Student Loan Debt Essay Example for Free

Student Loan Debt Essay Summarize the student loan industry. Answer with respect to both public and private loans and be clear as to which you are referring to. a) What led to the inception of the student loan market? The inception of the student loan market started like any other loan market, there were a large amount of borrowers who needed money now to invest in college to make more later that were matched with lenders who had excess funds and wanted return on the funds. The National Defense Education Act of 1958 which provided loans to students in higher education institutions started the student loan market. This was supposed to help train students to get jobs that will help them succeed and in turn help our nation succeed. b) What major changes have occurred over the years? The biggest changes in the loan industry have been the recent dramatic increase in enrollment at colleges. An alarming trend in the last twenty years is that appropriations to universities per full time student are going down while public four year tuition and fees are increasing. Total outstanding student loan debt, number of student borrowers and average debt per borrower has been steadily increasing over the last decade. Recent changes include private lenders becoming less inclined to lend. b. i) Since 2004 both the number of student loan borrowers, and the average balance per borrower has steadily increased, according to data compiled by the Fed New York (b. i. 1) 2004 25-year olds with student debt was just over 25%; grown to more than 40% (2013) (b. i. 2) 2012 Number of student loan borrowers totaled almost 40M and the average balance per borrower was slightly less than $25k (b. i. 2. a) 40% had balances less than $10k; 30% had balances between $10k and $25k; 4% over $100k c) What is the current source of financing? c. i) $1T financed by the federal government c. ii) $. 2T financed by private lenders (c. ii. 1) They are lending less c. iii) Federal (c. iii. 1) Make up about 85% of the total student debt outstanding (c. iii. 2) 93% of all new loans continuing to increase since the Recession (c. iii. 3) Credit Check not required but may be turned down if they are delinquent on existing student loan (c. iii. 4) 21% were delinquent 2012 c. iv) Private (c. iv. 1) Private student loan market includes loans made not only by banks, but also loans made by credit unions, state agencies, and schools themselves (c. iv. 2) Makes up about 15% of the total student debt outstanding (c. iv. 3) 2008 was $25B 2012 it is $8B since Recession (c. iv. 4) Credit Check, full underwriting guarantor (90%) (c. iv. 4. a) Underwriting has stricken since (c. iv. 5) 4% are delinquent 2012 (c. iv. 6) Tough to restructure c. v) Both often have a 6 month grace period d) How are lending decisions made by lenders in today’s world? For private lenders, lending decisions today have tightened dramatically since the recent economic recession, and it seems as though they are ducking out of the student loan industry because of all the bad loans they have on their balance sheets. Federal lenders have gone the complete other way; they do not have stringent requirements for the loans that they are handing out. Borrowers are encouraged to max out their federal lending before they go to their private lending. e) How are borrower decisions made by borrowers in today’s world? They have very little choice when choosing alternatives for student loans, these options include private lending and federal lending. A borrower should max out their federal loans then go on and be as prudent as they can when selecting a private loan. There is also a lack of transparency that makes it difficult for borrowers to pick private loans after they have maxed out their federal loans. Therefore the decisions are incredibly difficult to make after you max out your federal loans. Every student should be diligent and use all of the options that are set in question number three to make the best borrowing decision as possible. f) What is the size of the market today? How has its size evolved since its inception? f. i) Same statistics listed in 1c are relevant here f. ii) How has it evolved since its inception? The Market size of student loans is $1. 2 Trillion, private accounting for $0. 2 Trillion and federal accounting for $1 Trillion. Student Loans taken out have been increasing, student loan debt outstanding has been increasing and average student loan debt per borrower has been increasing. Some believe that these may cause problems and increase outstanding debt and defaults which taxpayers have to pay. While government professionals may believe that taking a hit now to help consumers get higher paying jobs may be worth it in the long run so they can start consuming. 2) How have student loans been treated in bankruptcy historically and today? a) Include in your answer information about how the treatment impacts lending b) Include in your answer information about how the treatments impacts the economy c) There is some controversy here why does that arise? d) What might happen if the laws changed? Before 1976 student loans were dischargeable in bankruptcy; this policy did have some loopholes though and when it comes to loopholes in money you do not want to leave many. Student loans stopped becoming dischargeable because they were afraid that the students would take advantage of the opportunity to file bankruptcy and rid themselves of student loan debt and drain the system. Disallowing the discharge of student loan debt helps to increase incentives for lending since borrowers are stuck on the hook and have to pay it back; this makes the lenders feel more comfortable and increases their willingness to lend. This can have multiple impacts on the economy because if student loan borrowers are no longer able to file for bankruptcy on their student loans you are more likely to have a generation of student borrowers that cannot pay their debts. If students graduate with a large amount of debt they are less likely to be consuming products like mortgage or car loans which help our economy run more efficiently. Some student borrowers may end up not borrowing because of the increased risk due to no bankruptcy. Lastly, a horrible scenario may be that lenders know that student loan borrowers cannot default therefore they hand out loans for anyone that wants them because the lender knows they will be stuck on the hook. This has horrible ramifications because one should never lend when they do not believe the borrower will be able to pay them back. 3) Outside of bankruptcy, what ways of dealing with non-payment of student loans exist? How might each affect the economy? a) Students who cannot pay off their student loans can a. i) Talk to your high school financial aid office a. ii) Shop for lower interest rates and loans that offer flexibility a. iii) Do not believe the rates as stated because they are stated for the highest credit scores a. iv) Fill out a FAFSA a. v) Search for scholarships a. vi) Apply for income-based repayment plans (must meet criteria of the Department of Education â€Å"partial financial hardship† (a. vi. 1) Could be 10-20% of discretionary income depending on how you apply a. vii) Enter public service such as teaching or other government jobs and you can discharge your loan after 10 years of making regular payments a. viii) The right to change payments from 10 years to 25 years decreasing your monthly payment while increasing the interest payment b) Some worry that people are taking advantage of some of the above options for student loan debt and are hurting the economy c) If I were a future student loan borrower I would try to get my loan in as quickly as possible and enjoy the lower rates because there is reason to believe that the rate can go up since it is now attached to 10-year Treasury Notes student loan delinquency can really take a hit on your credit score. Whenever someone defaults on a student loan the burden falls on the taxpayers of the country. If students found ways to get out of their student loan debt they would end up leaving the taxpayers to pay it off for them. There is reason to believe that being more lenient on student loan delinquency will allow students to finish their education and get a job that will allow them to pay off their student loan and eventually put more money into the economy. One notable solution that I found interesting was to hold schools accountable for their students. Schools that receive subsidized loan money could be left on the hood for a percentage of the loan balance if the student defaults. This would encourage colleges to pick the best applicants that they believe will finish school with a degree that will allow them to get a job that will pay off their student loan and hopefully buy a mortgage and lease a car to help the economy run more efficiently. 4) What is the impact of the existence of student loans on universities and tuition? a) The existence of student loans results in demands on universities – what are these? Universities are positively impacted by the existence of student loans because without them they would have to exponentially lower tuition. This is the same logic that universities have used to raise the price of their tuition. It is simple supply and demand economics, Joe Schmoe high school graduate gets into a fancy college that costs $40k a year and Joe can easily get a loan. Fancy college gets excited and realizes that the demand for the college is not as affected by price change as they might expect and they raise their tuition until finding the optimal price. The overall impact of this raised tuition is that students will have to take on larger student debts to be able to afford tuition at these universities. The larger loans that student takes the more likely they will end up delinquent on their loans. When students are delinquent on their loans they may end up going into default or not finishing school. In both situations the students end up negatively affecting the economy because the delinquent could end up having taxpayers pay for their defaulted loan and the college dropout will be less likely to pay off their loan due to low income opportunities with no college degree. 5) What is the relationship of student lending to other forms of lending? a) For the first time in years a. i) Outstanding student loan debt is greater than outstanding credit card debt (a. i. 1) Student Loan debt is second only to Mortgage Debt a. ii) 30 year olds with student loans are now less likely to take on housing debt than 30 year olds without student debt a. iii) 25 year olds with student loans are now less likely to take on housing debt than 25 year olds without student debt b) Since the peak in household debt in the third quarter of 2008, student loan debt has increased by $293B b. i) Other forms of debt fell a combined $1. 53 trillion b. ii) Only form of debt to substantially increase since the 2008 crisis b. iii) Mortgage balances shown on consumer credit reports dropped (b. iii. 1) Originations are 17. 4% below Q1 2011 b. iv) Credit Card Balances 21. 6% below Q4 of 2008 c) 15% of delinquent student loan borrowers also have delinquent auto loans, 35% have delinquent credit card debt and just over 25% are delinquent on mortgage payments The bottom line is if students are leaving school with more debt, than they will be less able to take on more loans in the housing, credit and auto loan industry, which help power our economy. Two things can end up happening, student loan borrowers will be turned down when seeking lending in the auto or mortgage industry because of the stigma attached to student loans. Another possibility is that a small but significant amount of students take on multiple loans during college and accumulates large amounts outstanding debt in all areas. The most important and repeated statement of this paper will be that the taxpayers will have to pay the loans when students default. 6) What Fed actions (during the past decade) have impacted the student loan industry? 7) Why is the Fed concerned about student loans? What is its actual role here? The Fed is concerned about student loans because it is now the second largest form of outstanding debt and it has been growing. There is reason to believe that it will continue to grow due to low employment encouraging people to stay in school or go back to school. Another pressing concern is that a large amount of these student loans are federally insured and could increase the budget deficit. And to reiterate the most important factor that when students default on their student loans, the burden will be placed firmly on the lap of the taxpayers. The role of the Federal Reserve Bank is to supervise participants in the student loan market. Supervision of participants in the student loan market is similar to their supervision of other retail credit markets and products meaning they are able to go over what you buy aka Student Loans bought by private institutions. Institutions subject to Federal Reserve supervision are â€Å"subject to onsite examinations that evaluate the institutions risk-management practices, including the institutions adherence to sound underwriting standards, timely recognition of loan deterioration and appropriate loan loss provisioning, as well as (to a limited degree) compliance with consumer protection standards. Many of these institutions have significant student loan portfolios. † A large concern the Fed may have about student loans is that of the relevant information (relevant statistics) about student loans are unknown. In the finance world investors are willing to pay for a larger degree of certainty so this proposes a large problem. One action the Fed took was deploying Capital Analysis and Review (CARR) â€Å"which is a supervisory tool that the Fed deploys to enhance financial stability by assessing all exposures on bank balance sheets. Large US banks are strongly encouraged to be forward looking and account for unique risks and keeping sufficient capital so we can continue operations during time of economic and financial distress. † The large US Banks that CARR searched found that they held $63B in government and private student loan debt outstanding $26. 3B of which is outstanding. The Federal Reserve also developed guidance outlining loan modification procedures with the Feral Financial Institution Examination Council which discusses how banks should engage in extensions, deferrals, renewals and rewrites of closed-end retail loans (including private student loans). They encourage that any restructuring should be based on renewed willingness/ability to repay and must be consistent with the banks policies. They note that lenders should work with borrowers who have a legitimate claim to financial hardship. These concerns are shared with the OCC and FDIC; they are even allowing institutions to go against GAAP. The Federal Reserve is really helping borrowers and investors by encouraging lenders to be as transparent as possible. Information should be clear and easily accessible to borrowers and should include information on how to contact the lender or servicer to discuss the programs that might best fit their specific needs.

Essay --

Creative Analysis & Solutions value of businesses SYSTEM REQUEST - CENTRALIZED SYSTEM FOR ELECTRONIC RESERVATION AND BILLING Business Need: This project has been initiated to replace the existing paper based reservation and billing system with the centralized system for electronic reservation and billing of the customers to provide the best personalized service to the target customers. Executive Summary: Currently we are in a project initiation phase. Following is the list tasks we will be doing throughout the project tenure. We have got approval from Mr. Jim and Mrs. Marlene Dodge, owner of this project for the system request. Based on the assumptions we have made en economic feasibility chart. Tasks associated with the project in each phases: Phase Tasks Deliverables Explanation Project Initiation 1. Create Project Charter Project Charter It is an official document from the sponsor. It describes the mission of the team and how to accomplish that mission. 2. Complete feasibility analysis Constraints and Assumptions Feasibility Analysis determines whether to go forward with the project or not. It also covers the risks associated with the project which is very important to understand before the approval of the project. This is the most important deliverable of the initiation phase. Following areas will get covered in Feasibility Analysis. a] Technical Feasibility: Deals with the risks associated with the use of applications and technologies while the project is going on. It's always risky if we use an unfamiliar application or technology. ... ... 1 1 6 10 13 12 13 14 18 19 19 20 21 22 23 24 38 29 38 39 48 34 48 49 50 49 49 49 51 52 52 References: 1] Systems Analysis and Design - Dennis. Wixom. Roth 2] www.google.com 3] http://www.tryonassoc.com/pdffiles/Task%20List%20-%20Project%20Management.pdf 4] http://www.ofm.wa.gov/ocio/pmframework/initiation/planning/schedule.asp

The Simple Gift and the Concept of Belonging

Belonging Essay plan 1. Simple Gift Relationships and places interconnect to provide an individual with a strong sense of belonging * Relationships and the concept of Belonging Old Bill and Billy * Genuine relationships anchor individuals in identity, worth and connection * Relationships enrich an individual’s sense of belonging * Billy and old Bill’s relationship helps bring about a positive change in both of them * Their bond brings positive change to the grief-stricken old Bill and provides Billy with a chance for a fresh start and a future in Bendarat.Old Bill provides Billy with advice, guidance and a home. * Billy helps old Bill limit his drinking and smoking addictions and provides him with breakfast in the mornings * Billy said to not walk past the pub, old Bill finds himself walking past Jessies old school the next day instead of going past the pub * â€Å"Hands/shaking/as I walked back to town,/careful not to go past a pub† * Herrick uses enjambment to emphasises how difficult this change is for Old Bill and his desire to keep moving forward rather than continuing to be overwhelmed by his grief Places and the concept of belonging * Throughout the free verse poems of the Simple Gift, there are a series of places that either enrich or destroy an individual’s sense of belonging Longlands Road * Longlands Road does not inspire Billy’s sense of belonging.Billy lived with his alcoholic and abusive father in Longlands road His father created an environment that did not support the feeling of belonging by giving Billy â€Å"hard backhanders† * Billy’s action of throwing rocks upon the roofs of the houses in longlands Road shows the strong negative attitude he has towards his street and all that it represents * â€Å"I throw one rock on the roof/of each deadbeat no hoper/ *hithole downtrodden house in Longlands road, Nowheresville† * Herrick uses descriptive language to emphasis the feeling of alienation that such a place arouses for BillyCarriage 1864 * Billy sets up home in an abandoned freight train carriage, it becomes an important place of belonging and security for Billy * As this carriage is shared with Billy’s friends Old Bill and Caitlin, it creates a positive emotion towards the carriage. * Without the company of Old Bill the carriage would have been very dull and lonely * â€Å"It was like a little cave, a warm, safe little cave†¦.Billy’s cave†, Herrick uses this simile to describe the carriage. * Through the relationship with Old Bill, Billy quickly feels a sense of place and comfort inside it by labelling it â€Å"my motel Bendarat†. * Billy further demonstrates his sense of belonging to the carriage when he gives Caitlin a â€Å"business card† with the carriage as his address. This is a symbolic gesture, which shows Caitlin that he feels this is home for now. 2. Pursuit of Happiness

French and Indian War - Campaigns of 1756-1757

Previous: French Indian War - Causes | French Indian War/Seven Years War: Overview | Next: 1758-1759: The Tide Turns Changes in Command In the wake of Major General Edward Braddocks death at the Battle of Monongahela in July 1755, command of British forces in North America passed to Governor William Shirley of Massachusetts. Unable to come to an accord with his commanders, he was replaced in January 1756, when the Duke of Newcastle, heading the British government, appointed Lord Loudoun to the post with Major General James Abercrombie as his second in command. Changes were also afoot to the north where Major General Louis-Joseph de Montcalm, Marquis de Saint-Veran arrived in May with a small contingent of reinforcements and orders to assume overall command of French forces. This appointment angered the Marquis de Vaudreuil, governor of New France (Canada), as he had designs on the post. In the winter of 1756, prior to Montcalms arrival, Vaudreuil ordered a series of successful raids against the British supply lines leading to Fort Oswego. These destroyed large quantities of supplies and hampered British plans for campaigning on Lake Ontario later that year. Arriving in Albany, NY in July, Abercrombie proved a highly cautious commander and refused to take action without Loudouns approval. This was countered by Montcalm who proved highly aggressive. Moving to Fort Carillon on Lake Champlain he feinted an advance south before shifting west to conduct an attack on Fort Oswego. Moving against the fort in mid-August, he compelled its surrender and effectively eliminated the British presence on Lake Ontario. Shifting Alliances While fighting raged in the colonies, Newcastle sought to avoid a general conflict in Europe. Due to changing national interests on the Continent, the systems of alliances that had been in place for decades began to decay as each country sought to safeguard their interests. While Newcastle wished fight a decisive colonial war against the French, he was hampered by the need to protect the Electorate of Hanover which had ties to the British royal family. In seeking a new ally to guarantee the safety of Hanover, he found a willing partner in Prussia. A former British adversary, Prussia wished to retain the lands (namely Silesia) it had gained during the War of the Austrian Succession. Concerned about the possibility of a large alliance against his nation, King Frederick II (the Great) began making overtures to London in May 1755. Subsequent negotiations led to the Convention of Westminster which was signed on January 15, 1756. Defensive in nature, this agreement called for Prussia to pr otect Hanover from the French in exchange for the British withholding aid from Austria in any conflict over Silesia. A long-time ally of Britain, Austria was angered by the Convention and stepped up talks with France. Though reluctant to join with Austria, Louis XV agreed to a defensive alliance in the wake of increasing hostilities with Britain. Signed on May 1, 1756, the Treaty of Versailles saw the two nations agree to provide aid and troops should one be attacked by a third party. In addition, Austria agreed not to aid Britain in any colonial conflicts. Operating on the fringe of these talks was Russia which was eager to contain Prussian expansionism while also improving their position in Poland. While not a signatory of the treaty, Empress Elizabeths government was sympathetic to the French and Austrians. War is Declared While Newcastle worked to limit the conflict, the French moved to expand it. Forming a large force at Toulon, the French fleet began an attack on British-held Minorca in April 1756. In an effort to relieve the garrison, the Royal Navy dispatched a force to the area under the command of Admiral John Byng. Beset by delays and with ships in ill-repair, Byng reached Minorca and clashed with a French fleet of equal size on May 20. Though the action was inconclusive, Byngs ships took substantial damage and in a resulting council of war his officers agreed that the fleet should return to Gibraltar. Under increasing pressure, the British garrison on Minorca surrendered on May 28. In a tragic turn of events, Byng was charged with not doing his utmost to relieve the island and after a court-martial was executed. In response to the attack on Minorca, Britain officially declared war on May 17, nearly two years after the first shots in North America. Frederick Moves As war between Britain and France was formalized, Frederick became increasingly concerned about France, Austria, and Russian moving against Prussia. Alerted that Austria and Russia were mobilizing, he did likewise. In a preemptive move, Fredericks highly disciplined forces began an invasion of Saxony on August 29 which was aligned with his enemies. Catching the Saxons by surprise, he cornered their small army at Pirna. Moving to aid the Saxons, an Austrian army under Marshal Maximilian von Browne marched towards the border. Advancing to meet the enemy, Frederick attacked Browne at the Battle of Lobositz on October 1. In heavy fighting, the Prussians were able to compel the Austrians to retreat (Map). Though the Austrians continued attempts to relieve the Saxons they were in vain and the forces at Pirna surrendered two weeks later. Though Frederick had intended the invasion of Saxony to serve as a warning to his adversaries, it only worked to further unite them. The military events of 1756 effectively eliminated the hope that a large-scale war could be avoided. Accepting this inevitability, both sides began re-working their defensive alliances into ones that were more offensive in nature. Though already allied in spirit, Russia officially joined with France and Austria on January 11, 1757, when it became the third signatory of the Treaty of Versailles. Previous: French Indian War - Causes | French Indian War/Seven Years War: Overview | Next: 1758-1759: The Tide Turns Previous: French Indian War - Causes | French Indian War/Seven Years War: Overview | Next: 1758-1759: The Tide Turns British Setbacks in North America Largely inactive in 1756, Lord Loudoun remained inert through the opening months of 1757. In April he received orders to mount an expedition against the French fortress city of Louisbourg on Cape Breton Island. An important base for the French navy, the city also guarded the approaches to the Saint Lawrence River and the heartland of New France. Stripping troops from the New York frontier, he was able to assemble a strike force at Halifax by early July. While waiting for a Royal Navy squadron, Loudoun received intelligence that the French had massed 22 ships of the line and around 7,000 men at Louisbourg. Feeling that he lacked the numbers to defeat such a force, Loudoun abandoned the expedition and began returning his men to New York. While Loudoun was shifting men up and down the coast, the industrious Montcalm had moved to the offensive. Gathering around 8,000 regulars, militia, and Native American warriors, he pushed south across Lake George with the goal of taking Fort William Henry. Held by Lieutenant Colonel Henry Munro and 2,200 men, the fort possessed 17 guns. By August 3, Montcalm had surrounded the fort and laid siege. Though Munro requested aid from Fort Edward to the south it was not forthcoming as the commander there believed the French had around 12,000 men. Under heavy pressure, Munro was forced to surrender on August 9. Though Munros garrison was paroled and guaranteed safe conduct to Fort Edward, they were attacked by Montcalms Native Americans as they departed with over 100 men, women, and children killed. The defeat eliminated the British presence on Lake George. Defeat in Hanover With Fredericks incursion into Saxony the Treaty of Versailles was activated and the French began making preparations to strike Hanover and western Prussia. Informing the British of French intentions, Frederick estimated that the enemy would attack with around 50,000 men. Facing recruitment issues and war aims that called for a colonies-first approach, London did not wish to deploy large numbers of men to the Continent. As a result, Frederick suggested that the Hanoverian and Hessian forces that had been summoned to Britain earlier in the conflict be returned and augmented by Prussian and other German troops. This plan for an Army of Observation was agreed to and effectively saw the British pay for an army to defend Hanover that included no British soldiers. On March 30, 1757, the Duke of Cumberland, son of King George II, was assigned to lead the allied army. Opposing Cumberland were around 100,000 men under the direction of the Duc dEstrà ©es. In early April the French crossed the Rhine and pushed towards Wesel. As the dEstrà ©es moved, the French, Austrians, and Russians formalized the Second Treaty of Versailles which was an offensive agreement designed to crush Prussia. Outnumbered, Cumberland continued to fall back until early June when he attempted a stand at Brackwede. Flanked out of this position, the Army of Observation was compelled to retreat. Turning, Cumberland next assumed a strong defensive position at Hastenbeck. On July 26, the French attacked and after an intense, confused battle both sides withdrew. Having ceded most of Hanover in the course of the campaign, Cumberland felt compelled to enter into the Convention of Klosterzeven which de-mobilized his army and withdrew Hanover from the war (Map). This agreement proved highly unpopular with Frederick as it greatly weakened his western frontier. The defeat and convention effectively ended Cumberlands military career. In an effort to draw French troops away from the front, the Royal Navy planned attacks on the French coast. Assembling troops on the Isle of Wight, an attempt was made to raid Rochefort in September. While the Isle dAix was captured, word of French reinforcements in Rochefort led to the attack being abandoned. Frederick in Bohemia Having won a victory in Saxony the year before, Frederick looked to invade Bohemia in 1757 with the goal of crushing the Austrian army. Crossing the border with 116,000 men divided into four forces, Frederick drove on Prague where he met the Austrians who were commanded by Browne and Prince Charles of Lorraine. In a hard fought engagement, the Prussians drove the Austrians from the field and forced many to flee into the city. Having won in the field, Frederick laid siege to the city on May 29. In an effort to recover the situation, a new Austrian 30,000-man force led by Marshal Leopold von Daun was assembled to the east. Dispatching the Duke of Bevern to deal with Daun, Frederick soon followed with additional men. Meeting near Kolin on June 18, Daun defeated Frederick forcing the Prussians to abandon the siege of Prague and depart Bohemia (Map). Previous: French Indian War - Causes | French Indian War/Seven Years War: Overview | Next: 1758-1759: The Tide Turns Previous: French Indian War - Causes | French Indian War/Seven Years War: Overview | Next: 1758-1759: The Tide Turns Prussia Under Pressure Later that summer, Russian forces began to enter the fray. Receiving permission from the King of Poland, who was also the Elector of Saxony, the Russians were able to march across Poland to strike at the province of East Prussia. Advancing on a broad front, Field Marshal Stephen F. Apraksins 55,000-man army drove back Field Marshal Hans von Lehwaldt smaller 32,000-man force. As the Russian moved against the provincial capital of Kà ¶nigsberg, Lehwaldt launched an attack intended to strike the enemy on the march. In the resulting Battle of Gross-Jà ¤gersdorf on August 30, the Prussians were defeated and forced to retreat west into Pomerania. Despite occupying East Prussia, the Russians withdrew to Poland in October, a move which led to Apraksins removal. Having been ousted from Bohemia, Frederick was next required to meet a French threat from the west. Advancing with 42,000 men, Charles, Prince of Soubise, attacked into Brandenburg with a mixed French and German army. Leaving 30,000 men to protect Silesia, Frederick raced west with 22,000 men. On November 5, the two armies met at the Battle of Rossbach which saw Frederick win a decisive victory. In the fighting, the allied army lost around 10,000 men, while Prussian losses totaled 548 (Map). While Frederick was dealing with Soubise, Austrian forces began invading Silesia and defeated a Prussian army near Breslau. Utilizing interior lines, Frederick shifted 30,000 men east to confront the Austrians under Charles at Leuthen on December 5. Though outnumbered 2-to-1, Frederick was able to move around the Austrian right flank and, using a tactic known as oblique order, shattered the Austrian army. The Battle of Leuthen is generally considered Fredericks masterpiece and saw his army inflict losses totaling around 22,000 while only sustaining approximately 6,400. Having dealt with the major threats facing Prussia, Frederick returned north and defeated an incursion by the Swedes. In the process, Prussian troops occupied most of Swedish Pomerania. While the initiative rested with Frederick, the years battles had badly bled his armies and he needed to rest and refit. Faraway Fighting While fighting raged in Europe and North America it also spilled over to the more faraway outposts of the British and French Empires making the conflict the worlds first global war. In India, the two nations trading interests were represented by the French and English East India Companies. In asserting their power, both organizations built their own military forces and recruited additional sepoy units. In 1756, fighting began in Bengal after both sides began reinforcing their trading stations. This angered the local Nawab, Siraj-ud-Duala, who ordered military preparations to cease. The British refused and in a short time the Nawabs forces had seized the English East India Companys stations, including Calcutta. After taking Fort William in Calcutta, a large number of British prisoners were herded into a tiny prison. Dubbed the Black Hole of Calcutta, many died from heat exhaustion and being smothered. The English East India Company moved quickly to regain its position in Bengal and dispatched forces under Robert Clive from Madras. Carried by four ships of line commanded by Vice Admiral Charles Watson, Clives force re-took Calcutta and attacked Hooghly. After a brief battle with the Nawabs army on February 4, Clive was able to conclude a treaty which saw all British property returned. Concerned about growing British power in Bengal, the Nawab began corresponding with the French. At this same time, the badly outnumbered Clive began making deals with the Nawabs officers to overthrow him. On June 23, Clive moved to attack the Nawabs army which was now backed by French artillery. Meeting at the Battle of Plassey, Clive won a stunning victory when the conspirators forces remained out of the battle. The victory eliminated French influence in Bengal and the fighting shifted south. Previous: French Indian War - Causes | French Indian War/Seven Years War: Overview | Next: 1758-1759: The Tide Turns