What would you like to ask President Obama when he visits Detroit on Monday? Michigan Business Review MLive.com
Dear Mr. President, I have several questions:
Why are there delays in approving the Canada to Texas pipeline that would create 20,000 jobs and supply us with 1.1 million barrel of oil per day once completed? Do tax increases put the country first or do they put the government first? You consider government spending to be the key to getting the economy back on track yet how is government spending sustainable without more and more tax increases thereby taking more and more money out of the economy? What is your plan to correct the lack of oversight on how the banks that received bailouts treat existing businesses in regard to lines of credit and loans to purchase new equipment? The story has been told too many times how a business that has been in operation for years had their line of credit taken away and/or are unable to secure a loan to expand. Many businesses have been forced to close because of this. Businesses that have been able to stay open at least five yearsConsolidate Student Loans to Improve Credit Ratings
Consolidate Student Loans to Improve Credit Ratings
Article by Ernesto Maitim
Many student borrowers consolidate student loans with the main intent which is to experience financial relief from the stress brought about by multiple loans. However, do you know that there is more to college loan consolidation than just relief from stress? I believe that this is one of the best advantages there is – which is the ability of consolidation to improve a borrower’s credit rating.
Let us be reminded that it has always been the same scenario for many students; as academic years go by, many of them experience the gradual but steady accumulation of student loans. Do you know that a person having multiple loans will most certainly earn bad credit because of this?
When you consolidate student loans, basically the multiple loans disappear. Well not exactly. They are just replaced with a new loan – a consolidated one. Where did the old loans go? They are wholly paid up by your lender and you are assigned with a new single loan. This with this loan, it helps in creating a better image of your financial standing, thereby improving your credit score.
With the improved credit rating, you also benefit from college loan consolidation with the cost savings which can be quite significant. Again, we have to reiterate the importance of refinancing student loans because with the number of debts greatly reduced, it easily is an important factor in increasing credit score. And with better credit, this can obtain for you a better financial image to banks and creditors.To consolidate student loans is a great start in creating a better financial standing among student borrowers. Best of all, it helps in putting back your credit rating in the right track. Easily you can get the help that you need as a lot of efficient and effective lending companies online can offer you the best refinancing program options. It is best to ask for assistance of a professional loan adviser to understand fully the benefits of loan consolidation programs on your financial concerns.
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How can one refinance a student loan if it is already consolidated?
How come one can refinance cars, houses, loans, etc, except student loans. You get a consolidated rate versus refinancing a student loan
You can, I get offers from banks all the time, just be aware that you'll lose some of the priviledges such as a forbearance, etc.
Can you refinance student loans after you have consolidated them?
I consolidated my student loans a couple years ago and got them to a fixed interest rate. I didn't know what I was doing--I was young and no one explained to me what was going on. Now that I'm a little older, I know that my interest rate is not the best that it could be. I'd like to refinance, but I don't know if it's possible since I have already consolidated. Please help! Thank you!
There's not much you can do. Student loans are not something that another lender will willingly take on. Your best bet at this point is to call the lender who holds your loans and ask if the rate can be adjusted a couple of points. Very often, after 12 consecutive, on-time payments, you can get a break on the interest.
Failing that, the best thing to do is to voluntarily increase your payment amount. You will be amazed at the impact this will have on your balance and repayment term.
I had about $5000 in student loans set up to pay $50 a month for ten years. I paid $100 a month and paid them off in three years. You don't have to double your payment to get results. Any extra you pay goes a long way to reducing the debt, the accumulated interest and the repayment period.
If I have already consolidated my student loans, is there still a way to "refinance" for a lower rate?
I currently have a 7.625 rate on my consolidated student loans. Is there a refinancing process for student loans the same way there is for, say, a mortgage?
The regulations for the refinancing of Federal student loans are very different from mortgage refinancing. Whereas you could refinance a mortgage as often as you want (well, sort of), reconsolidation isn't technically supposed to be possible for student loans. There a a few loopholes, though. The only way you might be able to "re-consolidate" would be:
(1) if you borrow a *new* Federal student loan. If you have another loan that is unconsolidated, you can apply for a new consolidation loan that would combine this new loan with your old consolidation loan. However, this would only lower your rate a little bit since your new interest rate would be based on the weighted average of the rate for your new loan and the rate of your old loan. So, if you currently have a Federal Consolidation Loan of, say, $20,000 at 7.25% and you borrow a new $5,000 Stafford Loan at 4.7%, you'd have four times as much at 7.25% than you do at 4.7%, so your consolidated rate would become 6.75% -- not much lower, huh?
That said, you won't be able to obtain a new Federal student loan unless you are a student, so this may not even be a viable option for you.
(2) if you "have been unable to obtain a Federal Consolidation Loan with income-sensitive repayment terms acceptable to [you]," you can obtain a Direct Consolidation Loan, which is the other type of student loan consolidation that the federal government offers.
This might be your best option. Just make sure that your current loan is a Federal Consolidation Loan (if it's already a Direct Consolidation Loan, you're out of luck). If it is, check the Dept. of Ed's website to see if you are eligible: http://loanconsolidation.ed.gov/borrower/beligible.shtml. There's no credit check on these loans, so it can't hurt to try!
There are private companies out there that claim to be able to "reconsolidate" any federal consolidation loan. These companies are SO disreputable that I hesitate to even mention them. DON'T DO IT. They're in business only to make money off of you. Many of them don't even deal in Federal Consolidation Loans, so you could end up with a "reconsolidated" private loan with horrible terms and none of the benefits and security of the Federal student loan that you started with.
Good luck!
Since the Fed has been cutting int rates can I refinance my student loan? Consolidated @6.8 percent right now.
Where is the best place to Refinance student loan?
I Would like to refinance my student loan and maybe consolidate it.
What are my best options and the best banks. By the way i have a personal loan .
Does anyone know?
Yes I do know a place, I just got a loan myself
Can you refinance student loans after consolidation?
I consolidated my student loans years ago (when interest rates were high). Last year I called my lender to see if I could refinance and take advantage of the lower interests rates. I was told that I could not do this because I had already consolidated my student loans and you would not refinance without consolidation. Is there any way around this?
I am back in school and currently paying cash for tuition. If I instead took out a small student loan this term, could I then consolidate that loan with my other student loan and take advange of the lower interest rates that way?
Your lender is correct. I would think the only way you could refinance and get a lower rate would be if you borrowed a new loan from a bank or an equity loan on your house and used those funds to pay off the consolidated loan.
Now if you borrow now you can reconsolidate all your new loans with your old loans but the interest rate will be a combination of the rate on the old loans and the rate on the new loan not what the old loans would be if they were not consolidated currently so unless you borrow a lot more it won't drop your interest that much.
Can you refinance your student loans if they are allready consolidated?
Student loan payments are in excess of $600 per month, is there anything that can be done about this?
Consolidating merely means you wind up paying a third party less per month but more total. Sorry, you could try borrowing enough to pay them off, or making the payments. You owe the total due, and they didn't twist your arm to make you take the money.
How do you refinance or consolidate student loans?
Understand the difference between a consolidation loan, a debt management program, and debt negotiation. Companies that claim to be able to help you lower your payments or get out of debt quickly may appear to be offering consolidation loans--they may even have the word "consolidation" in their names--when in fact they use methods such as debt management, settlement, or even bankruptcy. There are major differences between these options.
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A consolidation loan is simply a loan that pays off your other loans. Once you consolidate a loan, you owe that money to the new lender, not to the original creditor. A consolidation loan may lower your monthly payments, either by reducing your interest rate or by extending the length of time for repayment, but it pays off the other creditors completely. Consolidation loans may temporarily blemish your credit, but generally to nowhere near the extent of debt management programs or debt negotiations.
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Debt management programs may also reduce your payments, but they work differently. A debt management agency acts as a middleman between you and your creditors and tries to negotiate a reduction in the interest rates or fees on your loans. You then pay an agreed amount to the debt management or credit counseling agency, and they disburse the payment (usually minus a fee) to your creditors. Participation in a debt management plan usually shows up on your credit report, and may adversely affect your credit rating.
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Debt negotiation is the act of settling a debt for less than what you owe. You pay a part of what you owe to a creditor, and the creditor writes off the rest of the debt. Credit card companies often offer lump-sum settlements as a way to recoup part of their losses. While you end up owing less, a settlement will bruise your credit, badly. Worse still, third-party companies that offer debt negotiation have been known to disguise their practices as consolidation, and these companies frequently charge exorbitant fees while simply passing along payments to your original creditors, sometimes failing to even negotiate any difference in your repayment terms.
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In order to consolidate your loans, ALL you have to do is call the LENDER (whatever bank you took it from). If you don't know, you can call the financial aid office @ the school where you took out the loan and ask them the name of bank.
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STEPS to refinance your student loans (AFTER you have consolidated your student loans)
STEP 1:
Make sure your credit is in good standing. This is essential for getting more favorable terms.
STEP2:
Get a copy of your free credit report. This can be achieved online through one or all of the three major agencies, such as Equifax, Experian and TransUnion. Review it and make sure to fix any problems.
STEP 3:
Consolidate your federal loans and private loans separately. Compare rates from different lenders. Shop around, check the Internet, your bank, as well as your original lender.
STEP4:
Work with your lenders to refinance your loans. Extend your repayment period, lower your interest rate or consolidate your payments into one monthly bill according to your needs.
STEP5:
Research your options. You can consolidate private loans and federal loans together, but this usually yields less favorable terms.
HOPE THIS HELPS!!!!
I'm a recent college grad looking to consolidate/refinance my student loans. What company should I do this w/?
My loan is currently with Wells Fargo and the interest rate is higher than most mortgages. Is there a place to find a more competitive interest rate? Thanks!!
Direct Loans is where I have mine - it's a program w/ the federal government and so far so good - decent interest rate, good service and my total actually seems to be going down finally!
Here is the main site:
http://www.ed.gov/offices/OSFAP/DirectLoan/index.html
Good luck!
Who is a good company to refinance and consolidate private student loans with?
Try going to this site, they have lots of information about this sort of stuff.
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Also, what are the other options available for a recent graduate who is seeking student loan debt relief? - Steven Private consolidation loans are not very
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