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I am trying to consolidate my fiance's student loan debt into our mortgage. Good or bad idea?

Nov 16, 2006 by Adam N | Posted in Renting & Real Estate

We plan on consolidating our debt into the mortgage to pay her student loan interest off at a cheaper rate while trying build a little equity.

Bad Idea. I find it hard to believe you'd get a better rate on a student load by using the mortgage (unless she didn't go through the gov't but only through a bank or used credit cards otherwise, the rates are extremely low and you can take lots of time to pay back).
Trying to build a little equity? You must already have some equity otherwise you couldn't do this. They are not going to consolidate it into a loan for more than the property is worth.
Why waste that equity you have now already on something low interest, that you can take a lot of time to pay back.

Is it possible to consolidate credit card debt into a student loan?

Aug 13, 2008 by ChicagoGuy | Posted in Financial Aid

In addition to my student loans, I also racked up some credit card debt while in school. I know its probably a long shot, but can you place that in when you consolidate? Just wondering. Thanks

How do you go about consolidating PRIVATE student loan debt with a home mortgage?

Jul 06, 2008 by Boston Tenor | Posted in Renting & Real Estate

We are looking for a home about $150,000 and we have about $70,000 in Private student loan debt at 7%.

There's a good article at eHow on steps to take to begin tackling your debt. Take a look at it:

http://www.ehow.com/how_2326032_avoid-escalating-debt.html
How to Stop Escalating Debt

It includes information on companies that can help you with debt consolidation and reduction.

You can also look here for tips on earning some extra cash online:

http://www.ehow.com/how_2254361_money-internet.html
How to make money on the internet, scam-free

Lastly, here's an interesting alternative to conventional lending...getting a "social networking" loan from Virgin Money (from the same folks who run Virgin Airlines):

http://www.ehow.com/how_2310995_student-loan-through-virgin-money.html
Social Loans from Virgin Money

Hope these help.

What is the best way to consolidate my debt? Student loans and like one credit card and misc ones like hospita

Jun 05, 2008 by kll | Posted in Personal Finance

I am 25 and i am tying to put my life togehter and clear up my credit what's the best way?

First, not knowing the entire situation I give you some advice based on what I see.

Two rules of thought, if you can pay off a Card in 1-2 payments you should do so.

If not, you pay the most you can to the HIGHEST INTEREST card. In other words, if you have a 5% loan on lets say student loan, a 17% interest credit card company and a 21% interest credit card company and all have $5,000 each on them (just using it for round number).

Pay minimum to each of the student loan and 17% card and whatever you have left over to the 21% loan.

When you pay off the 21% loan then you will continue to pay the minimum to the 5% loan and pay as much as you can to the 17% loan.

The reason for this is that you continue to accrue more debt to the highest interest Company. By paying it off first, you will pay less and less.

Don't worry about rushing to pay off the student loan until the others are paid. Why??? What are they going to do, come take your Education back??? They are historically the lowest interest (some have none) so just pay the minimum until you can pay off everything else.

As a renter does anyone know a way I can consolidate my student loans with other debt?

May 24, 2007 by J. G. | Posted in Personal Finance

I have a lot of debt in student loans, some credit card debt and an auto loan I need to consolidate in one long term loan. I don't own a home I rent and I have not been able to find anything that will give a large long term loan to a renter. Does anyone have any ideas?

You would not want to do this. Keep your student loan in a government backed student loan with a low interest rate and options for payment deferment and forbearance. You lose all of these options once you pay it off with another loan.

Also, auto loans are secured and cannot generally be added in with other credit card debts.

Maybe you should meet with a credit counselor if you are having trouble meeting your debt payments. Consolidating student loans and car loans are a bad idea.

Should this single new grad with large student loan debt buy a house?

May 11, 2007 by mickey7659 | Posted in Renting & Real Estate

Relocating for a new job which is offerring a substantial sign on bonus and when combined with my new salary all the mortgage calculators say I can spend $2200/mo on housing and that I can be approved for a $150-250K mortgage. I pay $450/mo in consolidated student loan debt ($80K) and have 2 years left of a $352/mo car payment. I have excellent credit and no credit card debt. I'll be moving to an area I'm familiar with as I grew up in a town nearby. Should I buy now or rent for awhile first?

As the name suggests, a student credit card is specially designed for students and is very different from your regular credit card. Because it may be the first time for college students to apply for a credit card, most credit card companies designed their student credit cards to be a form of secured credit cards.

It will help a student to avoid accumulating high amounts of debt because of reckless spending. If you need groceries, or that recommended book but you don't have the money for it, then it may be time for you to use your student credit card. It is good if you start learning good financial habits from your student life itself. Don't use the card to pay for everything and anything. Use it judicially or it will land you in a debt to repay after the college finishes.

It is not unusual to find the representatives of credit card companies promoting student credit card in college campuses. However, finding a right card will take much more than contacting the representative of credit card company. Develop a habit of shopping around and getting the best deal out there. Though the interest rates on student credit cards are relatively low, they also offer a low credit amount. If used judicially student credit card can become the perfect means to build a credit history and jumpstart your financial wellbeing. Read more about it at: http://www.credit-card-gallery.com/article/214,What_everyone_should_know_about_student_credit_cards

Would it be in my best interest to consolidate my debt if I want a Student loan for school ?

Feb 07, 2008 by e f | Posted in Personal Finance

I have a few debts and I applied for a student loan, then the loan was denied because of the bills I have now, If I re consolidate, will I be in a position at all to qualify for a federal or private student loan?

It won't make a ton of difference, but it won't hurt to look into a debt consolidation. I work for a major consolidation company. You'll stand a better chance if you pay all your bills on time for six straight months.

How to be forgiven student loan debt?

May 28, 2007 by CantGetThereFromHere | Posted in Personal Finance

If you've already consolidated your student loans and no matter how many years you pay, the interest addition never makes the balance go down, is there any way to be forgiven this loan debt?
Please help. I'm past middle age, a social worker, and these student loans make me think that taking the gas pipe is the only solution to get out from under.

As far as I know the only way to be forgiven a student loan is to prove total disability, meaning you are unable to work at all. As the other poster mentioned, not even filing bankruptcy will wipe out a student loan. I have a friend trying to get his forgiven - he hasn't worked in 4 years but all they keep doing is giving him extenstions. If you can prove financial hardship you may be able to do the same - just keep getting extensions. This at least "freezes" the balance - during the extension no interest is charged. Not sure of your situation but maybe this would buy enough time to save some money to pay it off.

Good Luck!

Can I consolidate credit card debt into a student loan?

Jan 06, 2009 by Matthew | Posted in Financial Aid

I am currently a full time student at a local community college and will be transferring to a private university in about a year. I would like to work only part time while attending the university. Any help would be great.

Thanks,

Matthew
I am currently a full time student at a local community college and will be transferring to a private university in about a year. I would like to work only part time while attending the university. I would like to obtain 20k plus tuition. Is that possible? Any help would be great.

Thanks,

Matthew

Yes, you can get the loan and then use the money to pay off the credit card....the school just gives you a check from the loan money (after they take out tuition) so you can spend it however you want.

What is the lowest credit score I can have to get a student debt consolidation loan?

Feb 05, 2007 by Loon-A-TiK | Posted in Credit

i have a lot of student loan debt and want to consolidate. however, i'm sure that because it is a private loan they're going to run my credit. do you know what is the lowest score i can have to consolidate?
I don't need debt management- my bad credit is the result of the ratio between my income and huge student loans. This totally messes with your credit. I'm working with a law firm to get this under control. I just need to consolidate my loans and while I can wait until my credit improves, I want to start saving money now.

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