Government Debt Consolidation Loans – Update

cwtt asked:


I have 5+ yrs of credit card debt and also had a repo about 2 1/2 yrs ago. I am able to begin getting my bills paid. Will credit consolidaton help or should I contact my creditors and set up payment arrangements. I have a least 5 credit cards, hospital bills, and a student loan. What is my best option?

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Nick Y asked:


There is only one bad thing in my credit report and that is one student loan that is in default. I took this student loan over 6 years ago. It has been hunting me every since I drop out of College. I have made efforts to pay it, but I have been unemployed for a year now. The last payment I made was a year ago and I just received a letter saying that it is still in default status. I called the collection agency and told them my situation. I am unemployed, currently staying at home with my kid while I take classes online to get my degree. I told her we do not have the money to pay the balance. She wasn’t very helpful. I even told her that I want to make the effort to make payments, but I need a job and I can’t find one at the moment. I told her I will start making payments as soon as I start working.
Anyway, I was wondering if it’s possible to make a debt consolidation with my loan and my husband’s student loan. His student loan is also in default.
Any good info will be appreciated.

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JJJJJJJJJJJJJJ asked:


I’m graduating at the end of the semester.
I’ve worked my entire way through school.
My wife and I have one son and another on the way.
We’re finding it hard to make ends meet and I’m pretty sure my degree won’t get me a better job after graduation.
I plan on getting into grad school, but it is so expensive to apply everywhere and I don’t have the $1,000 or more I will need to apply to the various schools I chose.

I hear of many college students getting large loans to cover all of their debt to consolidate everything they owe. They pay off credit cards, cars, etc. I know it’s only a temporary fix as you still have to pay everything off, but is it a good idea?

Plus, is there even any way I can get an education loan AFTER I graduate?

Is there such thing as a good, low rate education loan to help you get into grad school?

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Bryant asked:


for a single guy (no kids) with a yearly income $120,000 and only debt is student loans $65,000
1. Investing- would it be ok to max invest in a profit sharing retirement plan with a company that matches $3 for your $1? And also invest and max a Roth IRA plan?
2. Student Loans- after consolidation, would $1000/month be a good plan?
3. Buying a House- what price range would be the best for a first-timer with this status and income
4. Buying a Car- I like to drive nice cars and get a new one often at least every 2 years. I already have a car I own, so would leasing be a good choice?
I also have excellent credit score. Have never been late on any payment. The area that I’m moving to upon graduation in May is Florence, SC.
PharmD- Pharmacist

student loan consolidation

japayne3 asked:


I have about $140K in student loans and am trying to find a company (in this poor economy) that will consolidate them for me. Nelnet and Sallie Mae are no longer offering consolidation. Any helpful tips that you can provide will be GREATLY appreciated.

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jhardaway5 asked:


My leander has informed me that we would need to have his student loans consolidated before we are able to close on our house. I have already submitted the application to the consolidation company back on 12/04/2008 but they have not completed it as of yet. What do we do? We are set for closing on the house on 2/26/2009. Please help!!

student loan consolidation

bigjayzizzle asked:


i graduated in december 08, i have had my loans in deferment / forbearance until now. i have multiple loans for a total of $30,000. I am currently working 2 jobs but am not making enough to pay 200+ a month and i have about 8 student loans. i am considering trying to consolidate all my loans so i can just pay one monthly payment instead of trying to keep up and keep track with multiple lenders but i do not know too much about consolidation or what company to go to for the consolidation loan. i do know that i will end up paying more in the long run, but rite now im barley paying my bills and rent as is and i don’t mind consolidating. i would really appreciate any advice or info anyone can give me on the topic. here is my current student loan picture some are at a fixed rate others are variable… none are in default…

stafford unsubsidized: $5,619
stafford subsidized: $18,279
Federal Perkins: $1,500
direct consolidated subsidized: 5,500
total = $30,898

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ats5021 asked:


I recently graduated from college with $131,000 in student debt. I have obtained a full-time job but am only making about $2,000/month. As it stands right now my monthly payments will be greater than my income (excluding any type of rent or other living expenses). I desperately am in need of some sort of consolidation product that would lower my monthly payment at this time.

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la428282 asked:


My debt is as follows:
Student Loans: approximately 25k
Credit Card : 5,500
Car Loan: 8k

I am about to enter my 3rd year in my first “real job” after college- and i think its time to get ahold of my finances. I am no longer taking loans (obviously) or using my credit card.. and my each religiously monthly.

But.. ive heard about debt consolidation loans and im confused:

1. do they lower your monthly payment?
2. Do they negatively affect your credit?

If someone could explain what they are, if theyd be good for me, pros and cons etc id really appreciate it!

thanks!

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Baby J asked:


Loan amount 10,000 (wanted a smaller amount but they offered me 10k or 30k. Income is around 25,000 or higher;credit scores Ep650,TU601,EQ?, I’m in alot of student loan debt,1k in credit cards no missed monthly payments I said the purpose of the loan would be also used for debt consolidation, some student loans and credit card bills before graduation. No answers on how I need to build my credit that’s a given I’m basically asking what are the chances.

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