Government Debt Consolidation Loans – Update

Matadors_Mommy asked:


I currently have 2 active government student loans and 2 government student loans in deferment. I am wanting to drop two of my classes this term, which will put me at 6 credit hours (which is half time). If I withdraw from these 2 classes, will it effect my student loans or grants? i.e., will I have to start paying them back right away?

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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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kamp1963 asked:


they took our tax return to apply it to my old student loan, we just filed an injured spouse form, how long does it take to get that return? one site i checked said 6 months?

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Thoughts asked:


I have a student loan (from the government) which I’m trying to pay off as soon as possible. If my minimum payments are $100/month and If I pay double each month, am I prepaying each month or do the excess funds go towards the principal and I liquidate the loan twice as quick?

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C.C asked:


On average? I owe back a loan I still have a good portion from it in my bank account but want to use that to go back to a different school. It’s a government loan through the college I was going to.

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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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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.

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s.tarryn asked:


I have a lot of debt (credit cards, student loan, mortgage) but a decent credit score (about 690). I have never missed a payment but i cannot get approved for a consolidation loan because I have “excessive financial obligations”. We haven’t owned our house for very long so there is not much equity in it yet. We are paying out the nose on our cards and I just want to lower the payments so we are not living paycheck to paycheck. Does anyone have a suggestion?

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Brian Link asked:


 

If your college fund is running low, you like many others, might be considering dropping out of school. But don’t do that just yet. There are other funding options that you can find. Remember that finishing school would open up doors for you in terms of career opportunities as well as the jobs that are out of reach for the people who weren’t able to finish college.

Staying in college can be a real ordeal but if you are able to get a part time job to help with your room and board bills, a Chase Student Loan can help you out with paying for your tuition fee as well as your other education related expenditures. Then you can concentrate more on your studies and would just have to worry about paying for your living expenses. Chase student loans are great options for people who are not able to get assistance, financially, from the government. These kinds of loans are actually very easy to apply for as well.

You should know that Chase student loans are actually private student loans which mean that getting approved for a Chase student loan can be more difficult than applying for a loan that is sponsored by the government. However, the interest rates for a Chase student loan are actually more reasonable when compared to others. Their interest rates are very student friendly and reasonable. Their interest rates are actually comparable to those of government student loans. So if you weren’t able to qualify for a student loan because you failed to meet some of the requirements, a Chase student loan would be a good if not the best, alternative that you can apply for.

Applying for Chase student loans can actually be done online over their website. You can get conditionally approved in just a matter of minutes after you have submitted the application. Remember, “Conditionally” approved so don’t get excited just yet. After getting conditionally approved, you would then need to fill out more application forms as well as present some proof that you are indeed attending college. Once you have presented them with the proof, verification of all the documents might take a few days. Soon after they have been verified and you have passed, you would be able to get the money within a few days.

As you can see, the process for a Chase student loan application is not as complicated and neither is it as long as other student loan applications. As long as you have all the required paperwork on hand and are very quick with getting it together and sending it in, you should have the money you need in no time at all.

So remember, don’t give up your college dreams just yet. There are many agencies that are willing to lend you a helping hand until you finish college and are able to provide for yourself. You just have to research them well to get the best possible rates as well as to avoid getting scammed by those who take advantage of college kids in need of some quick funding.

 



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Adam Hefner asked:


What does a student do when he does not get a student loan from a private lender? They would almost think of abandoning the thought of their education. Honestly, they don’t need to do that as they can take government student loans. The Federal Government does provide grants like Stafford, Pell etc for students to fund their education. What’s more important to note is that though these loans are available at a lower interest rate, they are not good enough to complete the financial requirements of a student.

In such a case, the student is forced to take multiple loans to ensure that he has the finances that will allow him to complete his studies. All is fine till he completes his studies, but his headache is about to start when he finishes his studies. As soon he finishes his studies, I presume he would want to take up a job. Imagine the pressure on him when he would have to pay up monthly installments of 7 different loans that he had taken.

The other option that a lot of students take in this scenario is to refinance government student loans. Basically, the concept of refinancing is not new with a lot of people preferring to refinance their credit cards or personal loans. This option is now available to students also by which they combine all their small student loans provided by the government to one big loan that offers a consolidation loan at a reduced interest rate.

How does this benefit students?

Ask students if they would wish to payoff one loan rather than paying off 7 in a month and they would say “Yes”. It is this objective that has caught on with a lot of students and hence a lot of students are preferring to refinance government student loans. The fact that they would have to pay off only one loan allows them to track and plan their financial commitments more diligently.

Who provides the refinancing options for government student loans?

A lot of financial institutions and private lenders offer this consolidation service to students. This consolidation service enables them to merge all their small student loans into one big loan and pay the big loan off in monthly installments.

To Refinance Government Student Loans would also mean that you would need to be good with your repayment of the existing small loans. When a financial institution offers you a consolidation service, it would want to see your repayment record. I must say though that this is an excellent option for students that gives them a peace of mind.



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