Debt Consolidation Student Loan News and Recent Updates
debt consolidation student loan
A new student loan consolidation program is here. It starts this Wednesday. The federal student loans program will help to consolidate your debt that has been with you since the college years. Income-Based Repayment is a new way to lower your federal ...
Read moreGovernment Sends Relief To Student Loans - HULIQ.com
NEW YORK (CNNMoney.com) -- Today the government will begin offering a repayment plan that lets graduates reduce their monthly student loan payments based on their income. It's called the income based repayment plan and it's available to borrowers who ...
Read moreGraduate to lower student loan costs - CNN Money
The federal government’s new income-based repayment program, which will cap monthly payments on student loans, went into effect Wednesday. The program is part of the College Cost Reduction and Access Act authored by Rep. George Miller, D-Calif ...
Read moreNew program assists with loan payments - Daily Texan Online
Consumers struggling with federal student loans have a new option open to them in the form of an income-based repayment program – but it's not for everyone. Under Income-Based Repayment, your required monthly payment is capped at an amount that's ...
Read moreNew program may help you repay federal student loans - Dallas Morning News
Q: Cynthia E. has a question in response to my June 25 column , which mentioned the federal goverment's Public Service Loan Forgiveness program. Under this program, people who work in a public-service job for 10 years and make 10 years of qualifying ...
Read moreQuestion of the day: Is Public Service Loan Forgiveness retroactive? - San Francisco Gate
There's some good news for college graduates who have big student loans to pay off. You may be able to get some help from Uncle Sam. This could be a big stress-reducer for many people. The U.S. Department of Education launched its new repayment plan ...
Read moreNew program offers break on student loans - KVAL
When jobs and rich paychecks are hard to get, many college graduates could use a bailout for student loans. And starting July 1, there's an option for college grads with financial woes. A new income-based repayment plan will be available for the ...
Read moreGrads to get an assist on student loans - Detroit Free Press
Minnesotans burdened by school loans should find relief in a new income-based repayment option going into effect today. Under the new Income-Based Repayment program, federal loan payments are based upon monthly income and family size. Most borrowers ...
Read moreA gentler option arrives for repaying student loans - Minneapolis Star Tribune
While the newly implemented Income Based Repayment (IBR) plan presents moderate implications for U.S. FFELP student loan ABS trust performance measures, FFELP ratings are expected to remain stable, according to Fitch Ratings. Starting July 1, 2009 ...
Read moreFitch: Ratings Impact Unlikely for U.S. FFELP Student Loan ABS on IBR ... - PR Inside
Read moreBest student loan consolidation
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(ARA) – Until recently, Ken Goins of Woodland Hills, Calif. was like most Americans — he carried a balance on several credit cards. The weight of the balance became heavier and heavier, and Goins just wanted to end his debt. The average American has 13 credit obligations on record at a credit bureau ... moreStudent Loan Debt Consolidation - An Overview
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U.S. Department of Education program under which borrowers can apply online for consolidation of their federally-insured student loan debt. moreDebt Consolidation - Secured and Unsecured Loans
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Student Loans - The Curse of Education: Episode I
Three friends band together in a quest to find the best student loan consolidator that can alleviate their pain from student loan debt. Episode I ...
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Debt Consolidation Student Loan Answers
Resolved Question: I am 22 years old and have almost $10,000 in credit/student loan debt, and need a home in CA next summer?
Yes, it's true. I fell for the gimmicks and ended up with a few credit cards with all types of debt as well as a student loan. The majority of my debt is school related (books) or auto-repair related (tires, batteries, brakes, misc.). I have been kind of doing the whole college thing by figuring it out myself and wasn't aware/no one told me student loans were a better choice than credit (my fault) until it was too late. I've graduated from a 4 year institution, one more year of taking classes, then will be headed to California in Summer 2010 to get a house/apt/condo with a friend and get my teacher credentials at CSU San Marcos so I can teach elementary school. A: How can I REALLY start paying off this debt (aside from starting with paying for everything in cash/with debit like I've been doing)? I am scared I will never be able to pay it all off. What are my other options beside debt consolidation which I've read can really mess up your credit? B: With this much debt, what is the likelihood that my friend (has little to no debt) and myself will be able to get a place relatively affordable while we are both going to school (especially if either of our parents can/need to cosign)? We want to live between Oceanside and San Marcos in North San Diego County if that is helpful or possible. C: Any other financial advice given my situation? And please, avoid cutting remarks about my "naive collegiate/financial stupidity". I'm well aware of the consequences for my choices and you should keep in mind I have had little to no help in making these decisions because neither of my parents went to college/are financially savvy. I do feel foolish, and am simply asking for help/advice. Anything would be greatly appreciated. moreResolved Question: Consolidation Private Student Loans?
I am look for lenders who will consolidate my PRIVATE student loans. I have bad credit and desperately need to remove my original co-signer of my old student loans. I have tried everything from credit unions to on-line debt solutions but no one has helped. Please help me! moreResolved Question: what student loan debt consolidation company has the lowest interest?
what student loan debt consolidation company has the lowest interest ill have around 110,000 dollars in debt by the time i finish my masters moreResolved Question: My GF used her moms credit card to pay for a new furnace when old one broke. Now we cant afford payments.?
Basically, it was the middle of winter in Minnesota and with 5$ to our name, the furnace broke. We applied for a few government sponsored loans (SEMCAC I believe was one) and were rejected from each. Her mom then said my GF had to buy central air and consolidate her other CC's on a single card if she was to borrow the money, so she did (against my urgings). So here we are a year later, saddled with a 500$ min payment on a CC that was 4% but is now 25% because the introductory rate ended right around the time the company decided to hike most rates across the board. Between student loans, mortgage (we are trying to sell the house, but it's been up for almost 10 months and won't sell), credit card, and cost of living we are BEYOND our limit. We cannot take the debt from her mom back onto ourselves to enter into some sort of debt management program, because of all the aforementioned issues. Beyond this, she has racked up quite a debt herself, some $50k or so. She is at the end of her line as well. She will not try for some sort of consolidation or bankruptcy options. Any ideas on what to do? Wanted to add a few things. 1. GF is making almost all of the payments since I am currently in college. 2. Can't file for bankruptcy when the card is in her moms name not hers. moreResolved Question: im behind on bills.i dont know what to do.i have a 3800 dollar student loan and 2 credit cards i cant pay off.?
3800 student loan 800 credit card 1200 credit card should i file bankruptcy or what?i work at mcdonalds and only make minimum wage(missouri).any adive?i tried debt consolidation but it didnt work.im so stress out i just dont know what to do and im only 19 years old moreResolved Question: Do you know a low interest loan out there?
I think the low interest loan are student loan and debt consolidation loan. What do you think? moreResolved Question: I need money! point blank?
I've been living on my own with roommates for a year exactly this month, i was a part-time student all year and couldn't exactly work a loat, but i did work when i could. i've consolidated bills, and even paid off bills.. i'm by no means in debt, but i'm afraid of reaching that point, if you have any suggestions i'm all ears.. i've tried using ebay to sell things i don't use or have no need for anymore, but it was a bust. At this moment, i'm so poor. I'm past due on so much, i can't get a loan for consolidation b/c i have no debt history ?? whatever that means.. i'm trying to get a second job this summer, but that doesn't help me with what's past due, or due now.. i'm working non stop, and i spend no extra money on myself, or for food really.. i'm desperate. i thought about mowing lawns, but have no resources of getting a hold of a lawn mower.. I know this is most American's issues, but i'm wondering if anyone has interesting second jobs that due them well or are ones who know how to work with the practical utilities provided around them. Thanks! moreResolved Question: Would debt consolidation be right for me? Not home owner, not just credit card bills! Should I file bankruptcy?
Hi, I am about $13,000 in debt. I have about $10,000 of student loans to repay, about $1800 in credit card bills and the remaining $1200 is phone bills and other unpaid bills. I am interested in some kind of consolidation that will allow me to pay off my bills in a quicker, and cheaper fashion than just paying them myself. Does anyone work as a financial planner, or work for a debt consolidation firm? Would it be better for me to file for bankruptcy? How would my credit be affected by both? Any and all help is appreciated, as I have no clue what I'm doing! Thanks! moreResolved Question: What options do I have to take care of my major debts? Chapter 7 or 13 or some sort of consolidation?
I am 25 make under 40k. I have about 20k in cc debt and 40k in student loans. I am about to get sued by one of the creditors i owe money too. I am thinking that filing for bankruptcy is my best option. Although my past got me in this mess I am doing everything i can to reduce my living costs. Some of the debt has been sold off to collection agencies and I just need some good advice. I will be contacting a lawyer but i want to make sure that is in fact the best person to talk to. I am in CA so if you have any recommendations please help? moreResolved Question: Do you think debt consolidation would help save me money and not adversely effect my credit?
I have over 21,000 in a student loan,( The interest rate is 8%), over 3200 on another credit card (The interest rate is 29.24%),400 on another credit card (The interest rate is 21.99%), and over 4200 in overdraft protection (The interest rate is 20.25%)? I am not sure I completely understand how debt consolidation works. If debt consolidation is not something that you would recommend, do you have at least one or 2 recommendations. My current credit rating is 777. I would like to get my own place in 6 months to 1 year. That is my ultimate goal. moreResolved Question: I am about to max out my credit card, my interest rate is ridiculus and im a broke college student! help!!?
So I only have 80 dollars left on this card. I have or well had a 4100 dollar limit and througout the years thathas dissapeared. Now my minimum payment each month is 300 dollars and there is NO WAY i can pay that!! I live in an extremely expensive town and that on top of everything else i have to pay is nearly impossible. I have no idea what to do. Take out a loan?? What do i do?? Someone please please hep me!! My others cards have no where near that amount to do a balance transfer and the interest is eating me alive. Can I get some kind of loan to pay this and then have lower interest on that? Or cant you do a consolidation loan and pull them all into one payment? If so how do i do that? I am not $10.000 in debt of credit card bills like a lot of them say you have to be...so im stuck.And i already caled my credit card company to try and get my interest rate lowered again and i cant so im just screwed! SOMEONE PLEASE PLEASE HELP ME! moreVoting Question: Secured loan debt consolidation?
I need help with my SECURED loans. I have three secured loans, one for my car, the other two are for student loans. Are there any good programs out there that can help me with my secured loans? Yes I have done an internet search but all I found was unsecured loan consolidation. Please help! Thanks! moreResolved Question: is it bad for your credit to use a debt consolidation company?
I owe more than $15K in credit card debt with mostly high interest. This doesn't even include my student loan payment, car payment and all of my living expenses. I'm living paycheck to paycheck trying to pay them down and it's moving so slowly - almost barely at all! I have really good credit (still have available credit on the cards and pay more than minimum well before the due date) but I let myself get into way more debt than I can pay back. Should I consolidate? If I do, I'm assuming the consolidation company will pay off my balances at an agreed upon "settlement" - which would hurt my credit, right? moreVoting Question: I need advice, ok, i have a repossession on my credit, now listed as a charge-off for $6800.....?
charge off from a gas company, 2 student loans in good standing, and 3 small credit card debts, in all everything is $19,000. My question is should i file for bankruptcy to avoid a garnishment or partner with a debt consolidation company to get this settled. moreVoting Question: debt consolidation __ __ - ?
is debt consolidation done with student loans? and if it is, how long does it show in the credit record? thanks moreResolved Question: Any proposed student loan debt elimination programs or interest rate reductions?
Has anyone heard if Obama's new budget includes anything about possible programs to help cut down student loan debt or a move to lower interest rates, particularly for consolidation? moreResolved Question: Does anyone know of a grant program for student loans? Not debt consolidation, but debt repayment.?
Like most people, i didnt read the fine print and now sallie mae has my balls in a vice. I need to know if anyone knows of a federal grant program that will pay off my debt to sallie mae? This question has been posted before, but it seems everyone always points you in the direction of "debt consolidation". My goal is a program that will fully pay off the loan. Any one got some wisdom? moreResolved Question: When Is Debt Consolidation A Good Idea?
I have about 10,000 in debt not counting student loans, and even making the payments to the collector's have me struggling to maintain any type of comfortable lifestyle. I'm 23 and still can't finish school because I won't get pre-approved for a loan to get my BA. I can't even afford to go to junior college since I already have over 60 credits and don't even have the money for that. I'm pretty sure if I could consolidate my debt, I could afford it and save up to finish college, and actually have some type of emergency money. My debts are over 1.5 years old. Problem is, I keep hearing consolidation is a bad plan and it's not good for you. Please help. All if not most of my accounts are already charged off. I'm at around 10,000-$15,000 in debt. By consildate, I mean by going through a debt consildation company. I'm passed the negotiation stage with the creditors as I never knew that was an option before it was too late. moreResolved Question: I realized my credit score is really poor . I want to consolidate all my debt.?
Can anyone recommend a reliable debt consolidator? Most of my debt is student loans and I've already been actively trying to pay it off. I don't want to pay consolidation comapnies a ton of money in hopes to pay the creditors off. I'm really looking for someone to use by recommendation. Has anyone had a good expereince with this type of business? Help! I need someone soon. moreResolved Question: Can anyone tell me more about the Making Home Affordable Program? Will I qualify? *Read More*?
I have owned my home for 5 years, refinanced for debt consolidation twice, the last time being in 2005. I technically have an ARM loan that was supposed to adjust over a year ago but due to the failing economy the automatically made my ARM extended with no adjustments until 2014. I am struggling to pay all my bills, however I have not gotten behind on my mortgage payments whatsoever. My DTI is very high and my husband filed bankrupsty on his credit card debt after he lost his job a couple of years ago and went unemployed with no unemployement pay for 6 months. He tried continously to find work and was damn lucky to get the job he has now. In the mean time I had to take a pay cut and a HUGE cost of health insurance increase. Between the two of us we were doing much better financially 5 years ago than we are now even though we planned 5 years ago to have our annual income be double what it actually is thanks to our poor economy. ANYWAY, because of all of this he has crappy credit, I have very high DTI ratio due to student loans and my home is not worth the $97,000 we owe on it, I would imagine it would be worth more around $80-85k. What is this new program? My mortgage company said it is coming soon and I read over the documents they provided me with but it seems like a lot of jargon. My mortgage is through Wells Fargo. Is what I am hoping for is for them to refi me at a lower monthly payment OR at the very least just make my ARM fixed for minimum 15 more years. What do you think my options are going to be? moreVoting Question: Get out of debt consolidation loans ( student loans and personal loans from dad)How ???!?
OK so a short back history to help you see where I am with my debt. - 10k in Student loans(way behind payments because they don't seem to get the money?.. - 3 K - Dad- helping me get passed my troubled years of trying to make it on my own and failing... -3 K for a loan taken out by my boyfriend so we could move..out of state.. this is not due yet but will be soon. I also have a car about 15K (in my dads name ) this is not a must to have a Consolidation loan for but I would like to add it in that is current on payments but I would like to pay it off with a loan that I can repay with out it being in his name as he would like it no longer to be after this year. I have been at my job for 5 months now that I have moved and I make enough to have a few hundred per month in loan payments but I want to clear it all up with one new loan so im not "behind" Every one seems to know something about helping with debt but I don't have any credit card debt ... I need to know how to Take out a loan to fix this SO I can have the car in my name.. and pay off my student loans with a company that dose not jerk me around so I can handle it. If any one has any insight on this issue I would REALLY REALLY be thankful for your help. Thank you moreResolved Question: Will applying for (and receiving) a debt-consolidation loan damage my credit?
I have numerous debts (car payments, student loans, a few credit cards, and a signifcant personal debt owed to a friend) that I'd like to roll into one monthly payment (which would hopefully be smaller than the amount I currently pay for each one as a separate monthly bill). Some people have advised me to apply for a debt-consolidation loan. My question is, will doing so affect my credit negatively? Do they even include student loans in debt-consolidation? moreResolved Question: student loan debt, please help?
im to far behind on my payments and they already put it into debt collectors is there a way i can get debt consolidation for a student loan default? moreResolved Question: Help! What are my private student loan consolidation options?
I have significant student loan debt. While I am currently awaiting approval for my federal student loan consolidation through a good company, my private student loan debt is just slowly multiplying. For the past few months, I have searched high and low for private student loan consolidation options, but apparently NOBODY offers private consolidation due to the "failing economy", as some Web sites put it. For the past 60 days, I have spoken to Salle Mae dozens of times, attempting to get them to help me with some sort of payment plan that I am able to afford, but they refuse to make my monthly payments any less than 1/3 of my monthly income. While I wish I made enough money to pay that much alone with rent, utilities, and food, I unfortunately don't I feel lucky to even have a job in this economy right now. Sallie Mae has been harassing me for the past 30 days to pay my now-overdue loan, still refusing to make payments even remotely affordable for me. I receive from them 5-10 phone calls as well as 4-8 e-mails daily, and each time I have told them if I pay what they are forcing from me, I woudln't have a place to live or food to eat, but their general reply is, "I'm sorry, then don't pay." This is my last resort, hoping somebody out there knows good ideas that would be willing to share them with me. If I don't make a move soon, they are going to start garnishing what little wages I have. Does anybody have any useful information that could help me out? I've tried private student loan consolidation with Sallie Mae, AES, and multiple companies, but nobody seems to be doing it anymore. moreResolved Question: Bankruptcy? Or Credit Consolidation? Need Help!!! Thx?
Hey Guys I need help on this... I have a total debt of $25,000 in student loans & credit card debt. My bi-weekly income is around $1,700, however, with paying alimony and other living expenses, I don't have any money left to pay off the debt and the credit collection agencies are after me. Should I file for chapter 13 bankruptcy or is there a way to get a 1 low monthly payment without any interest for me? moreResolved Question: Anyone other than Wellsfargo & Chase still doing private student loan consolidations?.?
I have a problem here and I’m hoping someone can give me some direction. I have about $50k in government backed (sub & unsub) student loans I used for my bachelors and masters. Those are now coming due and I’ve got an application into the US Dept of Ed to get a federal consolidation on them. I think that will be fine and roll into one manageable payment. BUT I also have another $70k in private education loans with a few different lenders that I needed to make up the gaps over the years. I need to consolidate those but it seems like not nearly as many lenders are doing private consolidations anymore??? I know why, the economy and credit conditions. Chase and Wellsfargo are still but I tried and they both denied me saying my debt to income ratio is bad. I have like a 750 credit score and about $60k a year in income and beyond these education loans though I have a small under $15k car loan and that’s it, no credit cards?? The several different payments spread out on these private ones are high and killing me. Does anyone know what I can do or where I can turn?? It looks like the Dept of Ed won't touch private loans either, tried that avenue...Thanks. moreResolved Question: Questions about Debt Consolidation?
I owe a little over 16,000 in student loans that I honestly didn't know I was supposed to pay for till after college but now they are coming up past to and they are hurting my credit and I can't get a new car that I need. Can debt consolidation help or is it only for credit card debt. And if I can use debt consolidation what company is best? to Watch It!--- Yes I was trying to get a car but obvioulsy I didnt know I was in that much debt or I wouldnt have asked the question now would I moreResolved Question: Need financial help! please!?
I live in indiana and i have acccumulated alot of debt over the years, I am a thrid year college student and still cant seem to get anything better than a gas station clerk, does anyone have any ideas?? Any advice at all would help. I do not qualify for a debt consolidation loan moreVoting Question: I need financial help...?
I am 15,000 in cc debt and 89,000 in student loan debt, both federal and private loans. I did loan consolidation for my student loans, but cannot pay all of the debt that I have. I am not behind as of right now, due to the fact that I deferred my loans. I pay the minimum amount on my cc's. I dont own a house or even my car, its a lease. I dont know what to do. I looked into bankruptcy online, and found that if you can prove undue hardship with your student loans, they could be filed a well, its just not as easy as it used to be. I dont know how I am going to pay everything off. I do not spend as much as I used to and do not use my ccs anymore. I am a teacher and do not make that much income. I also looked into cc consolidation companys but have heard nightmare stories about them taking your money and not making the payments. Any advice would be greatly appreciated on how to control and pay my debt. Thanks! moreResolved Question: Stupid choices when I was younger left me in debt, what do i do?
Here is my financial run down: 1. a few minor bills in good standing 2. no credit cards 3. one joint car loan (paid on time every month for 6 months now) 4. $30,000 in student loans that aren't due for some time 5. 3 bills in collections totaling $1309.00 what should i do? debt consolidation maybe? oh and due to this my credit is terrible, someone help, im too lost with all this. thanks the 3 bills in collections are 2 utility and 1 medical moreVoting Question: Personal Bankruptcy issues?
1. can you file on cetain debt ( I have $35,000 debt in creidt cards bill consolidation loans,monthly payments $1400), 2. do you lose house and cars and other assets 3. are you ruined for future car loans 4. age 50 5. any thoughts about how this effects children applying for student loans moreVoting Question: Help finding a student loan big enough.?
I only have completed about 2 semesters of college and I want to go back and finish. But I have a debt consolidation loan that I have about 3 years left to pay on. The monthly payment on it is about $450. The thing is I can't afford to go to school while I am paying on that. Is there a way I could get a student loan large enough to roll that debt consolidation loan into and large enough to cover school and some expences and not have to pay on it while I am going to school like most student loans. I want to get back into school and finish before I am too old and it's too late. moreResolved Question: Will a "Debt Consolidation " company also help with Ed fund student loans that are now defaulted?
Will a "Debt Consolidation " company also help with Ed fund student loans that are now defaulted? I am considering looking into debt consolidation. My student loans are being garnished by ed fund from my wages. they have also just taken my Ca state income tax check. If I do debt consolidation, will they be able to stop my wages from being garnished? moreResolved Question: Debt Consolidation Suggestions?
I have recently gone back to school to get my teaching license and racked up quite the debt. I now have a total of 30,000 in student loan debt on top of 8,000 in credit card debt. My husband and I have no assets except for my ancient vehicle. I'm looking for suggestions of places to go to consolidate this debt. moreResolved Question: Overwhelming credit card debt, but never late yet, what to do?
I have about $71,000 in credit card debt. It's a combination of lotsa medical debt and rolling over lots of other stuff. Don't judge, I already know I'm in trouble. I have NEVER been late on a payment (on anything, ever). The debt is spread over 5 cards and ALL BALANCES are at 3% interest or lower. The balances are such $32,000, $14,000, $10,000, $10,000 and $5,000. On these I pay $470, $300, $200, $150, and $150 per month. I also have 2 other cards available with $30k limits each - in case balance transfer is suggested by someone. With the housing market as it is, I cannot get a home equity loan to consolidate debt. I also have $20k in student loans. My monthly bills are making it so I CANNOT make ends meet. Rather than have any missed payments or late payments, I put groceries and gas back on the credit card I've just paid on time. This is NOT RIGHT, but I don't know how to stop this evil cycle I've gotten myself into. I buy generic, cut coupons, conserve electric and water, and penny pinch like crazy. I pay extra on bills when I can, but that bites me in the ass when auto insurance or HOA dues come around and I don't have any money saved and just end up putting those on the credit card again. Any suggestions? - I've always had a great credit rating, despite my credit card debt. I'm not sure if a consolidation loan or trying to settle on a few cards would be the best bet. I have no collateral to offer for a consolidation loan. I've already ebay-ed everything I can for some living expenses cash. And IF I could get a credit card to settle (which I doubt they would because I've never made a late payment), I have absolutely no cash lying around to pay the settlement amount...so prior to trying to settle, I'd probably want to get that cash from a totally different credit card and have it ready to pay the settlement amount. ACK! What has happened to me?? Please help with good suggestions and not yell at me for falling into this mess - my stress level and health has already suffered due to this mess. Thank you. moreResolved Question: How do I get rid of my credit card debt?
I am a college student that had poor money management skills early in college. I am in about $9,000 worth of debt from the past 3 years (much is late fees) and the collectors have been calling me. Are there any good steps to take to get me on the road back to debt free? I've heard about loan consolidation and stuff but I don't know if thats just a scam. moreResolved Question: Is debt consolidation a scam? I'm at the end of my rope.?
I got laid off two months ago and have been working odd jobs since. I have student loans, a car payment, rent, phone and credit cards and I pay what I can but I am being hounded with 20 calls a day. I'm a good person. I am so scared. Should I consolidate my debt :(. Or just bankruptcy since I am 24 moreVoting Question: What is the best bank/financial institution for student loan consolidation ...and should I wait?
I'm looking to consolidate my student loans. All my loans right now are NJ CLASS loans and are at around 6.1% ...which is low, but in this climate I'm certain I'll be able to find lower than 5%. I'm interested to know what are the best banks/financial institutions to work with (from your experience and knowledge), and should I wait for rates to go lower? I know rates are going down, and fast... how long do you guys feel I should hold-out for? I'm pretty sure credit scores factor in, but in any case I'm certain it's "good" to "excellent" (I haven't actually checked but I have no outstanding credit card debt and I'm 99.999% on time/early with payments on all my credit lines). moreResolved Question: Where can I find information on student loan consolidation, both private and federal?
I have about $50,000 in student loan debt multiple student loans. About half of my debt comes from federal loans (both subsidized and unsubsidized), and the other half is from two separate, private lenders. I graduate in May, but I can't find information on consolidation. I already have a full time job after I graduate, but making multiple minimum payments to different lenders seems a little ridiculous. Does anybody have information on how I can consolidate my loans into one loan? Most consolidation programs only let you consolidate your federal loans. Like most recent college graduates, I won't have any collateral to take out a "conventional" loan from a local bank. Also, I would like to do this from a company that will keep the loan classified as "student loan debt" to take advantage of the tax benefits. Thanks for any advice you can offer. ** I am aware of the pros and cons of loan consolidation. I would like to explore this option for having the convenience of one payment as well as having the option of a lower monthly payment moreResolved Question: STUDENT LOAN CONSOLIDATON?! are there ANY legit companies that will actually help with that?
i keep seeing info for debt consolidation and all of these companies will NOT touch student loans!? what can i do? my credit is bad so i cant get a bank loan :( moreResolved Question: Debt consilidation advice?
I have a small car loan (about $5300) and student loans (totalling about $10,000). I know I am going to have trouble paying both. Is it a good idea to dip into a debt consolidation loan, or whatever it is? All I know is that these businesses pay off your "bills" like these (credit cards and whatnot, your debt), and you pay them in one easy payment, but with inflated interest rates. For a person who makes a maximum of $250 a week, would you recommend this as an option? moreVoting Question: EXTREME DEBT HELP PLEASE?
my wife got a loan for 40,000 for the french culinary institute. she's been in school for about 2 months and not until i started checking her paper for this, did i find that the interests for this are 61,000. so now we have a debt of 101,000. this is to be paid in 15 years or so by making payments of 600 a month. I also made her get a credit report and she has other debts (about 10,000 total) but what worries me the most is the 101,000 student loan. what can i do about this? I've heard of student loan consolidation, would that help? do you have any advice? we're not professionals or anything, we actually live with her mom and don't have money to even pay rent, what can we do? it is 61,000 and the interests is 13%. she doesnt have to start the payments until november of next next year. we called them today and they confirmed this, the loan is through sallie mae. her mom is her cosigner. as a matter of fact at the beggining she said she would pay for it, but she thought it was only 40,000. then she started backing up and now we just found out that it's actually 100,000. moreResolved Question: Bankruptsy/Debt Consolidation Question. Please Help! Serious answers only please... ?
I'm 25 years old, married with no children. My husband and I are struggling financially, to put it lightly. We owe about $8000 on our car, and have about $10,000 in other credit card debt. And we're total morons and bought a time share when we had extra money last year. Now we just can't keep up and my husband's work has been very slow while I've been trying to go to school full time and work around 55 hours a week. I'm about at my breaking point. Should we file for bankruptsy? The thought of a house seems impossible anytime in the near future anyways. My payments on the credit cards are just covering the interest and the balance isn't going down. Any financial suggestions would be helpful. I've considered debt consolidation but I know that won't help with the car, time share and other stuff. And I want to find a trusted debt consolidation company. We also both have student loans. We're a mess!! Please help. moreResolved Question: Questions on Loan Consolidation?
I am new to all of this because fortunately between my parents and scholarships my undergrad degree was paid in full. Yesterday Igraduated with my Masters and I have a TON of student loans to repay. The program itself was very expensive. My job does give me some reimbursement for that ($4,000 every fiscal year, as long as I still work there and until the tuition cost is paid off) but the interest that collects in the mean time is all on me and it is a lot. That said, I need to call and get my loans consolidated but I do not know the first thing about doing this. Do I call the company I have my loans through? (mostly FAFSA sponsored) Do I call a bank? What kind of information do I need to have ready to speak to them? Any tips on getting lower percentage rates? If I have a credit card with less APR than my loans would be it be wise to pay some with that because its less money or a bad idea because student loans are "acceptable debt" versus a credit card? Any advice that anyone has on how to go about this, good or bad company's, things to look out for, etc. are much appreciated! moreResolved Question: Student Loan Consolidation Help Please!?
I am a May 2008 graduate with a significant amount of debt. Because I transferred, I have over $50,000 in a number of private and federal loans from different companies in two different states. I just have a few questions about consolidation. 1. Can you consolidate both federal and private loans into one? 2. I just started working, so I don't make that much, do you think consolidation is a good option? I can make the payments, but it makes everything else a lot tighter. 3. If I consolidate, what companies can I trust? 4. What companies are best? 5. What if I go back to grad school later and need to take out loans again? Can I add to the consolidation? Or does something else happen? Any information will help. I am trying to be responsible and budget, but having a number of student loans is making things pretty difficult. Thanks in advance! moreResolved Question: Chapter 7 Bankruptcy Means Test Questions.?
DISCLAIMER: While I appreciate your “advice”, please only answer this question if you have DIRECT expertise with these questions. I’m looking for answers that are pretty solid. If you would start your answer off with “I think…” then please do not submit an answer to this question. I also am not looking for advertisements for debt consolidation or counseling. I’ve already done that and it was NOT an option. I’m filing for bankruptcy protection, but don’t want to file for Chapter 13. I know that Student Loans cannot be discharged through bankruptcy. That is not my question. QUESTION #1: When filling out Schedule J for Chapter 7 bankruptcy, can you put the MONTHLY PAYMENTS on your student loans as an "other" expense? Can the monthly payments be used anywhere to reduce my Net Income so that my ending disposable income will be reduce by the amount of my monthly payments on my student loan? I ask because since the student loans cannot be discharged, it would seem as though the monthly payments would then be part of my household budget and therefore be allowable to reduce my monthly Net Income and disposable income. QUESTION #2: I already pass the median income test. However, I may not pass the acceptable disposable income test. According to the test, if I have more than about $11K of disposable income over 60 months ($183/month), then I do not pass for Chapter 7 and must file Chapter 13. However, I've read something about a 25% rule that I don't quite understand. I have about $130K in unsecured debt ($55K in CC debt and $75K in student loans). My understanding of this 25% rule is that if my disposable income over 60 months is less than 25% of my total unsecured debt, then I pass the means test. If that is true, then as long as I don’t have more than $540/month in disposable income, then I pass. ($130,000 * .25 = $32,500) ($32,500/60 = $541.67). Is this a correct assumption? If not, then how exactly does this 25% rule work? Am I even allowed to use my student loans to figure my total unsecured debt for the 25% rule? EXTRA INFORMATION: I have no assets. I currently lease a car for $300/month and rent a room in someone’s house. Before figuring for Student Loan payments as expenses, I have about $534/month in disposable income. With the student loan payments in as an expense, I’ll be down to $224/month in disposable income and the trustee will probably let me pass the disposable income portion of the means test. $534/month in disposable income = $32,040 over 60 months $224/month in disposable income = $13,440 over 60 months moreResolved Question: Private Student Loan Debt---Can you answer this?
I owe almost $100,000 in student debt, $80,000 of it being private. When you add up all my payments, i will have to pay $1,300 a month. Someone suggested that I consolidate my loans for a lower interest rate and payment, but no one is offering consolidation because of the economy. I have no idea what to do and know very well that I will not be able to make my loan payments and regular bills when I graduate. I am in big trouble!!! moreVoting Question: Is debt consolidation really the answer? ?
I currently have a student loan, car loan, four department store credit cards, and three credit cards from various companies (Capital One, MBNA, and Bank of America Visa). I owe about $8,500 collectively on all my debt and my payments are well over $600/mo. I'm starting to think I can't afford it anymore. Do you think I qualify for debt consolidation? I just don't want to get in a position where I can't pay my debt. I need help. moreResolved Question: I have a serious credit problem. Any advice?
I have a few credit cards that are currently in collections. Also I am having trouble paying my car payment and on top of that I have to start paying my student loans this month. I haved collection agencies calling me all day and night, and I just can;t pay all the fees and balances. Does anyone know a reputable and inexpensive debt consolidation company that can help me reduce my debt and get back on track? moreVoting Question: Looking for serious financial/student loan advice?
Anyone with advice on student loans from personal experience would be appreciated. Briefly, I owe $67,000 to Sallie Mae ($490/month extended 25 yr payment plan) and $8,000 to Nelnet ($87/month 10 yr plan). Obviously I went to a pricey private college, and the funding for the schooling fell through at about my 3rd year. Personally, the only other debt I have is a credit card ($1,500), I make $37,000/year (I come away with about ($1,780 after taxes, 401K,medical and dental/month), I have a company car paid for as well as car insurance paid for, and my credit score is pretty good (735). I have been living rent free with a friend, but she is moving so I have to start paying rent, bills, etc. I did purchase a $3,000 motorcycle a little while back, but am looking to hand over the note to someone as we speak. Because of this, I wanted to know a little bit about student loan consolidation from someone with experience. Will it decrease my student loan payment monthly? Is it a good thing in the long AND short run? Would you recommend someone with my sort of financial situation to consolidate? I just feel like right now I'm living okay given the circumstances (free car, insurance, no rent, etc), but once I have to start paying for rent and the bills that come along with it, I want to know if consolidating will help. Thanks moreDebt Consolidation Student Loan Search Results
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