August 4th, 2009 at 12:15am Under Best Credit Card
i want to apply for a credit card but i dont want to make a mistake, so can you guys please tell me which one would be best. thanks
By Finance Enquirer 9 comments
August 3rd, 2009 at 11:42pm Under Uncategorized
i made a student loan, and im still in college. however, im supposed to pay back my student loan 6 month after i stop college. but i stopped for the summer. i was wondering if it is counted as 3 months already and if i m planning to stop next summer, i was wondering if i will need to start paying back my student loan after that?
By Finance Enquirer 4 comments
August 3rd, 2009 at 07:41pm Under Consolidation Loan
You have not been paying attention to the financial news. It is because of the “credit crunch”. The implosion of the credit market that caused the prices of houses to start falling. Because cheap funding is no longer available, such loans are no longer profitable for lenders.
By Finance Enquirer 1 comment
August 3rd, 2009 at 05:42pm Under Uncategorized
My grandfather co-signed a private student loan for me. Now that I am done with school, I am the one paying off the loan but since my grandfather co-signed it shows up on his credit report and not mine. Is there anyway for me to get this added to my credit history? Or is there something else I can do for the future, if necessary, to show that I have actually been making the payments and not my grandfather. Thanks!
By Finance Enquirer 3 comments
August 3rd, 2009 at 12:37pm Under Consolidation Loan
My wife was having seizures when a student loan consolidator called and tricked us into thinking he was aes. His company is only one letter off and she thought he was having us go online to check her loan. She told him she was not with it and having seizures at the time, but he had her go through the web site and electronically sign a consolidation document. We didn’t want to consolidate the loan and when we figured out what happened we called back and had it canceled.
It has been 3 months now and we just received a consolidation package from another company in the mail. The first company sold our loan to another company even though they told us it was canceled. We never got a hard copy of the loan cancelation from the first company, and the second company isn’t letting us out of the loan.
Is there anything we can do? We have no evidence that we canceled the loan. We talked to an attorney and he said we didn’t have any options. Please help us come up with something we can do.
By Finance Enquirer 2 comments
August 3rd, 2009 at 11:39am Under Uncategorized
When you include a Federal student loan into debt consolidation?
By Finance Enquirer 1 comment
August 3rd, 2009 at 07:45am Under Consolidation Loan
I am going to be going into a two year paralegal program starting in the fall and I am pretty sure that I got the Stafford Loan for $3,500 and I got a grant for about $900. The Paralegal program will end up costing about $11,000 so I’ll need to take out a private student loan.
I find all of the financial aid and loans to be very confusing but I was looking at a private loan through Chase Manhattan bank that didn’t seem so bad. I was wondering about loan consolidation. Are there any banks that will consolidate federal stafford loans and a private loan together to help you have a lower monthly payment? Chase Manhattan said you cannot consolidate a federal and private loan but I was wondering if maybe another bank would do that? Or is there another smart way to go about handling your loans after graduation? I’m just trying to think of the whole picture and plan for graduating.
Also, when you take out a private loan it seems like they all have the variable thing going on..why don’t they offer a fixed rate? Do you try to consolidate and get a fixed rate when you’re done school?
Like I said before…financial aid is very confusing to me. Any help would be greatly appreciated.
Thanks!
By Finance Enquirer 5 comments
August 3rd, 2009 at 06:50am Under Consolidation Loan
This question not only applies to student loans but most loans in general, I’m assuming.
Here’s the problem: I have a consolidation loan for $25k with repayment to be completed in 20 years, leaving a total pay off balance of $35k. The question is: if I make more payments now, will this decrease the total pay off balance?
If this is true why doesn’t everyone get a consolidation loan (that way you can have the security of lower monthly payments, if you need it) but then make higher payments thus decreasing the life of the loan?
Basically, people say to not consolidate because you’ll end up paying more in the long run. But I want to counter act this by still having the security of lower monthly payments but make the higher payments when I can afford them, and yes I do realize this will ultimately make the original loan slightly higher depending on the frequency I make larger payments, but it will not be as high as if I made minimum payments for 30 years.
If anyone has any advice or similar stories please let me know.
Thanks!
By Finance Enquirer 1 comment
August 3rd, 2009 at 06:37am Under Consolidation Loan
No, you do not have to have any credit to consolidate your loan. As long as you have a federal loan and you are not a continuous student then you can consolidate. There are many different companies that offer consolidation. They will offer give you the same base rate, they may just offer different “benefits” for consolidating with them. For example, some lenders will offer a 2% cash rebate (2% of your total loan balance) after you make your first payment, some will offer a 1% interest rate reduction after 36 on time payments, etc. Unless you have a very specific reason for consolidating (can’t make payments, no forbearance/deferment time available, cannot do graduated payments, extended repayment, etc.) then you probably shouldn’t consolidate right now. Interest rates are very higha nd once you conslidate and fix the interest rate you currently have you are stuck. It will never be able to be lowered again. If you have any other questions let me know!
By Finance Enquirer 2 comments
August 3rd, 2009 at 12:51am Under Consolidation Loan
Hi, My husband just completed the “loan rehabilitation” program through a company called FMS. He did everything as they asked, made a down payment and made 9 on time payments to complete the program. Now they are saying for us to get out of the program and to improve my husband’s credit score, we must sign a loan consolidation form (which they try to tell me ISNT a loan app, but IT IS). There is only ONE loan listed on the form at 8.02% (a G loan they called it) but my husband has several other “D” loans and they aren’t listed. They are saying that unless we sign the form and send it back, we will have to “re-do” the rehabilitation program. I would really like to know if they are trying to trick us. Anyone who has dealt with this type of thing PLEASE help us! Thanks!
By Finance Enquirer 3 comments