I am in the same boat. No one is consolidating right now because of the credit crisis. If you find someone who will do it please let me know, these $700 a month payments are killing me!
I have 17,000 in debt and i am 22 yrs old. I only make 1380/month yeah i know that's not very much but there is no one i can get a loan my credit score has dropped quit a bit lately because i haven't been able to pay all my bills it was 650 now its 550 and that was only in like 5 months! I can't go to my bank because i have late loans through them and i do not want to ask family because borrowing money from family never turns out well. Plus my family isn't in a financial state to lend a hand. Is there any other option out there besides a bank or family that wont make your credit worse or bad?
You can't borrow your way out of debt.
Best thing to do is contact your creditors to get the smallest payments you can and begin to pay them off smallest to largest.
Make minimum payments on every account and as much extra you can afford on the smallest once you pay that off move that payment to the next smallest and so on until you crush it all(it feels great).
But first stop using credit cards you can't fill in a hole if you keep digging it.
Also getting another job should be high on your to do list.
Do they refinance and consolidate all their government and private loans together and pay just one monthly payment?
If so, how much would that monthly payment be if the total loaned amount was around say 60,000?
If not, how are you/they paying it?
-Undergrad in 3rd year..
That is quite a loan. Right now most grads actually aren't able to find jobs. So you can either try as hard as you can to work and pay it off, or do the smart thing and go to grad school, a PhD can pretty much guarantee you a job. Even if you have a lot more in loans by the time you are done, at least you will be able to compete for a job that you can use to pay it off.
I think the low interest loan are student loan and debt consolidation loan.
What do you think?
These do http://www.esuperfind.com/reduce-debt.php?id=tnnt
I need bad credit student debt and payday loan? anyone help
Julia a, I think you'll have a hard time, bad credit hurt many people in so many ways. http://www.americaschoicetoday.com/Payday-Loan.html
do it separately?
You have to do it separately. So if your goal is to only have 1 payment, you will never accomplish this with both federal and private loan.
In other words, could I, if I happened to run into more cash, decrease that overall amount paid simply by voluntarily paying more each month even though my monthly payments are set at a certain amount?
Absolutely.
Consolidation loans, like the educational loans themselves, do not carry a "prepayment penalty".
Any time you are able to make a payment that is larger than your monthly minimum, you are free to do so. Do that frequently enough, and you'll save a LOT of money during the course of your repayment.
When you do make an "extra" payment, be sure that you indicate that you want the money applied to principal and interest. If you just send the money along with no instruction, your lender will most likely take the most profitable route of simply "advancing your due date" on future payments, rather than applying it to what you owe. Make sure you provide this instruction every time.
Good luck to you!
if you already have one loan, what if it's differed due to disability? How does this work?
Can you apply for a student loan after debt consolidation?
if you already have one loan, what if it's differed due to disability? How does this work?
At the time the first loan was taken out (it was for around 4,000 and it was to a school that was a scam, but they got away with itbecause they knew the ins and outs of pulling off their scam very well. . so I'm asking about applying for another loan / consolidation, not discussing the previous one.
They will see that you already have a loan when you have to give them your SS #. You will have to tell them about the previous one. Sorry you got scammed.
I have researched online and am still not clear on how this works. I really need a personal loan to help out with some other bills and am no longer able to take my classes. I am now in deferrment on my federal loan and they don't do credit checks or anything for a consolidation loan. Just curious.
Depending wich type of student loan consolidation. Private (finance companies) consolidations may accept to include personal debts in the loan.
Good luck !
Has anyone heard if Obama's new budget includes anything about possible programs to help cut down student loan debt or a move to lower interest rates, particularly for consolidation?
Why should taxpayers pay for YOUR student loans?
Pay your debts and stop looking for a free ride!
