Resolved Question: What is going on with this loan?

I applied for a debt consolidation loan last Friday the 6th. I have 3 credit cards totaling 1,500 dollars and I asked them to increase the amount by 700 so I could catch up on some utility bills. I don't have good credit because I'm a college student with lots of loans so I put my car up for collateral. I work full time and make 25,000 dollars a year. The loan is a 24 month loan for 2,300 dollars. My car is worth 5,000, but they took the lowest value for 3,000. The loan agent told me she would call me back once she found out. She didn't call me back so I called her on Saturday and she asked me when I was graduating and when would I be starting to make payments on my college loans I told her November 09” is when payments start. She said would call me back Monday, she didn't call me back today after I called and left a message but she didn't call me back. What is the deal does it seem like I got the loan or not? Does it take this long to receive approved for a loan?

9 Jun 2008, 9:32 pm | click here for answers

Resolved Question: Looking to declare bankruptcy?

I have never done this before. I have been self sufficient my entire life up until this past year. I just can't do it anymore. Nobody will hire me for anything. I am over-qualified & underskilled. Starting fresh seems to be the best route. I will still be responsible for my student loan debt, but at least my credit card debt will be gone. My question is, how do I know who is trustworthy to deal with this. Everyone and their mom does debt consolidation and bankruptcies. Also, I know declaring bankruptcy isn't free. What do they do if you can't pay the fees associated with that? I don't know what other option I have other than not doing anything and going to collections and being harassed over the phone, and that isn't an option for me. I also have crappy luck, and would adore to hear peoples experiences on how they got through difficult financial times after a bankruptcy when a credit card would normally handle that. Thanks for the response: Just to clarify. My creditors won't work with me unless I have sustainable income coming in. I could be working for $5.00 an hour and they would help me. Having nothing means they won't help. Makes no sense because you can't receive blood from a rock. every I ever wanted from them was a lower payment.

9 Jun 2008, 11:48 pm | click here for answers

Voting Question: Already ask this question but need to add more about a co-signer.?

In my last question i was talking about my brother-in-law and my husband co-sign for a student loan. Ok im just so upset with this. Im 30 weeks pregnant and crying because i feel like i have no say so in anything when it comes to my in-laws and asking for something. My husband did bankruptcy just on credit cards like 4 years ago and we are now fine we just got a new car leased it and we dont have every the credit crap we are back on our feet living great, and my brother-in-law needs a co-signer for a student loan. -in-laws cant and they are trying to butter my husband up to do it and its working. Well we said no when we talked about it and now he has talked to him mom and she is making him feel bad and sayin that next year they are doing a consolidation loan and it will be taken care of. Well I dont know abou that, and im just worried that i dont want that on our credit. and if he doesnt receive approved for the co-signer then it still messes up your credit. Right? how can i make him look.

9 Jul 2008, 1:10 pm | click here for answers

Resolved Question: student loans, credit score, consolidation?

Hi. I have consolidated my student loans already. every of the individual loans are still on my credit report with the new consolidated loan. I think they are still hurting my score. Could I successfully go through the removal process if my argument is simply that those accounts are closed, only one account is open and that is the consolidated account?

8 Jul 2008, 8:29 pm | click here for answers

Voting Question: what is the best loan consolidation company for low rates?

i am 30. Earn £27,000 a year and would like to consolidate every of my student credit card debt and loan into one monthly payment. I have only just lefy Uni for the 2 nd time around and have only 1 months work in my new job. I would like to pay it off in about 7 years terms. which is the best company? my credit rating is ok, no missed payments

8 Jul 2008, 1:40 pm | click here for answers

Resolved Question: College Student With Credit Card DEBT?

I am currently a junior in college and I desperately used credit cards to pay off college since financial aid didn't cover it every so now I owe around 4,000 in debt. What is the best thing for me to do, since every of the accounts are closed, is there a college student credit card debt consolidation loan or?

4 Jun 2008, 5:00 am | click here for answers

Voting Question: Student Loans Consolidation?

From what I understand, loans consolidation means to stabilize the interest rate from going up right? What if the government clip the interest rate? I mean when I consolidated my student loans last year it was 6.25%, now I just heard that the government clip down the rate to nearly half. So do I have to pay back my loans with 6.25% interest rate due to the consolidation or the new low rate? Thanks

4 Jun 2008, 11:00 pm | click here for answers

Resolved Question: Where Can I find Student Loan Consolidation guide?

Does anybody knows best place to look for Student Loan Consolidation?

3 Jun 2008, 2:55 pm | click here for answers

Resolved Question: 47% of income paid to Student Loans?

I am paying almost HALF of my income out in student debt. No one can afford to do that. This is a new demand for payment. New debt. Do I have any options? My total bill is less than $5,000: so I haven't found a consolidation loan. I can give them 25% of my total income, but not 47%! Please read below and advise... I attended University of Phoenix, was assured that I would not incurr additional expenses outside of loan. Now I have original loan, citibank loan, and U of P is after me for additional money. The original loan company was applied to for U of P loan, they said they covered it, balance reflects change, but citibank is coming at me saying they paid! Citibank refuses to provide proof that I borrowed the money, but are attempting to attach to my credit. U of P will not accept lower payments, without attaching my credit. Original loan is the only one with a sane payment, and I am out of deferments, unless I go back to school and add MORE debt. This huge amount of payment is obviously temporary, the problem is that they every want to be paid right now. Another thing... Can Citibank attach my credit without providing me proof of debt? How do I protect myself from this?

3 Jul 2008, 5:25 pm | click here for answers

Resolved Question: Paying off federal student loans with credit cards thereby taking the gov't out of the picture if charged off?

If one pays off federal student loans with a credit card, and then is delinquent on the card and the creditor charges it off..... May the card issuer receive the IRS to pursue the debt on its behalf as this debt was originally a federal student loan? OR Does the fact that they were federal loans not matter since the loans were paid off through the card and the lender of the loans, its gaurantor and the IRS are now OUT of the picture, as it became a regular credit card debt, in which case one would ONLY have to deal with the card issuer (and its collectors) as any other credit card debt? I know that crad rates are higher and that consolidation of loans is good. I have already done that. I am NOT interested in every that. I only want to know what may happen once the card that was used to pay off federal student loans is charged off? Is it like any other card charge off or not. Does someone have EXPERIENCE with this?

29 Jun 2008, 2:14 pm | click here for answers

Resolved Question: Student Loan Repayment and Consolidation?

Hello everyone! I just graduated and have about $100,000.00 in total student loans including Govt. subsidized / unsubsidized Stafford Loans and Private loans. About $50,000 is in Stafford loans with an interest rate of 6.8% and $50,000 in "Signature Private Loans" at about 10%. They are every with Sallie Mae. I'm in the 6 month "grace period" now. I'll be going to graduate school starting this spring (in seven months) Any advice on if/how/with who I should consolidate my loans with and how do my interest rates look. Any ways to receive them lower? I have great credit, a co-signer with great credit and a full time job. Any help on figuring out the best way to pay this stuff back/make my payments lower, would be great. Any other advice is also welcome /and/or personal stories from those who have gone through this process. Thanks!

28 May 2008, 5:21 pm | click here for answers

Resolved Question: No more consolidation for student loans?

So, I just graduated and found out that my lender no longer does federal consolidation loans and my payments are outrageous. Of course, bad investements on my part long ago. Are there any other options? I could use the graduated repayment plan but that is still pretty high and can go up after two years. I'm worried that with the current job situation, I may not have a job in those next two years. Any advice? Any lenders still doing this? Help! Btw my lender is citibank.

27 May 2008, 8:46 am | click here for answers

Resolved Question: Bad credit debt consolidation loan?

Here is what's going on with me. I have about 30,000 dollars worth of student loans, however I have them through more than one place...I have one through Astrive, a couple of Direct Loans, and one through Wachovia. I also have a car that my mom took out in her name and is going to want off of her credit that's around 13,000. So, it comes to around 50,000 total of debt. I would like a debt consolidation loan, not only to receive the car off of my mom's credit, but to make things easier for me, because making the minimum payment to everything is going to cost me more per month than just paying one place. Plus, a loan will build my credit. The thing is, I have bad credit because I was swamped with medical bills a couple of years ago. Does anyone know of any companies that will give out either personal or consolidation loans of the amount that I need and will work with people of bad credit?

27 Jun 2008, 2:43 pm | click here for answers

Resolved Question: Student Loans Repayment?

Hello, I have 3 students loans that I have accrued throughout my college career. I recently graduated and have begun thinking of repayment options. Two of the loans are government loans, and one is private, Stafford Loan, Perkins Loan, and NJ Class loan respectively. I was wondering what the best option was for repaying i.e. loan consolidation or paying each loan separately. The Perkins I would not include in consolidation as it experiences a fixed rate of approx. 4%. I was thinking it might be possible to take out a regular bank loan (especially with these low interest rates) and use the proceeds to pay back every my loans and only have to worry about this new bank loan. Does anyone know if that is possible? Thanks very much in advance.

26 May 2008, 8:46 am | click here for answers

Resolved Question: If I consolidate my student loans can I differ them if I come under financial hardship like individual loans?

I have 52k in student loans, my wife has another 30k. The first question is should we consolidate them every togeather and 2nd question is what if we have a finacial hardship or some other unforseen event and cant make the payments. Does the William D Ford Federal Direct consolidation loan have deferment options like I do now with every these individual loans? Thank you every for your time.

26 Jun 2008, 2:16 pm | click here for answers

Resolved Question: How do I go about choosing which student loan consolidation program to go through and why consolidate?

Current student trying to receive a head start on paying off my loans which companies are the most legit and what should i look for? Also why should/shouldn't one consolidate?

24 Jun 2008, 4:11 pm | click here for answers

Resolved Question: Over $100,000 in student loan debt. I don't make enough $ - HELP!?

I graduated from college in December and my student loans are beginning to arrive due. As of right now I only have 4 loans in repayment and I already can't afford them! I got a good job after graduation - entry level but still in my field. In July the relax arrive due and I have no idea what I'm going to do! I've missed my payments for last month because I just can't seem to make ends meet. I'm trying to find a 2nd job but so far no luck with this economy. I've been hearing that I need to receive a consolidation loan but I'm not sure what to look for in a good one and I need to find one that can consolidate both my federal student loans AND my alternative student loans as well. Can anyone help me?! Also: Is there anything I can do RIGHT now to help with missing that payment before I miss another one and they start talking about defaulting?! Obviously I'm overextended with my finances but I don't know what to do about that... The whole reason I HAVE so many loans out to pay for college is because my parents will not help me with any education expenses. They believe I'll appreciate it more if I pay for it myself but made too much $ for me to receive enough financial aid. Asking them for help is out of the question.

23 May 2008, 9:06 am | click here for answers

Open Question: Student Loan Consolidation: 2008 or 2011??

The interest rates went down on student loans as of 7/1/08, and I was every set to try to consolidate my loans...then I read articles projecting that student loan interest rates will go down for the next 3 yrs, then go back up to about last year's rate around 2012? Does anyone know about this, what it means, etc...and whether I should consolidate this year or wait?

23 Jul 2008, 6:37 pm | click here for answers

Open Question: Can I get a good rate on a private student consolidation loan with my credit?

I am going to aviation school and the only two lenders that will lend to me for the school are Well's Fargo and Sallie Mae. I am going to have to receive 50,000 from WF and 20,000 form SM. The only problem is that Well's Fargo gave me an outrageous rate of 7.99%+Prime. I know I can receive a better rate because I was originally approved for a loan from another lender for 0%+Prime but they filed for Chapter 11 bankruptcy. So I decided that I would receive a consolidation loan when I graduate. I checked it out and I could receive a rate right now of 3.5%+Libor from CITIBank. The question I have is will that change, or will my credit decrease a lot, because of the student loans that I will be taking out??? I would assume that have $70,000 in loans would affect my credit, but I'm not sure because they are student loans. Any help is appreciated. Thank you. Ok...I understand that you can copy and glue from a website but I want someone who actually knows to help me. Thanks for the help anyways.

23 Jul 2008, 3:45 pm | click here for answers

Open Question: Removing Yourself as Cosigner to Child's Student Loan?

My neighbor signed as a cosigner to her son's student loan. The son has graduated (nearly 1 year ago) and has moved away. He is now not paying his student loans on time and the creditor, Sallie Mae, is now threatening to report negative payment information to the parent's credit file at the bureaus. Is there any way of removing yourself as a cosigner to a child's student loans ? Can the son do a student loan consolidation and drop his parent as a cosigner ?

22 Jul 2008, 8:42 pm | click here for answers

Open Question: 75,000 in debt what to do?

Good pal has student loans of 75,000 plus some credit cards, doesn't possess a home, just his car. Should he go to a debt consolidation firm to receive this below control. The private company wants 500 a month for student loans alone. He can't move out with this much debt.

22 Jul 2008, 4:54 pm | click here for answers

Resolved Question: Consolidating student loans?

I have $20,000 in federal student loans. I do not have private loans and every loans are through the same lender.I contacted my lender nelnet about consolidation. They stated "In response to the ongoing credit market downturn and recent regulatory changes, Nelnet has made the decision to discontinue federal consolidation services for customers wishing to consolidate with Nelnet. As of January 24, 2008, Nelnet will no longer consolidate federal student loans." Can I still consolidate with another lender? I prefer to send out 1 check instead of multiple checks a month. Any information and input will be greatly appreciated. Thank You

21 May 2008, 9:49 pm | click here for answers

Resolved Question: Which student loan consolidation plan would be better?

I'm applying without a co-signer and wish to lower my monthly payments (I'm paying about 5 banks right now, every month.) FIXED Interest rate 13.45% 14.10% APR 5.00% Loan Fee $398.73 Monthly Payment OR VARIABLE Interest Rate 11.06% 3.06% Index--3 Months LIBOR 8.00% Margin 11.64% APR 5.00% Loan Fee $330.49 Monthly Payment I realize these rates are a bit ridiculous, but I am backed into a corner. I don't really want to ask anyone to cosign for me, and I dont want to keep paying $600/month over various banks. What would you do? Or should I try another bank? Thanks.

21 May 2008, 11:21 am | click here for answers

Resolved Question: Student Loan Consolidation - if both spouses have $80K+?

OK so I asked about the 20% plan and because we both have huge loans, the only option is to pay 40% of our income for 30 years. (20% of our combined income twice). I argued, talked to supervisors, but that is the best deal they can give us. Regular payments would be $3K/month, which is more than we make. We were both low-income kids who thought going to college was a good idea, now we will never receive out from below. It seems so completely hopeless so any ideas would be helpful.

21 Jun 2008, 10:09 am | click here for answers

Resolved Question: 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?

21 Jul 2008, 1:17 pm | click here for answers

Resolved Question: I am behind 4 months on my credit card and student loan payments. I was unemployed and?

now I work only part time. I am currently seeking a full time paying job so that I can pay down my bills. But what do I do in the mean time? I have bill collectors calling daily by the hour. I don't answer the phone because I have no money to give them. There is no way I could pay the amount that I am behind, or even a minimum amount at the moment. I don't know what to do to receive myself out of this mess. Even credit counceling places aren't that helpful because most of the time the credit card companies won't accept the minimal amount they are offering for you to pay each month. I wish I could receive a consolidation loan to put everything on one bill, but I can't since my credit got messed up with every of this. What to do???

20 May 2008, 6:58 pm | click here for answers

Resolved Question: my friend is getting a divorce and is being stuck with all of the bills that his soon to be ex-wife has racked

The bills are from her student loans , her cc bills and her over spending. She also wants spousal support. During the marriage she hardley worked. The major problem is at the time he was trying to work on things and agreed to do one of those consolidation loans in his name . Again he did this because she didn't keep a job. FYI the amount is 50,000. What does he do. BTW even when she had a job she never bothered to contribute to the household. He took care of every bills plus her play money . He has had to scrape mony together for food but she spent money like it didn't matter. Everytime he approched her about spending she would act like she was having a nervous breakdown. I does not think it is fair for her to walk away with no debt at every when its her bill that got them there? Help!!!!!!!

20 May 2008, 4:23 pm | click here for answers

Resolved Question: where i can get guide of student loan consolidation?

20 Jun 2008, 10:17 pm | click here for answers

Resolved Question: Why was I declined because of a 'delinquent account' when my credit report says '0 negative items?'

I was recently declined for a private student consolidation loan. According to the letter, one of two reasons was: 'number of recently delinquent accounts.' I checked my free Experian credit report and my report stated that I had '0 negative accounts.' every my accounts were listed as 'Open/Never tardy' (with the exception of my student loans that have just entered repayment--my first payment is due July 21, 2008). So, that being said, why would I be declined for 'delinquent accounts' when, according to my credit report, I don't have any? Does it have to do with my student loans being in grace and now just entering repayment? Or are there delinquencies on my report that I am unable to look? The credit bureau on the letter was from Experian and I don't believe I am delinquent on anything. The Credit Bureau on the letter was Experian and I don't have any delinquent accounts to my knowledge.

2 Jul 2008, 9:36 pm | click here for answers

Resolved Question: student loans...?

I have been trying to find a student loan consolidation company and every company I go to says they no longer consolidate, they are not financing or just give loans not consolidate even though they advertise that they do. What is a good company to go to?

2 Jul 2008, 6:29 pm | click here for answers

Resolved Question: Defaulted student loans---my options?

First off, I take responsibility for defautling on my loans. I was out of the country and I was pretty sure I had sent in every the paperwork for a deferrment. Apparently, the deferrment was not approved or was not complete. Anyhow, my student loans (which were taken out from about 3 different agencies) are now in default. I just went through a divorce last week and I have had many expenses: getting a new living space, new (used car), settling half the debts, etc. The loan companies are insisting on an automatic payment plan every month for 9 months, and I just can't afford it. I do not want to receive to the point of wage garnishment or anything. Is loan consolidation an option? Are there big disadvantages to that? Are there things I can do that the loan companies aren't telling me about? They every sound like collection agencies but they aren't. I really want to satisfy my debt because it is my responsibility AND I will need to take out more loans in the future. Ideas? Thanks Jeremy. Yeah, I know I can't take out more loans or receive a deferment or forbearance, I just was not sure about the consolidation. But what do I do if I simply cannot afford the payments per month that they are requesting? In 4 months, I will receive a lift (guaranteed) and I will be able to pay every three loan holders the amount per month they are requesting. Right now, I have to survive and I just can't pay it. What can I say to them or ask for? Do they take VERY tiny payments? They each want $100 per month for a total of $300 per month automatically deducted from my account, and I can't afford that now because that is only a few dollars shy of the car payment I was ordered to pay in my divorce. I want to work this out, I just simply cannot find the money, so I don't know what to do.

19 May 2008, 9:37 am | click here for answers

Resolved Question: Student loan rates will be dropping, but my lender doesnt offer consolidation!? AES success Loan.?

So I have 3 tiny student loans with AES success. Since I heard student loan rates dropping, I was planing on consolidating and making it fixed. However, they do not offer that service! Is it possible to go through a different lender to consolidate the loan? any suggestions?

19 Jun 2008, 2:14 pm | click here for answers

Resolved Question: Student Loan Debt Consolidation?

Where can I find help for student loan debt consolidation? Thanks.

19 Jul 2008, 4:04 pm | click here for answers

Open Question: Are there any companies still doing PRIVATE student loan consolidation? If so, any recommendations?

I have called at least a dozen places whose ads claim that they do private student loan consolidation. But when I called, every single one of them said they had either temporarily suspended or canceled their private student loan consolidation program due to the subprime mortgage crisis. Nearly every of them offered to consolidate my federal loans but I've already done that. A few of them actually named other places they thought were still doing it but when I called them, those places had also suspended their programs. So, if anyone out there has had recent success with consolidating their private student loans, please let me know. Thanks.

19 Jul 2008, 1:30 pm | click here for answers

Resolved Question: Where do I consolidation my high student loans?

Recently my student loan was out of default and then transferred to another bank where it shows a double increase to my monthly payments. How should I go to consolidate them to a lower payment (Lower than 800 per month!! for 50 grand). Should I go Private or Federal Loan Consolidation? Any trusted places to contact and consolidate them? Much appreciated.

18 May 2008, 8:43 am | click here for answers

Resolved Question: debt help - low credit score!?

Don't need anyone telling me how silly I am etc - just looking for a bit of advice. I'm 4 and a half months pregnant - stable relationship and live in privately rented home with my boyfriend of 4 years. I did a check on equifax as I have never had a good credit score and want to sort it out with the aim to possibly buy a home next year. I have 4 defaults which I completely forgot about as they were from back in the day when I was a silly student and as it turns out a member of my family been caught obtaining a credit card in my name and maxing it out then letting the interest pile up! I filled in a form on moneysupermarket.com who deal with unsecured loans of around £2000 (this would be enough to pay it every off as the companies will reduce the amount if i pay it off in one payment) yet nobody seems to be able to help me and can't help feeling scammed by every these debt consolidation companies! Please give me some advice or direction as I feel it's hopeless even trying! just to let you know the 4 defaults include the credit card obtained by a family member I have since obtained my credit rating from experian.co.uk and it every looks fine (few companies done a credit check on me a few months ago which I didn't ask them to which is every that seems bad)

18 Jul 2008, 10:24 am | click here for answers

Voting Question: Can I put private education loans in my federal consolidation loan?

I was just called by Sally Mae; the very rude collection agent was demanding that I make payment immediately for my loan that is 60 days overdue. I am currently doing the paperwork for a William D. Ford Federal Direct Loan to consolidate every of my student loans together. The agent told me that would not take care of this loan because it is a private student loan not a federal. Is this true? What options do I have if any to receive every of my loans consolidated together?

16 Jul 2008, 7:35 am | click here for answers

Voting Question: Private Student Loan Consolidation?

So I am going to be going to school to be a helicopter pilot and there are only two companies that I can receive student loans through (Federal Loans are not available to this school). I was originally approved for 75k with Penn Security (Through TERI) with Prime+0 interest. TERI filed for Chapter 11 and will no longer fund my loan. Wells Fargo has given me an interest rate of 7.99+Prime on 25k per year. I will need this loan plus a loan from Sallie Mae for 20k as well. My question is can I consolidate after I'm done with school so that my interest rate isn't as high, because that's outrageous. I can't afford to go to school with that high of an interest rate. Please only answer my question and don't tell me to go to a different school or try another lender. I only have two lending options and I just moved 300 miles to go to this school because I was already approved with Penn.

16 Jul 2008, 3:14 pm | click here for answers

Voting Question: Are there any banks of institutions that consolidate student loans?

So I've searched and called every bank and student loan consolidation firm and no one is consolidating, except for Citibank. I'm disappointed, I mean not even the government backed agencies and the gov't itself are willing to consolidate because the economy is so crappy. Anyone know any place where I can receive a somewhat decent rate? And when I said everyone has closed their doors, even Nextstudent, Myrichuncle the list continues. every because it is not profitable to consolidate.

15 Jul 2008, 9:51 pm | click here for answers

Resolved Question: Help with student loan debt Im in trouble!?

Ok heres my situation. My student loans are due. I the payment they are asking is way to high for my budget. I called and they cannot lower my payments without consolidation. Unfortunately I dont have a cosigner and my credit isnt good enough to consolidate! What can I do? I asked for lower payments and theres nothing they can do to help. The interest just keeps building.

14 May 2008, 10:39 pm | click here for answers

Resolved Question: Balance Transfer onto a Credit Card?

I am a little over $8000 in debt with tiny finance companies I would like to transfer them every over to a credit card and pay one monthly payment. Is there any credit cards that would help me with these finance companies? I have tried to receive a debt consolidation loan but with my bad credit and having no collateral I keep getting turned down. I have seen people transfer personal student loans to credit cards with lower interest rates and was hoping to find a credit card company that would take over my tiny finance loans. I have a good paying job now but I just can't seem to receive ahead. Also please don't refer me to debt consolidation agencies I have heard some very scary stories about them and don't really trust them. Thank you.

14 Jul 2008, 8:32 am | click here for answers

Voting Question: Student loan consolidation. What is a good company to go through for this?

14 Jul 2008, 7:00 pm | click here for answers

Resolved Question: Student Loan and Other Debt?

If you go to grad school and have some other debt such as credit card debt, would you be able to receive a student loan to cover that debt? Sort of a debt consolidation, except your getting a student loan to cover credit card debt.

13 Jun 2008, 4:05 am | click here for answers

Voting Question: How can I get a $300,000 loan that I don't have to pay until I am out of school?

I want to consolidate my debt and pay for my education. I have good credit (749) and am fine with paying if I don't finish school and maintaining a certain number of credit hours. From what I have learned Student loans pay to the school and have a maximum payout based on cost of attendance. Debt/consolidation loans will not defer until you are out of school to start repayment. What is a girl to do?

11 Jul 2008, 8:38 pm | click here for answers

Resolved Question: Should I consolidate my 18,000 student loan to lock in an interest rate of 5.07%?

I'm actually like 3 seconds away from completing my consolidation application but decided I would ask Y/A first, just to make sure. My student loan totals about $18,000 and was broken up into 6 dispersements. 2 of them have a fixed interest rate of 6.8 and the other 4 have a variable interest rate which used to be over 7% but since July 1st has dropped to 4.2%. If I consolidate my loan now, my entire $18,000 loan will have an interest rate of about 5% for the life of the loan, and I will pay about $150 a month for 15 years. Currently I am paying $230 a month. This seems like something I should definitely do, and I was wondering if everyone agreed. The only thing I'm afraid of is if 5 years from now interest rates go done to like 1.5% and I can't consolidate them again!

11 Jul 2008, 3:50 pm | click here for answers

Resolved Question: How can I get a loan with bad credit?

I currently have about 4,000 dollars worth of debt (in total)and it is ruining my credit rating (because the bills are extremely delequent, even though they are tiny). I don't have a bank account currently and most credit consolidation agencies require one in order to work with you on your payments to them. I have tried to receive loans from banks, but I receive turned down, because my credit rating is so low (below 475). Recently, my student loan provider has began to garnish 25% of my check to force repayment on a 2,200 dollar loan, and when that one is finished I will start 25% garnishments on my final student loan, which is 1,600 dollars. So my question is basically: Does anyone know where I can receive a tiny loan (about 4,000 dollars), to pay off my garnishments, with my credit rating?

10 Jun 2008, 12:14 am | click here for answers

Voting Question: I have HORRIBLE credit and I need an apartmen. What can I do?

I have excellent rental history, but I have really silly & immature things on there I did when I was like 18. Like a $400 cell phone bill I didnt pay and let go to collections and a $200 cable bill. The worst thing thats on my credit report is that I have student loans that I let go into delinquency. I definitely plan on paying the cell phone bill and the cable bill as soon as I receive into an apartment. I want to do some sort of consolidation for the student loans, but right now I need a new apartment asap. I live in LA and everyone checks your credit. Even the crappy apartments, were the manager barely speaks in english. This is not a good position to be in, so I know that when I finally find a place I am going to work on my credit. I'm 22 and my family lives in TX... Buuut have I killed the opportunity to buy a home in the next 10 years? And I cant afford a new apartment with the company I'm with now. My rent is going up $600 and other properties managed by them rent is around $1500.

10 Jun 2008, 10:14 am | click here for answers

Resolved Question: How bad is this going to affect our credit?

My husband co-signed 2 loans for my stepson. The first (student loan) I didn't object t & at the time the kid was really good with money. Then he fell in adore with a self professed "high maintenance" girl. Before they got married, my husband co-signed a debt consolidation loan. They bought a modest home & we assumed that he could manage what little he made well enough to make the payments. About a year ag0 we started getting notices that he was behind on the student loan & then the other loan. My husband took money out of our vacation savings account & made an extra payment to receive him ahead, but didn't tell him, hoping that if he paid a little tardy that it wouldn't show up as tardy. Well, today we got a notice that he missed June's payment, which actually means he missed May's payment as well. The loan is $7K. If we pay it off it will wipe out 1/2 our emergency savings. I really don't want to do this because he owes his mom money & isn't re-paying her. (continued) My husband and I have an ARM and will be refinancing within the next year. My question is: how badly will this affect our chances of getting a good rate and/or getting a mortgage at every? I'd say in the past 2 years there have been at least 4 slow or 30 days tardy payments on the student loan and at least 3 slow or 30 days tardy payments on the debt consolidation loan. My credit is excellent, and our combined income is $100K+. We will be refinancing about $250K. Thanks. Holly, I wish I had the final say, but my husband feels like he "owes" his kids, because he divorced their mom so young. Like I said, I wasn't concerned about the student loan, but I wasn't at every comfortable with him co-signing this last one and this is exactly why. So we either pay off the loan to keep our credit, and risk the chance of never seeing that money again, or we keep our money and risk the chance that we will have crappy credit for the next 10 years.

10 Jul 2008, 2:23 pm | click here for answers

Resolved Question: Student Loan Consolidation?

Hey, I am wondering if I can do a federal and a private student loan consolidation because I have the federal loans which can be consolidated together, but I have a couple of private loans that cannot be joined in with those. So, can I consolidate the federal loans together and then do a private loan consolidation for my private loans, or Can I just do one consolidation?

1 Jul 2008, 3:04 pm | click here for answers

Resolved Question: debt consolidation?

we have about 12000 in credit card debt, on one card, and about 21000 in student loans. we want out of debt. where should we consolidate our loans (at which bank) and what is a good interest rate. i don't want to accept one that sounds good but it turns out to be higher than necessary. i want a fixed rate. thank you for your answers.

1 Jul 2008, 12:59 am | click here for answers