Charting Your Responses: Big Ideas on The Economy The Takeaway (blog)
The federal government has become cash poor and property rich due to the Housing crisis, (Fannie Mae , Freddie Mac, and the real estate in default that the treasury department has had to absorb in closing insolvent banks). Since we are going to wind down operations in Iraq and Afghanistan Why not let any member of the military have first dibs on any residential, commercial, industrial, or farm land in the governments possession by allowing them to take an advance on their military pensions (with their total benefit reduced by the same amount). Some of these young men and women have spent most of their young adult hood in the service and this would allow them to play catch up with people there own age, bring stable and responsible people to distressed neighborhoods, or give them a leg up on starting their own business/ farm, etc.. It would also allow the government to get out of the real estate business and reduce the amount of money for future pension benefits, and bring some stability to the real estate market which seems to be in fear of the government suddenly unloading all this property driving property values down further.
Loan Consolidation | New Obama Plan Reforms Student Loans
For the more than 36 million Americans who carry federal student loan debt, totaling more than one trillion dollars, President Barack Obama’s new plan could significantly lighten the heavy burden of debt for those who qualify.The new Obama plan to help alleviate college student loan debt might not be much help to current students, with loan consolidation not starting until 2012 and loan debt .. more …
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What short term effect would the refinancing of a defaulted student loan have on my credit rating?
I recently consolidated a defaulted student loan and need to purchase a new vehicle. Approximately how much of an impact on my credit score will the consolidation have the day after it hits my credit report? I'm just curious if anyone could ballpark the number of points it could jump, with no other factors considered.
It depends. Your score may go down for a few months, because you'll have a new loan on the report and passed due debts will still show up on your report. After a few months, it's going improve.
Or it can go up, depending other factors.
How long does a defaulted student loan show up on my credit history if has since been refinanced?
My loans that were opened in 1994 are now refinanced and the new ones are current.
nobody will be telling anyone that it's been refinanced, so write the credit bureaus and inform them and they will note it on your old loan that it has been refinanced. They won't initiate anything but they "will" call and check it out.
My student loan is in a default, can I find another lender to refinance so that I can get out of default.?
My chapter seven bankruptcy was recently discharge, prior to filing for bankruptcy, my federal student loans went into default. I was given the opportunity to get out of default via a Rehabilitation program; I made my payments on time over a period of nine months and even while I was in bankruptcy. Now that I am out of bankruptcy, I have the chance to get of out this Rehabilitation program, but the company handling my default collection, AES, is taking forever to release me out of "Rehab", I still have a negative credit rating on my credit report because of the default and they told me that I will still be required to pay until a lender is willing to refinance my students loans. I did everything I was suppose to do to get out of default and I still am even almost after a year, I am wasting more and more money. What options do I have to take control of this.
my understanding of the rehabilitation programs are that it is 12 months, so you are actually closer than you thought
Options if defaulted on a federal student loan?
My boyfriend defaulted on a federal student loan in 1995, and his wages have been garnished ever since. None of the money has ever been applied to the principal. The loan holder will drop $8,000 in collection charges if the loan is paid off in a lump sum.Yet, he can't get this kind of financing ($35,000) at a regular bank because of his poor credit, and because he has already consolidated once. If he enters the loan holder's "rehabilitation" program and pays additional money for 9 months (on top of the garnishment) they will drop the default status, enabling him to get the financing, but they will not drop the collection charge. He can't get a home equity line of credit, and the typical student loan financers won't help him because of the "default status" on this loan - a catch 22. Who can go to that will loan him the money to refinance this nightmare? It seems like they make it difficult for him to get out of this because it is a cash cow for them, and a perfectly legal scam.
My boyfriend defaulted on a student loan. He made a mistake and is not trying to "welch" on the deal. He is trying to fix his mistake. It is a legal scam because they make it difficult for him to do so because this is a CASH COW for Sallie Mae. I posted this question to see if anyone else knew where to go, not for you to reign down your judgment on him.
He has paid the price already and this SCAM is designed for him to pay the price until he dies. How much does he have to be punished? It's outrageous!
He's not HITLER for crying out loud!
Not a legal scam. He defaulted and is now paying the price. He'll have to get a 2nd job and start paying more money.
He signed the paperwork and they lent him the money in good faith. He decided to welsh on the deal and is now crying because it backfired on him.
A Congratulation for not giving back their money?
Student Loan Default and FHA loan - please read all before answering as it is a little complicated. Thanks!?
I defaulted on my student loan nearly 20 years ago and it was on my credit history for a few years then it fell off. The IRS takes my refund every year which is fine. For years I tried to work it out with them, spents hours being transferred to different extensions, no one ever returned my calls or could help me with a new payment plan because they could never determine who had my loan - they know it's out there but the people I've talked to can't ever help so I've been fine with the yearly payment?
Now my husband and I are going to refinance our house (still doesn't show up on my credit rating) and our lender wants to put us in an FHA loan. Everything I've read says you have to establish payment history on the defaulted loan, etc before being eligible for an FHA loan. Since it's a government agency, but the loan is not a part of my credit history, will FHA find it? I assume they will, so should I avoid it and try a conventional loan? Thanks for your help!!!!
Hi,
I used "Credit Solution" to settle my loans and improve my credit score.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://dwarfurl.com/26e5e
What is the smartest,way to get my Student Loan repayed ?
I'm in Default and the interest and penalties are growing everyday.
The minimum they will accept , even under a "financial hardship"
Rehab program is $400 per. mo
I can't repay at that amount currently...but if I don't the monthly amount will just go Up and up.
I'm a Homeowner ..should I get a refinance loan and pay off the FEDS and attach the amount to my mortgage ?
the bad thing about student loans is that there is no way out. cant file bankruptcy so you must pay one way or the other or they can make your life miserable. If it were me and I could afford it, I would take out the home equity loan and pay them off completely, if the interest rate was tolerable. then the interest would also be tax deductible also. you may want to repost this in the business and finance section in order to get responses from people who work in the finance industry as this is not so directly related to financial aid, per se
Good luck!
What is the smartest,way to get a Student Loan repayed ?
I'm in Default and the interest and penalties are growing everyday.
The minimum they will accept , even under a "financial hardship"
Rehab program is $400 per. mo
I can't repay at that amount currently...but if I don't the monthly amount will just go Up and up.
I'm a Homeowner ..should I get a refinance loan and pay off the FEDS and attach the amount to my mortgage ?
That's exactly what a friend of mine did. He purchased a condo and refinanced to pay off his school loans. He stated it was the best thing he did since the value of the property increased over the course of 4 years so the property actually paid off the loan in it's value, but I do recommend if you can is get your loan out of default and attempt to put it under some type of deferment. Even if you pay off your loans in full it will still appear in your credit history report as a default paid in full.
How do we get taken off a loan we co-signed for?
My husband co-signed a loan for his older brother. His brother defaulted on the loan 4 years ago and sill refuses to make payments, he's an officer in the Navy and makes at least twice what my husband and I do. We have 3 children and cannot afford to make the payments for him. Do we have any legal pptions to force him to make payments or get ourselves off the loan, he won't refinance. He's also defaulted on numerous other things like student loans and such.
how can i get rid of my student loan without having to pay for it i owe like 12000?
It just seems like i will never get it paid off i waited to long to start paying on it and it went into default and now im 38yrs old and ive been paying on it for the last 2 years and im not getting anywhere it seems. I need some kind of relief they wont let me refinance unless i go back to school.
You can't get out of paying student loans. If you go default, they'll eventually start taking your tax return. Student loans have one of the lowest interest rates you can get.
You could always try a home equity loan (if you own a house) or a signature loan. But chances are your credit is not going to get you a lower rate than you already have. If you are paying a collections agency, then you are probably paying more in the long run. I would tell them to cease and desist and contact the original lender to make payments. (For more info on cease and desist, plus sample letters: www.budhibbs.com)
The only loan repayment program I know of is courtesy of the US military. The cutoff for Active duty is 34, but you can join the National Guard up to the age of 29. You may be able to get a waiver for age for active duty if you join a job that is in high need. It sounds like the military would be a good influence in your life.
I'm almost 27 and have three times that amount in student loans. I did a four year tour in the Air Force and now I'm back in school finishing up. I am almost done with my first bachelor's degree. My brother in law has over $120,000 in student loans. His payments are like $2000 a month. Education is never a bad investment. Besides, student loan debt is not a seriously negative item on a credit report. Only if you don't pay it.
If you want to make a dent in it, make multiple payments per month. The first required payment will be interest and principle and the second payment will be all principle. If you pay down the principle, the interest payments will be lower.
Suck it up, keep paying, and just realize that having debt is just a part of life. School loans are an investment, not a liability.
What is the answer for homeowners and credit?
I am watching the debate (October 15, 2008) and thought I heard Senator McCain say he would buy my mortgage if I am a homeowner without a default. That is exactly what I want to hear. Do you think it will happen? Senator Obama is promising no such thing and I am an Obama supporter. This may be a turning point for me.
Hypothetical:
I took the opportunity to pay interest only for seven years with the intent to refinance my mortgage loan. I have student loans that are about the same amount I pay for my mortgage and wanted to pay them down before having that principle and interest house payment. What I need (along with many other homeowners) is for some lender to believe that I will continue to be a good risk by paying my mortgage on-time AFTER they refinance me for the full amount of my current loan principle. If the government is willing to bail out predatory bankers/mortgage backers, why aren't they willing to bail out my inflated mortgage provided by the corrupt mortgage company? I have proven to be a good risk.
Thanks Maxmom. I need all the reality I can get right now.
I disagree Reena. Homeowners move about every seven years. Jobs are the number one reason for a move. If a person purchases a home, in seven years that home is usually still worth about the same. This broken economy is an unusual situation even for the low risk. These types of loans became commonplace when the market was inflated. I think everyone would agree that the middle class are the ones who got hurt in the most. College graduates just starting out in their careers were the most hard hit by these predatory lenders.
Remember something. Any proposal like this has to pass Congress - a Democratic Congress. The proposal McCain made will not especially since he wants to pay the banks 100% of debt that is no longer worth 100%.
Also, do you really believe that if McCain got in he would keep his campaign promises? Would you like to buy a bridge?
defaulted loan refinance student - News
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Treasury’s Financial Stability Plan: Will It Work? - RGE Monitor Treasury’s Financial Stability Plan: Will It Work? Geithner points out that securitization created about 40% of the demand for new loans extended to consumers, students, and auto buyers. |
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Upside for FFELP student loan ABS - Structured Credit Investor (subscription) Upside for FFELP student loan ABS Specially serviced loans range in size from US$86647m to US$225m, with an average loan size of US$7.8m. While historical CMBS default curves show defaults |
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DBRS comments on Student Loan ABS containing ARS - Another Financial Portal DBRS comments on Student Loan ABS containing ARS As a result, DBRS believes that as the business cycle turns and the capital markets recover, opportunities to refinance the ARS in FFELP student loan ABS |
I'm underwater, what should I do?
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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Run for Shelter - Big Money Run for Shelter As reported in the New York Times, Stellar Management bought the complex in 2005 for $131 million, with a $105 million secured loan. It refinanced a year |