Government Debt Consolidation Loans – Update

Brad M asked:


http://video.foxnews.com/v/4121296/the-well-has-been-poisoned

According to Senator Graham: “Student’s pay more for loans and have less choices” under the federal takeover. Graham claims that students will spend $1700 to $1800 more on their loans since the Federal Government is taking over the student loan industry. The reason he explains, for this government takeover is to charge higher rates on student loans that will generate revenue to the government instead of the banks to help fund the new health care bill.

What do you think about this?

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wrestler1983 asked:


I have 70k in PRIVATE loans 60k in government loans. Is there any help I can get for these? All I read about on the web is about Federal programs. I am a teacher, I make 35k a year. I cannot keep up with near 900 a month and rent bills etc. I am enrolled in a loan forgivness for my federal loans, but thats fine and dandy, its these evil private loans I need help with. This is literally ruining my life which I went to school to make better. I would have been better off working at walmart for 4 yrs and learning a trade. Help me..

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dstarnes22 asked:


i want to get the best rate on my consolidation- does the government have a program or all the agencies private

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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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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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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!!

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James Allen asked:


Are you looking for bad credit student loans with no credit history required? Then this guide is going to help you find out your best options, to save time and money and get your student loan approved fast.

You know how most lenders refuse to provide a loan to people with less than perfect credit history. No matter how much you need your loan and what an honest person you are, most loan companies will not trust you if you have a bad credit history.

So how can you get your student loan? How can you get the financial means you need to continue your desired education?

The good news is, there is a solution to help you get your loan: Bad credit student loans.

No matter what your credit history is. Actually almost no credit history is required. The success rate for this type of loan is very high because there is no strict credit history requirements – unlike other normal types of loans.

Bad credit student loans are an easy, almost guaranteed way for students with bad credit to easily get their desired loan.

There are many lenders and companies that understand your situation and are willing to help you with your education. They don’t look at your credit history and accept you based on your other qualifications – like your educational background.

There is just little downside to this type of loan comparing to normal Federal government student loan, which is a bit higher interest rates.

So if you have tried to apply for Federal loans and it got rejected, you can easily try student loans for bad credit and you are almost guaranteed to succeed.



government student loans

Nick asked:


I have approximately $25,000 in Federal student loans and $65,000 in Private student loans.

I just graduated and I start a new job tomorrow that pays $40,000/year. I never established any sort of credit in college.

I just moved here and in order to get an apartment and to get an auto loan they had to look up my credit score, and my parents had to cosign for each. For the electric bill they had to look up my credit score and finally in order to get a secure credit card they had to look up my credit score.

I know each time someone checks your score it goes down a few points, so I’m assuming mine is crap.

How long should I wait to consolidate these private loans? How long will it take to improve my credit score enough to make a difference? Is loan consolidation a good option for me? Thanks for your help.

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Adam Boulton asked:


When there is no sufficient money on hand to meet the educational expenses during a college degree, there is the option of considering the federal or government students loan. Every college or university is not eligible to avail of federal student loans except for those that are part of the federal aid programs monitored by the federal government.

To qualify for a federal student loan, the student has to be enrolled at least half time in college. The unsubsidized federal loans are in fact, regular student loans issued by a private vendor who finds it appealing because it is guaranteed by the government and involves low risk, lest the borrower repays.

Again, due to this factor, the federal student loans have a slightly lower interest rate. Another attractive feature is that the repayment along with the interest can be paid after completing the graduation. If it is paid while at still in school or college, the final payment on the loan will naturally get reduced.

To avail of students loan a free application form for federal student aid has to be filled up. Along with this from, an income tax return information has to be submitted. The loans will be granted based on the academic performance of the students.

There are many federal loans that are offered to the students namely, Stafford loans which are of two types, federal family education loans and direct loans. The first type is made by banks and private lending institutions. Direct loans enable students to borrow funds directly from the U.S department of Education, which is again classified into direct Stafford loans, direct plus loans and direct consolation loans.

In all the types of Stafford loans, the students should necessary enroll themselves as at least half time in college. Federal Perkins loan is based on financial needs of the student loans and the loan is offered at a fixed interest rate of five percent and does not compel a Stafford o be enrolled half time in college.

Apart from the loans, there are many grants and scholarships available that are offered by the Department of Education of the U.S. The federal student loans are offered either as subsidized or unsubsidized student loans. Subsidized loans help a student to repay the loan along with the interest after they start repaying on accomplishing a career, whereas the unsubsidized loans require that the student has to pay the interest while still in school or college.

The other prerequisites for a federal student loan are that the student must be a U.S citizen with a social security number and must not have defaulted on pervious government student loans. Federal student loans are handled by a financial institution called Sallie Mea. Generally, federal student loans have fixed interest rates and low interest and students have the option of utilizing any one of the programs to complete their college degree.



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Troy Morrow asked:


Private Student Loan

Private student loans have several advantages. Private student loans are not complicated, it dosent take long to finalize the process, and because of the extreme flexibility its pretty straightforward. Most lenders will qualify loans to students with no credit history. There are two main types of student loans for you to pick from those are federal student loans and private student loans. A good credit history is an important prerequisite for applying for a student loan. Private student loans are commonly given to those who are credit worthy, and typically you’ll need a co-sign.

If you are a student with a good credit history you should have no problem qualifying for a student loan. Whatever you do bear in mind that your credit is very important, and if you think you may ever want to apply for a private student loan, know that your good credit will insure that you qualify. Private student loans are not complex to obtain for students with a good credit report, or for those who are regular employees or if he is a permanent resident of United States. With private student loans there is no need to be concerned about application filling deadlines or the typical closing dates that you would otherwise need to worry about.

The amount of funds available to you through private student loans is much higher than the federal loans and scholarship funds. Private student loans are approved after checking the credit history of a student or his parents. Usually, a student loan with no credit history does not necessitate any income or a co-signer. But this is sanctioned only for a small credit limit. To get larger credit limit, the help of a co-signer is essential. Before taking student loans with no credit history, compare the interest rates and the fees from different lenders. You can get student loans applying online also. The lender will insist on records such as proof of your identity, and your place of employment.

The approval process for your private student loan doesn’t take much time at all, as a matter of fact that the funds can be credited to your account within five business working days.

Private student loans are often times used in combination with Federal student loans, particularly when the student doesn’t have the resources needed with their federal student loans to cover the full educational expenses. You can refinance your federal student loans at much lower interest rates than you can your private loans. Also, the private student loans carry a hefty interest rate when compared with government student loans.

Many private student loans can be consolidated. The best feature to me about private student loans is that with a private student loan you are likely to get offered and receive a higher loan amount. With a private student loans you can pay for the things you need too, like a laptop, supplies and other educational expenses at your own discretion. It is advisable to have a thorough check on the terms and conditions of a student loan before signing the deal

By: Vernosha Anderson



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