Government Debt Consolidation Loans – Update

Ben asked:


I am a college student who just had an emergency appendectomy. I have no health insurance and am already taking out 100% of my college tuition in student loans. I have a government internship and an working part-time. I cannot afford these medical bills at all, and I have no idea what to do or how to get help with paying these bills. Can anyone give advice on where I can get money or even how to get rid of these medical bills? Thank you!

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Tom asked:


I’m creating my first personal financial statement and on my balance sheet I don’t know if I should class my student loan as a liability. I’m in the UK so it’s not a private loan but rather a government loan tied to the rate of inflation and not payable until I am earning £15,000 per year. I know it’s ‘good debt’, but I don’t know if it is a liability. Can anyone advise me?

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malibu asked:


This semester I have a surplus of government loans– basically I got them but I don’t need them. They are Stafford loans, 2 are unsubsidized and one is subsidized. There is about $4500 total. Right now, I owe about $5500 dollars on a Sallie Mae private loan my dad cosigned. I have heard really awful things about Sallie Mae and that the company is corrupt. Plus the interest keeps building up. I would love to be rid of my debt to this company and I fear it growing any larger. Can someone tell me if it would be a good idea to put the Stafford loan money I got this semester toward the Sallie Mae loan? Would I be in a better place, would it be worth it? THANK YOU!!!

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minibikemulisha asked:


I have $15,000 in government student loans at 5.5%. They go back into repayment in 6 months. I’m just entering the work force and I’m thinking about doing a graduated repayment plan, it will rise as I make more and inflation rises. I have $20,000 saved in my bank account from work and saving. One friend of mine told me to use half of the $20,000 towards my loans before I consolidate making my loans at $5000, but that is money that didn’t come very easy for me and not very easy to make back since my income is currently low. Another friend told me to put my loans into repayment and invest my $20,000 I have saved and use my student loan interest tax write off to put towards taxes I have to pay from my investing. Use the money earned to pay my student loan monthly payments. I have no credit card debt, mortgage payments or any other debt besides a small car loan.

Any advice towards this situation would be great. If I should invest I’m open to investment advice, I’m not familiar with investing and I know the stock market is a mess at the moment. Thanks for your time.

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dahlia asked:


Our private student loans are KILLING us. We can not make ends meet anymore. There is not a lot of credit card debt, less than 2k, but our car payment is high too because of negative equity from previous vehicles. The government student loans have been consolidated and aren’t too bad. Is bankruptcy the only option?

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ZXZX asked:


If one pays off federal student loans with a credit card, and then is delinquent on the card and the creditor charges it off…..

May the card issuer get the IRS to pursue the debt on its behalf as this debt was originally a federal student loan?
OR
Does the fact that they were federal loans not matter since the loans were paid off through the card and the lender of the loans, its gaurantor and the IRS are now OUT of the picture, as it became a regular credit card debt, in which case one would ONLY have to deal with the card issuer (and its collectors) as any other credit card debt?
I know that crad rates are higher and that consolidation of loans is good. I have already done that.
I am NOT interested in all that.

I only want to know what may happen once the card that was used to pay off federal student loans is charged off?
Is it like any other card charge off or not.

Does someone have EXPERIENCE with this?

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M.K. asked:


The time has come, these Alumni Loan people are saying my $50,000 debt will be a $538 per month with out consolidation, and $250 with. What should I be looking for to get the best deal

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double v asked:


If subsidized loans meeans that I don’t pay intrest until after I finish college, should I NOT include them in my loan consolidation? Once I consolidate my loans can I make corrections?

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Jason H asked:


I’m about to graduate, and my $50,000.00 in Student loans will come into repayment in 6 months, there’s no way in hell I am going to be able to make the payments, what can I do?
Anyone have any luck with consolidation loans or applying for a stay on some loans?

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Arthur asked:


Like a fool, I went to a very expensive school that I could not afford, but got the tuition from Sallie Mae. They are a terrible company and I do not want to work with them anymore.

My question is:
What would be a good company to go through in consolidation all my Sallie Mae loans?

I know I would most likely need a co-signer, which I don’t have.
I didn’t know I cout try to re-negotiate the interest rate. They haven’t been the nicest company. After my co-signer forgot about approving one of the loans, he had me (sort of unintentionally) accused of identity theft. It wasn’t the kind of thing that involved law enforcement, it was just with Sallie Mae. I explained the situation to them and they always flat out refuse to work with me on any issue.

I was just on the phone with a rep a little while ago and she asked me why I’m having trouble paying the bill. I explained to her how difficult it is to pay more than a thousand dollars per month while working part-time. She just paused for a second and then asked for the money.

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