Government Debt Consolidation Loans – Update

r h asked:


Hello,

I have 3 students loans that I have accrued throughout my college career. I recently graduated and have begun thinking of repayment options. Two of the loans are government loans, and one is private, Stafford Loan, Perkins Loan, and NJ Class loan respectively.

I was wondering what the best option was for repaying i.e. loan consolidation or paying each loan separately. The Perkins I would not include in consolidation as it experiences a fixed rate of approx. 4%.

I was thinking it might be possible to take out a regular bank loan (especially with these low interest rates) and use the proceeds to pay back all my loans and only have to worry about this new bank loan. Does anyone know if that is possible?

Thanks very much in advance.

Create a video blog

Bill S asked:


I will be done with paying my 4 year chapter 13 bankruptcy in August, and I am worried about my student loans that I will have to start to pay back. I have already been on a tight budget, and the student loans will be like an expensive car payment that i can not afford.

Is re consolidation the only thing I can do?

Caffeinated Content

honhill asked:


First off, I take responsibility for defautling on my loans. I was out of the country and I was pretty sure I had sent in all the paperwork for a deferrment. Apparently, the deferrment was not approved or was not complete.
Anyhow, my student loans (which were taken out from about 3 different agencies) are now in default. I just went through a divorce last week and I have had many expenses: getting a new living space, new (used car), settling half the debts, etc. The loan companies are insisting on an automatic payment plan every month for 9 months, and I just can’t afford it. I do not want to get to the point of wage garnishment or anything. Is loan consolidation an option? Are there big disadvantages to that? Are there things I can do that the loan companies aren’t telling me about? They all sound like collection agencies but they aren’t. I really want to satisfy my debt because it is my responsibility AND I will need to take out more loans in the future. Ideas?
Thanks Jeremy. Yeah, I know I can’t take out more loans or get a deferment or forbearance, I just was not sure about the consolidation. But what do I do if I simply cannot afford the payments per month that they are requesting? In 4 months, I will get a raise (guaranteed) and I will be able to pay all three loan holders the amount per month they are requesting. Right now, I have to survive and I just can’t pay it. What can I say to them or ask for? Do they take VERY small payments? They each want $100 per month for a total of $300 per month automatically deducted from my account, and I can’t afford that now because that is only a few dollars shy of the car payment I was ordered to pay in my divorce. I want to work this out, I just simply cannot find the money, so I don’t know what to do.

Caffeinated Content

Vanessa 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.

Create a video blog

benjn00 asked:


I have a $5000 bill with a state university and must have it paid before I can attend classes. I’ve used my federal student loan eligibility, and have been told that federal student loans cannot be used to remove past bills anyways (nor can student loan consolidators take the debt).

I’m very close to graduating, just an error in judgement on my part caused a semester’s worth of student loans to be rescinded and the bill (with huge interest) has sat at the university for a few months without my knowledge.

So, I’d like to see if a standard debt consolidator would take the bill – and if not, where else I may turn. This is a pretty huge problem for me.

Create a video blog…instantly.

amy asked:


I am trying to consolidate my Federal Student Loans but the consolidation people want a bunch of info about the loans that for some reason I dont have. Is there somewhere that I can get a list of the student loans that I have?? Any help is appreciated!!

Create a video blog