Student Loan Blues

What company would be willing to consolidate my Sallie Mae and Dept. of Education government student loans?

admin — Sat, 22 Aug 2009 00:30:59 +0000

Looking to consolidate all my student loans into one affordable monthly payment. Any suggestions. Sallie Mae no longer consolidates student loans and many other companies will not consolidate a Sallie Mae loan because it is secured and government backed. Thanks in advance.

I’m looking for loan consolidation help as well. So far, I’ve found this information on one of my current lender’s websites.

https://www.mycampusloan.com/static/html/infocenter/LoanConsolidation.htm

They reccommend http://www.EdLoanConsolidate.com. I havent tried anyone yet, but its worth a shot. Good luck!

Can I consolidate a PLUS loan, my direct student loans and a private loan?

admin — Fri, 21 Aug 2009 00:30:59 +0000

I have way too many loans. Thankfully I finished college and got a good job. I heard that since the PLUS loan is in my parent’s name and the rest are in my name, I cannot consolidate. Can anyone help me out here? thank you.

It’s a good thing that you’re thinking about consolidation because it’s a great way to lower your interest rates and to make monthly payments easier.

Unfortunately you can’t consolidate your parent PLUS loan with your other loans because your parent must pay it. And you can’t consolidate federal loans with private loans. But you can consolidate any federal loans together and any private loans together.

You can read more about student loan consolidation here:
http://www.studentfinancedomain.com/student_loans/college_student_loan_consolidation.aspx

Good luck!

Is it possible to transfer private student loans into a federal student loan?

admin — Thu, 20 Aug 2009 00:30:59 +0000

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.

Any ideas on consolidating student loans?

admin — Thu, 20 Aug 2009 00:28:59 +0000

I have a ton of student loans, that I’ve been deferring for financial reasons. I have federal loans with Sallie Mae and private loans with Wachovia/AES. Any ideas on how to put them all together so I have one monthly payment, to say a bank rather than various companies, like I have now? Any good banks I should try or talk with?

Your Federal Student Loans can not be consolidated with your Private Student Loans through the FFELP Consolidation Loan Program. In addition, if you were given the option to consolidate your Federal Student Loans and your Private Student Loans together I would not suggest doing so; if you did do this you would lose all your Federal Benefits on your Federal Student Loans.

You can consolidate your Federal Student Loans and your Private Student Loans separately though. If I were you I would keep in mind that July 1st is the interest rate change date every year, so it would be in your best interest to do so before July 1st. If you are interested in Private Student Loan Consolidation, I would wait until after July 1st when programs are expected to improve in that area.

One thing that you may be very interested in when dealing with your Federal Student Loans is; when you consolidate your Federal Student Loans together you not only lower your monthly payments, but you also reset your Deferment and Forbearance time to zero giving you a fresh 3 years of both. For more information please see the source below.

How do student loans affect a mortgage applicaton?

admin — Wed, 19 Aug 2009 00:31:59 +0000

I have $60,000 in various student loans, but since consolidating my combined payment is only $300/month. I have no other debt. Do lenders view student loan debt differently due to the flexibility of the loans? Also, would they look more at the total amount of the debt or the monthly payment when determining the rate and loan amount?

With 20 years experience in the mortgage business, I have never seen a student loan that was in repayment treated any differently than any other long term debt. While you may be able to ask for a hardship deferal in the future, which is the only advantage on a student loan that doesn’t exist on a standard installment loan, no lender wants to anticipate that circumstance. As long as the payments extend past 10 months in the future, the lender will only use your monthly payment as part of your qualifying ratios. The total debt is not that important and would only be a minor factor. What will matter more is your payment history on the student loan: it should be perfect. It all comes down to the quality of your credit history (your FICO score) and your qualifying ratios of debt/income.

Try this site

http://free-college-information-usa.blogspot.com/

Free College information on financial aid for students, scholarship, student loans and more.

Can one take out a guaranteed federal student loan if taking 6 graduate credits?

admin — Fri, 14 Aug 2009 00:26:59 +0000

I don’t think there’s much in the way of Federal programs to pay for graduate school. Stafford Loans (formerly known as "guaranteed student loans") can be in the form of subsidized (guaranteed by the govt….BAHAHAHHAHA… sorry was thinking about the bailout for a moment there), or unsubsidized and are granted based on need.

However, I think there is some government forgivement of certain types of loans for teachers, but I’m not sure whether that’s just at the K-12 level.

How do I transfer a nelnet student loan from my parents name to my name?

admin — Thu, 13 Aug 2009 00:29:59 +0000

My father took out a large NelNet student loan while I was in my first year of college. I am now 3 years out of college and make enough where I can be paying back the loan myself. I have got his log in and password and have switched auto payments to my bank account but the loan is still on him and in his name.

Does anyone know how to transfer the loan into my name? I am now married, make slightly more money than him, and own our house so I’d think I’d be just as qualified to be responsible for the loan. Does anyone know the procedure? I don’t care if I have to have him as a guarantor or whatever, I just want to make it so its in my name/control and not have to go through him to pay it off (but still keep it at the same fixed interest rate it is currently at which is 4.25%).

You can call and ask the lender, but honestly, I doubt they will do it the way you want. The best you can hope for is a new loan to pay off the old parent loan. Unfortunately this will almost guarantee you a much higher interest rate than the one your Dad has.

How do I consolidate student loans to low federal interest rate?

admin — Wed, 12 Aug 2009 00:29:59 +0000

So the feds slashed the interest rate to near zero. My current student loan has like 6% interest rate. Is it possible to get a new loan for the low interest rate?

Here are some great tips on how to consolidate student loans.One good thing about government loans is that the interest rates are fixed when consolidating them, and so rest assured that the rates that the lending company will charge you are within the boundaries of the law. Albeit there is already a ceiling on the interest rates when consolidating government loans, it is always to your advantage if you will shop around for those with really low interest rates.

http://www.worldbestloans.com/student-loans.htm

Grace period of loan repayment means you are done with college and earn a degree but the part of repayment, you just have not started. The grace period is usually from the graduation day to 6 months after and is usually regarded as an excellent time to which you acquire college student loan consolidation.

Where is the best place to take out a $30,000 student loan and why?

admin — Thu, 06 Aug 2009 00:29:59 +0000

i am a student at the university of Michigan, and need to take out a loan, but i don’t know the best place or most affordable i guess is a better question….also i am going to be moving to mexico to study so have to be able to use the money there too…

I use Sallie Mae- they are reliable and payment friendly, meaning that you can make payments online and there is usually no penalty for paying a large amount at once or not paying at all until you graduate and are no longer taking out any loans. Other than that- a rich relative that will charge you little to no interest. My dentist recommended this to me, but unfortunately I don’t have a relative that could do that for me.

what private loan can i get for the academy of cosmetology in charleston south carolina?

admin — Thu, 06 Aug 2009 00:26:59 +0000

private student loans

First fill out your free student aid applcation here, http://www.fafsa.ed.gov/
It will tell you how much your efc, or family contribution shall be. If your school is accredited for federal financial aid you could get a free grant called a pell grant for up to about $4000. If not then you could alway get a Perkins Loan or a Stafford loan. Then there are always the direct and FFEL loans.