November 18, 2013—Xenia, OH—Nationwide Biweekly Administration, Inc. (“NBA”), one of the nation’s largest and most recognized biweekly program administrators, announced today that it has successfully completed its first SSAE 16 Type II audit.  NBA’s compliance with the SSAE 16 audit demonstrates its high level of commitment to solid operating procedures while maintaining the highest level of internal controls.

SSAE 16 is an internationally recognized third-party assurance audit for service providers.  SSAE 16 is a new reporting standard for services organizations put forth by the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA).  As part of the audit, a number of operating controls related to NBA’s internal policies and procedures were examined.  These controls include: company wide management systems, policies and procedures, network operations, customer data integrity and security, and computer controls.

“Receiving this important designation from a top auditing firm reaffirms NBA’s commitment to our customers and business partners, said Daniel Lipsky, President, NBA.  “Through strict adherence to compliance and internal controls we’re able to provide peace of mind and world-class service to our customers.”

ABOUT NATIONWIDE BIWEEKLY ADMINISTRATION, INC.

Nationwide Biweekly Administration, Inc., located in Xenia, Ohio, provides payment service and processing to the general public through the Interest Minimizer program.  Established in 2002, NBA is licensed and bonded and is registered with FinCEN as a money services business. 

For more information about NBA, visit http://www.nbabiweekly.com, like the Facebook page at http://www.facebook.com/nationwidebiweekly.

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Now more than ever, student loans have become one of the biggest issues that Americans are facing. College cost are rising and outstanding student loans have grown to $1 trillion. And as if that is not worse enough, average graduate earnings of full-time employees aged 25-34 are falling, causing more student loan debtors to fall behind on their payments.

from the Business Insider article: GUNDLACH: These 4 Charts Show How Student Loans Have Become A Real Problem http://www.businessinsider.com/jeff-gundlachs-student-loan-charts-2012-12?op=1

If you are a student loan borrower yourself, read these fast facts on student loans from The Financial Services Roundtable. Be sure to visit their website to learn more about the student loan debt situation in the U.S.

• More Americans are attending college at a time when college is getting more expensive.
• Many students borrow money to pay for a college degree.
• Student loans are now the largest form of consumer debt outside of home mortgages, eclipsing both auto loans and credit cards, according to the Federal Reserve Bank of New York.
• The vast majority of student loans are federal loans.
• Private student loans often supplement higher cost college of their choice.
• Private student loans have a significantly lower default rate than federal student loans.
• The federal government can recover defaulted student loans through administrative wage garnishment, offsetting federal tax refunds, and even part of Social Security checks.
• Seventy-two percent of college that they have paid off one-quarter Workforce Development.
• On average, Americans with a college degree are twice as likely to be employed as thenational average.

Source: The Financial Services Roundtable

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In a report, college students who graduated in 2011 had an average debt of $22,900 ($26,600 in a more recent report), and yet 79% of young people still believe that a college education is a valuable investment.

Check out the infographic below and learn more gruesome statistics about the rising student loan debt in the US.

Infographic brought to you by: Top Colleges Online

The post The Walking Debt [INFOGRAPHIC] appeared first on NATIONWIDE BIWEEKLY ADMINISTRATION BLOG.

Image Credit: Kozzi

Because your child’s future depends on you, you should aim at giving them a good education. To get off to a good start in preparation for your children’s college education, be sure that you make it a part of your financial savings plan. Here are several ways you can save for your children’s education so you and your children can live a life that is debt-free and far from stress- as far as money is concerned, at least.

1.       Start saving early

Cramming is never a good idea, and procrastination can be the most serious sin you can commit when planning for your children’s college education. Take this advice from nationally renowned financial guru, Dave Ramsey:

“Regardless of how you save for college, do it. Saving for college ensures that a legacy of debt is not passed down your family tree. Sadly, most people graduating from college right now are deeply in debt before they start. If you start early or save aggressively, your child will not be one of them”

 2.       Figure out the net cost

Are you planning to send your children to a public or private university? Before deciding, keep in mind that a higher cost does not necessarily mean better quality. Determine which institution will more adequately meet your children’s needs at a price affordable to you.

When figuring out the cost of colleges, take a look at the actual out-of-pocket cost for each school and not the sticker price. Overall, private colleges can be more expensive than in-state colleges. While both offer scholarships, most private colleges offer better financial aids than public universities.

 3.       Let your children know about your savings plan

Get your children involved early on in the saving process and make them understand how you are planning to save for their future education. Teach them the importance saving and help them develop a good saving habit.

When planning for your children’s future education, don’t get fooled into thinking student loans are the only option. The key is to start saving early and regularly. Have you started saving yet?

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This infographic compiled by  Online University takes a look at some grim statistics surrounding student loan and examines what the government is doing to curb student loans.

The post The New Deal for Student Loans appeared first on NATIONWIDE BIWEEKLY ADMINISTRATION BLOG.

Tuition costs and unemployment rate is rising, and so is student debt. According to a new report from CNN, two-thirds of college seniors who finished school last year has student loan, with an average student loan debt of $26,600- that’s about 5 percent higher from last year. With the unemployment rate reaching an all time high, Americans are increasingly falling behind on their debts.

If you are a graduating student with college debt waiting for you after you receive that well-deserved diploma, you may want to consider these tips when repaying your debts.

1.       Keep track of your loan

Know the repayment status of your loan. Keep in touch with your lender so you will know when the payment is due. Keep in mind that even if you received no information from the lender regarding your payment schedule, you are still obliged to make payments on time. Take the responsibility of tracking your loan, and make sure to let your lender know your new contact information or address if you have moved. Be responsible and take your loan seriously.

2.       Don’t miss payments to avoid interest from accruing

Try not to be one of the 33 percent of the borrowers who are late with their first payment on their loans. To make sure that your payment will arrive on time, mail the payment a week before the due date. You can also enroll in an auto-debit program, just always ensure that your bank account has sufficient funds to avoid missing payments. If in any case you can’t afford your monthly loan payment and have to skip a payment, call your lender beforehand so they can offer different options

3.      Don’t ignore your student loans.

Whether or not you complete your education, you still have to repay your student loan with all its interests and fees. Borrowing is a responsibility, and ignoring the debt can get you into financial trouble. It can lead to a loan default and may result in unpleasant consequences.  Interest will increase your loan balance making the loan more expensive than before, it will ruin your credit score, and will have a negative effect on your cosigner’s credit history as well.

Need help accelerating the payoff of your Student Loan? We can help! Nationwide Biweekly Administration has the only biweekly program that provides a 100% money back savings guarantee. For more information visit http://www.nbabiweekly.com today!

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