Higher "Ed" Could be Next Bubble to Burst The New American
Publication for July, 2011. It notes that dollar balances on student loans have increased by double-digit rates in the past decade and the number of loans has continued to increase in recent years as more people have been seeking education and training in a declining job market. But the tightening of lending standard in other sectors of the economy that followed the financial crisis of 2008 has not affected student loans, the report found."Unlike other loan segments, recent student loan originations are performing worse than those originated during the lending boom," the report said. "Tighter lending standards on auto loans, credit cards and mortgages during the recession have resulted in sharply improved performance than earlier vintages, even with the unemployment rate hovering around 9%. But default rates on student loans originated since the middle of 2008 are higher than vintages originated in 2006 or 2007 at similar times in their life cycles . The worsening performance of student loans reflects the fact that student loan origination standards were not tightened as they were for other types of consumer loans."
What to do about student loan consolidation?
Question by sweetdream319: What to do about student loan consolidation?
Hi all. I graduated college last May and will begin repayment on my loans starting in November. I have 7 federal student loans, totaling about $ 62,000 and 1 private student loan totaling about $ 8,000. Many places are not offering federal student loan consolidation any more, and I only have one private student loan so it doesn’t make sense to take out a private consolidation loan. As of right now, my payments are going to be about $ 800 monthly starting in November. I can’t afford that! What can I do?
Best answer:
Answer by Yareli
Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loan allows you to condense your monthly payments into a single, simple bill, while lowering your interest rates and helping you pay down your debts more quickly and easily. It is also an essential tool in avoiding the much more serious step of declaring bankruptcy.
http://best-loans.awardspace.com/Loan-Consolidation.htm
Unlike bankruptcy, in which debts are cancelled and your credit rating collapses completely, debt consolidation loans are essentially a type of refinancing, where several old loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail.
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Refinancing my private student loan during the current economy?
I'm trying to find someone to refinance my student loan for a little more than $13,000. But so far nobody is accepting new consolidations because of the economy. Any ideas?
Right now, just about all private loan consolidation has ceased because of how student loans are right now, and some lenders have even stopped offering their loan products all together. You'll just have to wait until things start getting better to consolidate. You could always see about getting a personal loan to payoff your student loan to get a lower rate. Other than that, you really do not have any options.
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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.
Help in Refinancing Private Student Loans!?
I have four private student loans that have an unsatisfactory interest rate. Can anyone relate any experiences or advice with consolidation of private student loans that would help me in the search to lower my payment and get a satisfactory interest rate? What to stay away from, a company that is particularly helpful, anything! My credit score and future need you!
Sallie Mae consolidates private student loans. Private loans, including consolidation loans, are credit-based, so your interest will be based on your credit score. If yours isn't the best, it can help to have a cosigner with a good credit score. Also, extending your payment term will lower your monthly payments, but keep in mind that means you'll pay more interest over the life of the loan. Just like a credit card. You can find more info on private student loan consolidation at http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/private.htm
Does anyone know how to get private student loans repaid by the military?
I joined the Navy with a sign-on benefit of $65,000 in student loan repayment. I was told at the time I joined that my Sallie Mae loans would be covered, but now they are telling me that these loans are not covered because they are private. I have about $35,000 in federal loans that are going to be repaid, but I still have a very large amount of private loans. I was initially told that I could simply refinance my private loans as federal loans and they would be repaid by the Navy, but now I know that it is impossible to turn private loans into federal loans. Does anyone know of a way to get my private loans (up to $65,000 minus the amount of federal loans already covered) repaid by the Navy/military?
My husband went through the same thing: he has sallie mae loans. When he joined the Af, he initially opted for the loan repayment bonus but he switched as BMT because someone was nice enough to tell him that his private loans will not be covered. Atleast you got $35,000 paid off already. Thats pretty darn good. We weren't able to find any way around it, so good luck with that. I've even heard that you can't file bankruptcy either. The military offers free financial counselors, so I would schedule an appointment with one and ask for their advice. Maybe they can atleast help you figure out your budget to find a monthly payment to work for you.
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Husband cosigned ex-wife's private student loan. She's not paying. Can he file BK to relieve his obligation?
She agreed to assume responsibility for the student loan through the divorce decree. Now she isn't making payments and it's destroying my husband's credit; so badly that we cannot refinance our home (or get credit for anything). We have very little debt, but she has made it apparent she won't pay. How else can he get out from under this?
the divorce decree was not enough here...as your husband would have had to have contacted the loan financier and with the divorce decree in hand (and his ex for verification) would have had to have had his name taken off as a cosigner. unfortunately, now that the account is deliquent, you both have a lot less options here. he (and unfortunatel you) are paying for poor planning and the vindictiveness of a cunning ex wife. ex's can hurt you emotionally, they can hurt you physically, and they can hurt you financially. talk to a financial planner, and contact the judge and the loan company now!
Amended Bankruptcy Code § 523(a)(8)(B) adopts the IRS definition of a qualified education loan found in 26 U.S.C. 221(d).
As I also learned the hard way - never co-sign for anything that you aren't willing to pay for yourself. The loan people KNEW she was a credit risk or they wouldn't have asked for a co-signer. The only way out from under it is to pay it off and then sue her. You might want to consider borrowing the money elsewhere for a payoff where you can control the terms.
Ever heard of refinancing student loans through the government?
I was talking with a co-worker about my student loan debt problem. He said I could finance all my student loans through the government and that it would be better than consolidating with a private institution. I have government loans and private/plus loans.
Make your private loan your first priority - get a second job if you must but take care of that first. Social cost is bigger than financial cost every time. Where money is concerned, don't screw friends and family.
Kristine Maitland
Consultant
http://www.kmaitland.ca
I want to refinance my house. Should I add my student loans to it?
I want to refi my house that we bought at $184,000 at 7.875%
it was fixed for 2 years and now will go up to 10.875%
Now, I have a $15,000 second mortgage that I accumulated from not having a job and misc expenses.
I want to combine them together.
I also want to add my $28,000 federal student loan at 6%
and my other private school loan of $12,000 at 13.25%
to the refi. I also have a credit card of $4,000 @ 8.99% fixed that I wouldn't mind adding to the refi as well.
First of all, Is this possible if my home is only appraised at $209,000 right now? And second, should I add these all together?
I would love to have one bill. All these payments are killing me.
Need your advice...
And if I should refi them all together, what companies have you been successful with for loans?
Well, here are my 2 cents. I do agree with pretty much all the other people who answered your question.
First of all, you need to find out for sure the value of your home, from 184,000.00 to 209,000.00 in two years seems a lot to me, unless you put a nice down payment when you bought it.
So, find out from a reliable source the true value of your property, and if you can refinace avoid going a 100% if at all possible.
right now the interest rates are still low, so it may be a good Idea for you to refinace into a fixed rate and combine your first and second mortgages. I would not recommend touching your student loans and small balances on your credit card.
Remember lenders are more cautious and guidelines are tighter, so make sure all the information the broker or bank is getting from you is accurate and true.
Go to your bank and broker, and then go to another bank and another broker. Don't let everybody check your credit, when they check your credit ask them to give you your scores, that way you will know what you are dealing with. Do not pay any money in advance. If someone asks you for money in advance, simply decline. Keep asking questions, there are still good people out there that truly care about homeowners.
Good luck!
You also might want to try getting a credit card for the smaller amounts that is one lower or even 0% for a year, and transfer all to that one card. Once that year is up, you can transfer to another credit card for 0%.
Good Luck.
I also wouldn't add in a $4,000 credit card that was at 8.99%
both of those are dumb financial moves
First, your house probably won't appaise enough to cover all that debt. Second, your new mortgage rate is going to be higher than the 6% on those Federal student loans.
Rolling your first and second mortgage into one and hopefully at a better rate than that 10.78% is a good idea. But the rest of the debt should not be included.
You should set up a strict budget. Eliminate all the extras -- cell phone, eating out, new clothes, etc. Put every penny you can squeeze out of that budget on the credit card, while making minimum payments on the rest of your debt. Once the credit card is paid off, move on to those 13.25% loans, then the Federal student loans.
Normally, I would say start with the highest interest rate but that 8.99% credit card sounds like a Capitol One and that rate is about to go up to 15% or 16%.
Within 2 years you should have the credit card and the private school loan paid off. Just don't run up anymore credit card debt. Only charge what you can pay in full at the end of the month.
Make a list or spreadsheet showing all your current loans/credit accounts and their minimum payments, then use a loan calculator (most real estate or loan company's websites have them, as does Yahoo Finance) to see what your new loan payment would be with and without adding your other accounts.
As far as lenders, you first want to know what your credit score is. It's a terrible feeling to have a good credit score and get what you think is a good loan, then find out that your lender specializes in "bad credit" loans. Personally, I've had good experience with both Wells Fargo and their "bad credit" division, Wells Fargo Financial.
Again, Yahoo Finance has some great info on mortgages and refinancing.
I doubt you'll beat the 6% federal student loan, so I'd focus on the other laons IF your appraisal will suppoort the the addition of the other loans.
You definitely need to start managing your spending and debt.
Now with that said, It's doubtful you'll find anyone willing to lend you more than the house is worth. You should get rid of your current mortgage if you can, solely because it's an adjustable. You should get a fixed-rate mortgage. If you can get a 15-year, do it. If you can't, go for the 30-year.
If someone tries to sell you another adjustable loan, ask yourself the following question: if mortgage rates are about as low as they've been in the last 40 years, what direction are they more likely to adjust to, up or down? The answer is up. That's why adjustables are a bad idea.
You should pay off your debts, but borrowing money to do it is the wrong way to go. You'll get 1 big loan instead of 5 smaller ones.
Edit:
If you can't get a rate lower than 8% on the refi, you should probably just go ahead and sell. When a lender doesn't want to lend you money or only agrees to terms that are unfavorable to you, they're trying to tell you something. Namely, that you're a risky investment. They have much more experience in detrmining who is and isn't a risky investment than you do.
Good luck.
Don't even THINK of messing with the spammers who post their "I can help" scams here! Most of them are operating out of internet cafes in places like Lagos, Nigeria or Vilnius, Latvia. You'll never see a dime and they'll rob you blind with fees, etc.
Student Loan Interest?
I graduated med school in 2000 with a ton of subsidized & unsubsidized student loans. I consolildated in 2001 and got a 7.75% fixed rate interest rate. I currently owe $109,000. 2 years ago, a private company "bought" my loan giving me a 1% rebate and an interest reduction from 7.75% to 7.25% after 36 on-time payments. I will qualify for the rate reduction next year. I am wishing or hoping there is some way I can refinance this loan to get a better interest rate. I do have a very small loan I never consolidated still outstanding (the principal is about $500). The smaller loan is a HPSL (health professions student loan). Does anyone know if I can reconsolidate my huge already consolidated loan and combining it with my tiny HPSL loan? If not, anyone have ANY suggestions on how I can get a lower interest rate? I do NOT own a home or have any collateral except my car. My income is $115,000/year. I pay $2,000/mo on the stud loan. The interest I'm paying gnaws at me constantly.
I'm in a 25% tax bracket so am not taking home $115,000 by a long shot!! I'm taking home about $86,000. And no matter how fast I pay it off, 7.75% interest is just so high. Really, I just want to know if there's any way to get a lower interest rate without having a home as collateral. I don't see how I can pay more than $2,000/month and even at that rate, it's still gonna take me five more years even with the reduction to 7.25 percent. I'm in agony over how much i'm paying in interest! Thanks in advance for any ideas.
You can live on about $40,000 per year and use the rest to pay your loans off. This interest is compounding and with your balances, you are going to eat up a lot of interest every year.
Where to consolidate my student loans?
Does anyone know of a company that will consolidate or refinance both private and federal stafford loans, and is currently taking applications to do so. A few of the places i have tried say they are not accepting new applications at this time. My loans are currently with Sallie Mae and I would do just about anything to never have to talk to that company again.
help! my student loans are trying to kill me?
i'm paying a private student loan off and a INSANE amount of it goes only to interest. i've spoken to B of A and Wells Fargo about refinancing it and they've basically said that the loan terms i have right now are in line with what they would do. right now, i owe $51,000 and i pay about 350 every month. of that 350, about 320 of it goes to interest and only 30 goes to principal (and THAT'S up from the "interest only" i paid for the first 2 years of the loan). am i insane to think that this is robbery? i understand charging interest but this just seems like financial slavery. help me. are there any companies out there that buy loans and service them at a more reasonable rate? small companies? crazy Canadian pharmacies that will buy my loans and turn them into pharmaceuticals? black market dealers that will charge me a kidney to take them off my hands? how do i get out from under this? i can't pay much more a month than i already am and i'm already at the maximum time repayment period of 25 years. wtf? is this what it takes to go to school in america now? someone, please give me some advice. ANY advice. are lottery tickets the way to go?
refinance private student loan - News
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Interest rates 101: How banks set loan rules But at Sallie Mae, the largest private student lender, rates based on Libor range between 2.25 percent and 10.125 percent. Benchmark rates across the board are low now, so the rate you receive on a private student loan today could be considerably and more » |
What do interest-rate lows mean for borrowers?
Very few borrowers should still have variable rate loans from before July 1, 2006 that have not yet been consolidated, says Mark Kantrowitz, publisher of Fastweb.com and FinAid.org However, private student loan borrowers risk significant increases in and more »
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How banks set your interest rates
TheStreet.comSo the rate you're given on a private student loan today could be considerably higher by the time you graduate. CAR LOANS. Auto financing doesn't get a lot of attention, even though it's the second-largest debt for many households. Shifts in the economy affect interest rates, but precisely how isn't always clearall 36 news articles »
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Financial Aid Through the Use of Student Loans is Growing in Popularity First, іf уоu hаvе bоth federal student loans аnd private loans; yоu wіll want tо refinance them separately. Because of thе way federal loans аrе structured, you cаn gеt a much lower interest rate оn them than you can on private loans. Student loan and more » |
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U.S. Bank Student Lending Offers Incentives for Good Grades and Graduating "Students should always explore federal loans, grants and scholarships before private loan options, but when they need funds to fill the gap, a US Bank Student Loan is a smart choice," Conley said. The Graduation and Good Grades perks are available to and more » |