I have about 50,000 in private student loans and it todays economic environment, no one will consolidate or refinance my loans. I was wondering if its possible to "roll them over" into a federal student loan. Any help is appreciated!
No. Sorry.
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If you have to pay back federal student loans, can you get a child support modification. For those of you who think I am trying to avoid child support, that is not true. Since both are federal mandate payments(meaning you can not file bankruptcy to get rid of them, than it should be included into the guideline). Also getting educated not only benefits myself, but the child too. Because if I am able to get a better paying job, it will help increase the child standard of living too.
When paying child support - it all about your income - regardless of your bills - if you made 50k last year and are now jobless but the divorce was filed while you had a job you will still be responsible for the amount that is determined by your last years income as of the divorce date.
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How many kinds of federal student loans are there besides Perkins, Stafford and PLUS Loans? When do you apply for the loans?
That's it for the federal loans.
To apply, you should start the federal loan process now by filling out your FAFSA. This is a government process that reviews your financial information and decides how much federal money you're eligible for. While you're doing that, start looking around and applying for scholarships, and saving as much money as you can.
After you know how much money you're eligible for via FAFSA, contact your school's financial aid office and see what private student loans they recommend.
Here's some resources for you:
Financial Aid Calendar http://www.salliemae.com/before_college/students_plan/prepare_school/calendar.htm
FAFSA: www.fafsa.ed.gov
free scholarship search: http://www.collegeanswer.com
federal student loans http://www.salliemae.com/get_student_loan/find_student_loan/undergrad_student_loan/federal_student_loans/
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COMPLAINT #1 (Office of Inspector General / Department of Education)
“Anyone suspecting fraud, waste or abuse involving Department of Education funds or programs should call or write the Inspector General’s Hotline.. OIG Fraud Hotline”
~ http://ed.gov/about/offices/list/oig/hotline.html?src=ct
Sallie Mae was the _only_ financial lender involved in the diploma mill fraud… and now ask Congress for a bail out??
GO TO GOOGLE AND RESEARCH THESE 2 THINGS:
1. Westwood Diploma Mill Scam
2. 60 Minutes Sallie Mae Fraud
Students say college misled them
Tuesday, February 22, 2005, By BYRON HARRIS / WFAA-TV
“The sales pitch said Westwood is accredited; students said that led them to believe the school has the same academic status as well-known colleges and universities. But the sales pitch doesn’t mention the fine print on the back of the contract, which said “Westwood College of Technology makes no guarantee of credit transfer.” In fact, these students found that when they presented their Westwood transcripts to other schools, the reaction was anything but positive.”You can just keep this … because we don’t recognize this institution as a school,” Moers recalled one school’s representative as saying. Westwood is headquartered in Denver, and claims it’s been around for more than 50 years. However, Colorado state incorporation records indicate the current owner began business in 1986. …talk with News 8 about complaints against the school, but when a crew got there for our scheduled interview, two representatives from the home office met them outside. “We just received notice that we’re going to be preparing for some litigation,” one of those representatives said, refusing to allow the News 8 crew to go inside. 67 former students have just sued Westwood College and its parent corporation for deceptive trade practices and breach of contract. “It’s blatant fraud,” Johnson said. “The school sold them a bill of goods; not only do they have more debt, but they spent a lot of time wasted and they have a degree that they cannot use.”Westwood officials said the school does not gurarantee employment. They also said the college is accredited, and said the school is eager for a face-to-face interview - which has not yet happened.”
“Westwood is expensive, from $27,000 to $34,000 for about a year and a half of classes. That’s as much as a year’s tuition at Harvard, or four years at UT-Austin. Brazell said. “We were trained to make them ‘feel their pain.’” And pain is what Katrina Vargas, a single mom, felt after completing her degree at Westwood. “Now I’m a single mother, still, and I’m in so much debt,” Vargas said. “I have marks on my credit, I can’t pay for my daughter’s needs … my mom has to help me.” “I got people in financial jeopardy rather than getting into a career,” Brazell said. “They made bets with me on how many students I would enroll.”
Students say college misled them, WFAA News, Byron Harris
~ http://wfaa.com/s/dws/wfaa/bharris/stories/wfaa050221_am_westwood.cf8856f9.html
The Have Nots and The Haves…
“While former students are being extorted by Sallie Mae into indentured servitude for the rest of their lives, and even paltry Social Security checks are being seized by Sallie Mae’s collection agencies, Albert Lord, CEO of SALLIE MAE, is bidding on purchasing sports teams, building his own private golf course, and awarding himself and his number two man literally hundreds of millions of dollars in salary and stock bonuses…”
~ http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=364×1125791
Sallie Mae did not bother to notify students they were being charged a whopping 20,000+ for one year, through federal student loans program (FAFSA). $20,000 + for just one year toward a worthless certificate that is not even accepted by legitimate Colleges/University.
Sallie Mae doesn’t care about law… after numerous requests for forbearance forms, Sallie Mae has refused to send them. They promised back in November 2008… but failed to do so, when I made attempts to work out something to pay them. THEY REFUSE TO DISCUSS FORBEARANCE FORMS WHICH IS ILLEGAL. Instead, I have the emails where they simply sent more harrassment. In November 2008 (knowing they’d already conned me out of $20,000 through student loans) I gave them my bank routing and account number, and they proceeded to debit 2.5x the amount. I filed complaint with my bank, and they advised to open a new bank account. They said legitimate financial institutions do not do what Sallie Mae did — breach of contract, withdrawing 2 and a half times the agreed amount.
http://www.fight-westwood.blogspot.com/
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Here are 4 student loan consolidation repayment plans that are available to you for your federal direct student loans.
Consolidating your student loans lowers your monthly payments so they fit your budget. You can choose the option from these 4 that best suits your situation so that your student loan repayment doesn’t become a serious financial burden.
The equal payment option allows you to consolidate your federal direct student loans using equal monthly payments. You receive a fixed interest rate on your loan and then make equal payments until your loan is paid off. The main benefit to you is this is the least expensive option since you pay both interest and principal. The consistency of this option helps – you know how much you pay each month and it won’t change.
If you anticipate needing lower monthly payments for the first couple of years, then a graduated repayment plan may be right for you. You begin by paying lower monthly payments (usually interest only). After a specified period of time (usually 2 to 5 years), your monthly payments are increased to include both interest and principal.
This option is more expensive than the equal payment method because the initial period only covers interest so it takes longer for you to pay off the principal. As a result, you get charged interest for a longer period of time.
If you have an equal payment or graduated repayment plan, you can extend your repayment to 15 years if you qualify. In order to qualify, you need to have an FFEL loan that was disbursed on or after October 7, 1998 and the total amount of FFEL debt you have must be greater than $30,000. By extending your loan repayment, you lower your monthly payments so they can better fit your financial situation.
You need to keep in mind that by extending your repayment, it becomes a more expensive option since you get charged interest for a longer period of time.
If your financial situation just can’t handle the repayment requirements of these options, then another of the student loan consolidation repayment plans is called income sensitive repayment. Your monthly payments are adjusted each year based on your gross annual income. It takes into account your total debts and the size of your family. Your lender requires documentation about your income and debts in order to properly assess your monthly payment level.
No matter what your financial situation is, there is an option for you. These 4 student loan consolidation repayment plans provide you with a wide range of options so you can repay your student loans and have those monthly payments fit your budget.
What Loan company will take over my federal student loans when the loans are in default so I can go back to school?
My loans are government loans from Saillie Mae. I owe them under $5000.
I heard about this company that will take over your school loans from them but I don’t know the name of the company.
I am at the point where I can't get a federal student loan until I pay this off.
When your federal educational loans are in default, you have several options:
You can repay the loan in full.
You can negotiate a new payment plan with your lender.
You can “rehabilitate” your loan.
You can consolidate your loan.
Obviously option one is rarely attractive or possible for defaulted borrowers.
Option two (renegotiate) should be investigated fully - most borrowers skip this step, but it’s probably the best option for most people. Call your lender and ask to speak to someone in the “Workout” Department. Explain your situation to them (there’s nothing unusual about it) and ask what options are available to you for switching to a graduated, extended or income-sensitive repayment plan. If your lender will agree to change your repayment plan, a few regular payments will get your default status removed, and the new plan may be easier for you to keep up with.
Option three (rehabilitation) is really a specific form of a workout agreement. It probably won’t help you much in your situation, because it requires an agreement between you and the lender that will allow you to make 9 consecutive on-time payments of some agreed-upon amount.
Option four is everyone’s favorite, but you must absolutely understand what a consolidation loan will do. To keep this utterly simple - a consolidation loan is a brand new loan that will pay off your old, defaulted loan. A consolidation loan MAY lower your monthly payments, but understand how this works. A consolidation loan never lowers your payments by wiping away some of your debt - a consolidation loan lowers your payments by stretching out the length of your loan. If you pay less every month, you’ll make many additional monthly payments, and - in the end - you’ll pay far more back than you would have paid on the original loan.
As an example: Suppose I lent you $100 and you agreed to pay me back in 2 weeks by paying me $50 a week. You came back a few days later and explained that you weren’t going to be able to afford to pay me $50 - is there something else we could do? “Oh, absolutely,” I’d say, gallantly. “Instead of paying me $50 a week for 2 weeks, how about if you only pay me $10 a week for 17 weeks?”
See - in the end, you’ll pay me back $170 instead of $100 - that’s how a consolidation loan works. But remember - we’re not talking a $100 loan for a couple of weeks - by the time you pay that $5000 loan of yours back over many years, you’ll pay a few thousand more than you might have paid if you didn’t consolidate that loan.
I’ve attached some information about consolidating from the Department of Education - take a few minutes to read it over. If you do choose to go this route, be sure to consolidate with a reputable lender (or directly with the government) and not with some fly-by-night operation that you learn about from some pay-per-click site shilled on Yahoo! Answers.
Good luck to you!
