I have poor credit and I owe on student loans. I would like to go back to school but do not qualify for financial aid until I get those loans out of defaulted status…. I do not have the money of the back … Is there any way that I can get assistances, grants, etc?
You can consolidate them now through direct loans. consolidating does not take away your deferment rights. consolidation can take away someone s 6 month grace period (the 6 months from when you left school before you started getting billed) ths does not pertain to you since you aready started repaymnt. call direct loans for more info 1-800-848-0979
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I defaulted on my student loans. I'm repaying them now though. I was told by the student loan company that my credit score would go up, but have read many articles stating otherwise. It sounds to me that the credit score is permanantly ruined after defaulting on a government loan. What's the truth? Know any websites that I could read about this?
If you do think my score could go up, can you give an estimate time frame? I have nothing else open on my credit report (only old closed accounts all in good standing). I can't get anything new to help because of the bad score. The defaulted student loan is the only bad thing I've ever had on my credit report.
This is what you need to do in order to raise your credit score at this point. First of all- yes you can raise it back up as well as you can bring it even further down- it all depends on your payments. Its good that now you pay on time and just make sure you stay on time with your payments and you make at least the minimum payment. But without any other creditors reporting it will take much longer to rebuild the credit score. Try to get a credit card or two, even with higher interest rate, and start using it and making monthly payments on it. This way you will have other creditors reporting at the same time and that will bring your score up faster. If you are unable to get the credit card now because of the low score- get a secured credit card- you go to any bank and you tell them you want to get a secured credit card from them. The way it works is you leave some amount cash with them (usually minimum is around $200-300 dollars) and that is your credit limit. After six months, as long as you make good payments they will make it unsecured and then other credit card companies will start giving you credit back as well.
Good Luck.
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I consolidated my undergraduate federal student loans a while back fixed @ 3.25%. I now have two seperate graduate student loans (also federal) that I would like to consolidate at a fixed rate so I can pay them off more easily. My undergraduate loan is a higher amount than my graduate loans combined and at a very favorable interest rate. Can I consolidate only my two new loans without including my low interest loan? I would not go through a private company, but rather through "Direct Loans." Having a singe payment is not my priority, I am looking for a fixed interest rate (preferably the lowest possible).
Yes, you can consolidate the 2 new loans into one without adding in the other loans.
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I am graduating in a month and need to know when i have to start paying my student loans? I heard that i am supposed to consolidate my loans into one loan.. Is this true? Has anyone ever done this?
hello there,
Upon graduation, the government requires that you consolidate all of your student loans…
They will actually penalize you if you choose not to consolidate your loans..
In all reality though, it is in your benefit to take advantage of this program..
The reasons are as follows..
1st. this is a free program offered by the govenment
2nd. it takes all of your loans with variable interest rates and puts them into one single FIXED RATE LOAN
(This alone can save you thousands of dollars because your rates cant rise after consolidation)
3rd. By consolidating it simplifies your finances.. For instance, if you have 6 loans, you would have to send 6 payments each month… Thats 6 checks, 6 stamps, 6 envelopes, you see where im going with this… Once consolidated, you make one payment to one lender..thats it…
4th. Being you are consolidating, the new fixed rate is based off of the "weighted average" of your current laons interest rates… So the sooner you consolidate the better because the rate will be lower…
This effectively GIVES YOU A LOWER MONTHLY PAYMENT!!!
I dont kknow about you but when i graduated, the first thing i was worried about is how much will i have to apy each month on my loans.. This will ensure an affordable payemnt…
5th. last but not least, the entire process can be DONE IN JUST 10 MINUTES… I gather the information over the phone, and you electronically online if you have internet access.. Very hassly free process, you dont need any paperwork or documents, the NSLDS (National student loan database system) has all the information we need available online…
Also once consolidated, you have options of deferment and forebearance as well which can give you as much as 3 years after graduation wioth NO PAYEMNTS!!!
I know this is alot of information to throw at you, and the government doesnt do the best job of explaining to college kids why it would make sense to consolidate your loans…
It definitely is a wise decision…
Take a lok at my yahoo 360 profile.. You can find alot of information about consolidation and also direct links to my companies website…
http://360.yahoo.com/my_profile-HlUDUhMib7M9Wlj6o6L2SfGcEYtkt9xsaQ–?cq=1
I work with Student Aid Lending, we are a nationwide lender administed by the department of Education (We have a title IV license)
Feel free to call or email me and i can process the entire consolidation for you in just 10 minutes over the phone..
I hope this helps, and again, do not hesitate to call or email me with any additional questions!
Jason Fry
Financial Advisor
Student Aid Lending
1-800-964-0642 ext. 114
jasonf@StudentAidLending.com
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I current have faasa loan, however it is not enough to fund my education. I have tried several internet searches, same results, no real loan applications for bad credit with no up front fees.
I have no idea im in the same situation. if you know of any places let me know
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I wish to God they told me in college that I wouldn't be able to consolidate them all down the road.
I have federal through ACS at a total balance of 20K- fixed rate of 7.25% with monthly payments of $130 (But scheduled to go up again soon).
I have private through AES at a total balance of 34K-variable rate of 9.97 (which seems really high) with monthly payments of $285 (Not scheduled to go up for another year now).
I pay $400/mo in just student loans and with my car payments, credit cards, and rent- it's not cutting it.
Everyone I've talked to said there's nothing you can do. Fannie Mae said they can consolidate them but only to make it once monthly payment of the total I'm paying now. How can I consolidate the two into one lower longer term payment? Or if I absolutely cannot- should I reconsolidate my 9.97% Variable rate loan? Note: I'm on that plan where they assume you'll have a good job over time and the payments gradually step up. But I still don't have that good a job!
Unfortunately you are unable to consolidate your Federal Student Loans with your Private Student Loans through the FFELP Consolidation Program.
I would also advise against consolidating your Federal Student Loans with your Private Student Loans because you lose all your Federal Benefits on your Federal Student Loans if you do consolidate the two types of loans together.
It does seem that you are very interested in Private Loan Consolidation however. Hope this helps you out! For more information on Federal vs. Private Student Loan Consolidation please visit the source below.
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I am trying to find alternative student loans to finish my college education. I am receiving enough money in stafford loans to cover my tuition, however I need more to cover my mortgage payment so I can continue school full time for 1 year. Every company I talk to says I can only borrow 60% of the tuition costs for other expenses. I need much more than that. Anyone have any other ideas?
May be this site can help you
http://www.thetechnology.net
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Sorry, but not likely. Most dont go below 600. If you find one, it will cost you a great deal.
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what about the subsities for private student loans that cost the tax payer 4 time more than the goverment loans?
oh dear i hope i didn't just kill all the republicans that read this, a goverment program that works better than a private one. how many republicans brains just exploded?
student loans are not coverd under bankruptcy
The private lenders have basically took over the government student loans and are making huge profits from our taxes and the interest on the loans themselves. It's disgusting. And, they now have the largest lobbiest agency in D.C. So all the bills being passed supposedly for students these days is actually being passed for the lenders. I wouldn't blame anyone getting student loans these days to say 'fck it, I refuse to pay them back' just on principle. It may hurt their credit score for 7 years but the fact remains it beats paying back $150,000 for a $40,000 student loan. It's become way too corrupt. It's indentured servitude and they are a rip off. Just my opinion.
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I’m six years removed from high school, and would really love to go to college. The only problem is I don’t know where to start to get loans or info. Anyone have any suggestions?Thank you in advance.
You start with the FAFSA http://www.fafsa.ed.gov/
Fill it out and have it sent to the college of your choice. Then see the financial aid officer at that college after they’ve received the results.
That’s all there is to it.
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