and you’ll want to go for FULL DEFERMENT while in school and make manual payments when you can. Also ask up front about stuff like if disability forgiveness or co-signer release (getting your parents off it) is offered.

3) This loan sucks! How do I make it better?

Student loans are NOTORIOUSLY hard to get out of, unfortunately. If the interest rate/payment relief options suck, you can try to REFINANCE where you take out a new loan to pay off the old one. This gives you a new promissory note, interest rate, and terms/conditions. If you’re trying to erase the debt entirely, ask for the promissory note (if they can't provide a copy, we have to forgive the debt. I've only seen this happen ONCE.) or try to go through social security disability.

DO NOT USE FREEDOM DEBT RELIEF OR OTHER SERVICES. DO NOT. THEY ARE SCAMS.

More in depth information for each point!

1) Lenders and Servicers

The lender is the person who provides the funds in the debt - the bank who pays the school or the hospital or the home contractor fixing your sink. The servicer is the company that is your point of contact when you need to make payments, ask for payment relief, or otherwise manage the loan that exists. Think of us as the mechanic (we keep the car running) where the bank is the manufacturer (they make the car). Some different servicers are SoFi, Zuntafi, Great Lakes, Nelnet and Firstmark Services; their names will be on the billing statements. Some different banks are Citizens, US Bank, NorthStar; their names will be on the promissory note and the disclosures.

Sometimes banks do sell the debt, however! A couple years ago Wells Fargo sold an enormous chunk of their loans off somewhere (an investment group, maybe?) but! The promissory note will still be the EXACT same if your debt gets sold. You’ll only get a new promissory note if you refinance the loan yourself.

2a) Interest Accrual and Rates

Interest is how banks profit off the loans they give out and/or ‘ensure they don't end up with a loss if the loan defaults’. (It's profit.) Most, but not all, loans calculate interest with the simple daily interest formula, shown below:

[(Current loan balance) x (interest rate)] divided by 365

If your loan’s balance is $10,000 and your interest rate is 6% you’ll be charged $1.64 each day. SIMPLE INTEREST means that this interest just kind of floats around on the account until a payment comes in and pays it off, where COMPOUND adds that interest to the balance at the end of the month/day/whatever. Compound charges you more over the life of the loan.

FIXED INTEREST is a set percent that doesn't change, where VARIABLE will change usually based on whatever the economy is doing. There’s a minimum and maximum value to the variable interest rates, so if you’re doing a variable ASK WHAT THE MINS AND MAXES ARE. A fixed rate might be 8% and a variable might be 3.25% the day you take it out, but that variable could have a maximum interest rate of 25% so be VERY, VERY CAREFUL. If you get stuck in a real bad variable interest rate, your best solution is probably a refinance.

2b) Deferment and Payment Allocation

So interest is gonna be accruing on your loan from the day the money leaves the bank. Sucks. And you may not be able to make payments while you're in school, so opting to DEFER your payments will stop them from billing you so you can skip a month or whatever without penalty. At the END of that deferment, though, whatever interest that accrued will be added to your current balance. If we use the example from above (10k loan with 1.64 daily interest) four years of school will add $2,400 to your balance and then your daily interest will jump up to $2.03 a day.

Solution? Make payments of what you can while you’re in school to chip away at that floating interest. Usually when you make a payment, it’s gonna go towards the interest first and then the rest drops the balance. (E.g. if you make a $20.00 payment ten days after your loan is disbursed, $16.40 will go towards interest and $3.60 towards your 10k balance). There is NO PENALTY for making extra payments or making early payments, but it might make your bills look a little weird if you’re being billed each month for just the interest.

3) Why are these loans so horrible? Can’t I find anything to help me?

Blame Reagan and the republicans who enabled him.

No, but really. The problem with these loans is that those promissory notes are VERY legally binding and have lots of fine print in there designed to make it as hard as possible for someone to skimp out on their debt without having their credit score decimated. Some lenders might even dip into your paychecks if you're crazy behind or default; again, that's not my wheelhouse and I've only maybe seen that once. Your best bet is just to pay it off as fast as possible (again, no penalty for paying the loan off early) or refinance into better terms.

And I get it. I really do. I hate how we’ve made so many incredibly important things in our society locked behind a paywall that charges poor people more to climb than the rich. But if you’ve made it this far, please don't turn your anger at me for not giving you the answers you want. The best I can do is vote for people who are willing to crack down on predatory lending, keep fighting for student loan forgiveness… and at my own job, make sure that my coworkers aren't making mistakes.

If you have a more specific question, I can try to answer as best I can without breaking any information privacy laws. And take care, okay? You are never fighting alone.

#private loans #student loans #school loans #loan forgiveness #long post #credit score #credit services #debt relief #debt consolidation #I spent like two weeks off and on with this PLEASE REBLOG but also PLEASE BE NICE

186 notes · View notes