Loan Consolidation
Loan Consolidation questions and answers
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Q: Loan Consolidation?
Hello,
I am seriously considering applying for a bill consolidation. I have a credit card with an extremely high interest rate 31% and need to shift the balance to an account with a lower interest rate. My credit rating is so-so...and I have only been approved for other accounts with half (if that) of what I owe. I don't want to hurt my credit score any further by applying for more and more accounts. I would like to know if you may have any idea about what type of collateral a bank would accept on a loan totaling $4,000. I am leasing my car & have no property in my name.
A: Try this first:
The first thing you will need to do is call the three major credit reporting agencies and request a free copy of your credit report.
www.equifax.com
www.experian.com
www.transunion.com
Then once you get those in the mail (7-10 days) there will be a dispute form attached to the reports. Fill those out for every negative account on your report regardless. Fax, mail go online whatever it takes to get those submitted as quickly as possible. Then those companies must answer your dispute within 30 days or it is removed from your credit report completely. So that will eliminate some things, hopefully.
Then make sure you pay all your revolving accounts to below 50% of your credit limits.
Make sure that you make all your payments no more than 20 days from the date it is due.
Good Luck!
Q: CURIOUS: What are your chances of getting approved for Federal student loan consolidation?
Also, Do debt consolidation companies include federal educational loans into the consolidation?
If you have a federal student loan, and the loan company offered a 1800 # for a consolidation company to take the loan and pay it?
A: Your chances are prob pretty good to consolidate federal student loans. Don't consolidate federal student loans in any non-student loan consolidation loans, your interest rate will likely be higher and the interest you pay would no longer be tax deduct able.
Q: what is the catch with loan consolidation?
Why would a student loan company advertise loan consolidation? Is there a cost to consolidting student loans, or any other loans? What is the lowest rate you can expect if you consolidate now? When is a good time to consolidate?
A: The best time to consolidate is when interests are starting to get charged to you. (different according to the type of loan you get).
There's no catch, but you need to understand that you'll pay 2 times the loan if you consolidate over a long-time.
Q: Which company has the best student loan consolidation rates?
I have a subsidized student loan in the amount of $11,460.55, does anyone know the names of specific companies that have the best consolidation rates at this time? What are those rates?
Well maybe I should ask, "which company offeres the best incentives and rate deductions"?
A: The federal consolidation loan has a fixed interest rate, based on the weighted average of the interest rates of the student loans being consolidated, excluding Health Education Assistance Loans (HEALs), rounded up to the nearest 0.125% or 8.25%, whichever is less.
The weighted-average interest rate calculation is based on the official interest rates for the student loans being consolidated, exclusive of any borrower benefit or other special rate discounts.
By law, all lenders are required to use the same interest rate formula for federal consolidation loans. Instead, you should consider customer service, flexible repayment options, online account access and applications, reputation and industry experience when selecting a lender.
Q: What are some good Student Loan Consolidation Companies?
These crooks known as Sallie Mae have screwed me. Two years ago I started receiving my student loans, and the interest rate at the time was only 2%. I even have a sheet of paper stating that.
My total in loans was $42,000.
I get my statement in the mail last week and suddenly I owe them $57,000 and they jacked up my interest rate to nearly 18%. I nearly cried. I called Sallie Mae right away stating, I cannot pay $688.00 a month it is just ludicrous.
I only have a couple more weeks to find a cheap, but very respectable loan consolidation company. My sister uses Nelnet, but they haven't gotten back to me yet.
For all of you college graduates what is a cheap, but VERY respectable and honest Student Loan Consolidation company?
You can email me with details if you'd like.
Thank You.
A: All of my student loans were through Citibank initially, and last year I consolidated through them. They gave me a 5% interest rate which I think is very reasonable. They have also been very helpful on the phone when I had questions and they have never adjusted my interest rates without informing me first. Their website is www.studentloan.com and I would recommend them highly.
Q: how does student loan consolidation work?
I am wondering how student loan consolidation works,,, once i consloidate my loans do i get a sum of cash? i know i have gotten offers that say up to $2000 now if you consolidate. does that mean i get $2000 for myself, or do they take that off the ammount of the loan.
A: Generally, a consolidation loan lumps all your student loans into a new loan, with up to 30 years to pay back and a fixed interest rate. It really makes it easy if you have student loans scattered across different lenders/servicers.
The key word in your statement is 'up to $2000', if you have a lower balance, you probably will not get that much as a credit. Yes, you would get a credit, not cash back.
And if you do get 'up to $2000', believe me, you will pay for it eventually. There's no such thing as a free lunch (imo).
Q: Does anyone know of any good Loan Consolidation companies?
I previously posted a question re: my husband being a co-signer on his father house. He is in a bind where he has two delinquent accounts that he was trying to get one loan and pay for. Being that this house is on his credit he can not get approved for a loan.
I do not know what else to do but debt consolidation. The two bills are of high interest and I am running out of ideas. Please someone help
A: Yes! I consolidated my debt using a company called Auriton- they have a wonderful customer service team and it was easier than you'd believe. Less than three years later and I am 100% debt free!
Q: where can I find the best deals for private student loan consolidation?
I can find plenty of banks that offer private student loan consolidations loans, but often, many places seem "gimicky." Any help appreciated!
A: i dont know if any i have listed will help or not, but i'll post it anyway.
i think the first answer was a good post.
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try to aim for grants/scholarships more... they are not to be paid back. its confusing sometimes, but just keep applying. Scholarships usually have a 1 or 2 page application, and require an essay. Take your time with the essay, so yours stands out.
every big (and small) company you see (manufacturer, orgs, corps and groups also) all have grants and scholarships they hand out like candy. Walmart, Kmart, Target, Coke, computer companies etc etc etc
here are some links with a HUGE list of what is available. some you will need to copy and paste into a new window. also, fastweb (take the time to fill it in) will search databases and get back to you with a list of scholarships you qualify for.
Also contact all mens, womens associations in your state, they almost always have grants & scholarships. What ever field you are going into, contact the orgs, associations etc for them; Also check with professional organizations related to your career interests, such as the American Bar Association or the American Medical Association. they also always have scholarships. Research and dig, call then write. Its all worth it.
OVER apply; it doesnt hurt to have too many, and the extra funds can help with housing.
YOU WILL NEED ADOBE READER:
(yes, its free)
http://www.adobe.com/products/acrobat/readstep2.html
LIST
http://www.lifebridge.org/gran-list-alph.htm
http://www.angelfire.com/nj4/njcomputerchick/school.html
http://www.chrome.org/scholarshiplist.html
MORE & INFO:
http://www.ftc.gov/bcp/menu-jobs.htm
http://www.finaid.org/scholarships/other.phtml
http://www.finaid.org/otheraid/
http://www.back2college.com/library/scholarships.htm
http://www.collegeconfidential.com/
http://college-scholarships.com/
http://www.statefarm.com/about/part_spos/grants/grants.asp
http://www.gmsp.org
http://www.gmsp.org/gmsp_web/(nb5ctd55gavpfi55bb3a3j45)/scholarships.aspx
http://www.sfa.ufl.edu:16080/scholarshipcafe/
http://www.edsf.org/scholarshipAwards.cfm
http://www.fafsaonline.com/
http://www.fafsa.ed.gov/
http://www.feea.org/
http://12.46.245.173/cfda/cfda.html
http://www.salliemae.com/
http://www.ed.gov/finaid/landing.jhtml
http://www.scholarshipexperts.com/
http://www.educationplanner.com/ss/code/Profile1.asp?level=u®ion=s&mode=EDIT&sponsor=2859&volume=SS&e&h
http://www.studentawards.com/
http://www.collegeanswer.com/index.jsp
http://www.studentscholarshipsearch.com/
http://www.studentscholarshipsearch.com/Detailed/Scholarships/Meta_indexes_and_other_scholarship_directories/Women_s_and_Non-traditional_students_scholarships_meta-directory_126.php
NURSING / CNA
http://www.scholarships-ar-us.org/grants/nursing.htm
http://www.dar.org/natsociety/edout_scholar.cfm
http://nursingworld.org/nursecareer/edfund.htm
http://www.medi-smart.com/finaid.htm
http://www.discovernursing.com/nursing-scholarship-search
http://www.ncaa.org/about/scholarships.html
http://bhpr.hrsa.gov/DSA/nsl.htm
http://www.nsna.org/foundation/
http://www.4cnas.com
http://www.choosenursing.com/
http://www.minoritynurse.com/
http://www.tylenol.com/page.jhtml?id=tylenol/news/subptyschol.inc
http://www.straightforwardmedia.com/nursing/
http://bhpr.hrsa.gov/nursing/scholarship/
http://www.akaeaf.org/programsandinitiatives/
http://www.schoolsoup.com/
http://www.blackexcel.org/link4.htm
http://www.jackierobinson.org/
http://www.wilsonfund.org/scholarships/scholarships.shtml
http://www.siemens-foundation.org/TeacherScholarship/
http://www.childcareservices.org/ps/teach.html
http://www.act.org/goldwater/yybull.html
http://www.uncf.org/
http://www.socxfbi.org/login.asp?reason=denied_empty&script_name=/cgi-alumni/adir2.dll&path_info=/search&sitename=FBI&scroll=10&p=1&S=scholarships&x=0&y=0
http://www.finaid.org/
http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
http://www.actstudent.org/finaid/scholarshipscams.html
http://www.act.org/recognition/clients.html
http://www.act.org/kfcscholars/index.html
http://www.kfcscholars.org/
http://www.rhodesscholar.org/
http://www.collegedata.com/
http://www.fastweb.com/
http://www.getreadyforcollege.org/gPg.cfm?pageID=139
http://www.policylink.org/EDTK/AH101/Financing.html#4
http://www.hud.gov/grants/index.cfm
BECOMING A TEACHER
http://www.aft.org/teachers/jft/becoming.htm
http://www.fseog.com/
CHILDREN OF MILITARY
http://www.militaryscholar.org/about/about.shtml
http://www.mcsf.com/site/c.ivKVLaMTIuG/b.1677655/k.BEA8/Home.htm
http://www.vfw.org/index.cfm <-do search for ‘scholarships’
http://www.milspouse.org/Educ/Fund/MilFScholar/
http://www.aerhq.org/education_dependentchildren.asp
INTERNSHIPS,
http://www.fasttrackinternships.com/
http://www.internprograms.com/
http://www.brillstreet.com/
http://ceri.msu.edu/
DEPENDENCY or NOT
http://www.salliemae.com/get_student_loan/apply_student_loan/understanding/financial_aid/dependency/
LOAN FORGIVENESS
http://www.pheaa.org/loanforgiveness/healthier_futures.shtml
http://www.aft.org/teachers/jft/loanforgiveness.htm
http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp?tab=repaying
http://www.finaid.org/loans/forgiveness.phtml
http://www.aessuccess.org/manage/cant_make_payment/Federal_Teacher_Loan_Forgiveness.shtml
http://www.staffordloan.com/repayment/forgiveness.shtml
http://www.educationplanner.com/ss/code/Profile1.asp?level=u®ion=s&mode=EDIT&sponsor=2859&volume=SS&e&h
STATUS OF LOAN OR AID
http://www.nslds.ed.gov/nslds_SA/
IF YOU DON’T HAVE YOUR PIN yet (for your loan / aid status) apply for one:
http://www.pin.ed.gov/PINWebApp/pinindex.jsp
ESSAY HELP
http://www.scholarshiphelp.org/
http://www.gradesaver.com/resources/scholarship.html
http://www.collegeadmissionsessays.com/
http://www.nataviguides.com/broke_essay.html
http://www.princetonreview.com/college/apply/articles/process/essayjump.asp
http://www.scholarshipessay.us/
http://www.freschinfo.com/tips-brainstorming.php
http://www.freschinfo.com/tips-topic.php
http://essayedge.com/
http://www.korepetycje.com/Essays_Articles/scholarshipessay.html
GRANT SCHOLARSHIP SCAM LIST
(if you find a scam report it here too)
http://www.ftc.gov/ftc/consumer/media_psas_classads.html
LOANS
http://www.acteducationloans.com/
http://www.finaid.org/loans/educationlenders.phtml
http://www.financialaid.com/plus/index.cfm?id=plusloans
http://www.alternativestudentloan.com/
http://www.parentplusloan.com/
http://www.financialaidpodcast.com/about/
http://www.myspace.com/financialaidpodcast
http://www.FinancialAidPodcast.com
GRAD LOANS & SCHOLARSHIP
http://www.gradloans.com/graduate-plus-loan/
http://www.gfoa.org/services/scholarships.shtml
DEFAULTED STUDENT LOANS
http://www.ed.gov/offices/OSFAP/DCS/index.html
CONSOLIDATE LOANS
http://www.plusloanconsolidator.com/
http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/student_loan_consolidation.htm
http://www.salliemae.com/content/privateconsolidation/index.html
http://loanconsolidation.ed.gov/
RATE MY PROFESSORS
http://www.ratemyprofessors.com/index.jsp
INTERNATIONAL STUDENTS
http://www.iefa.org/
http://www.iefa.org/resources/
http://educationusa.state.gov/
http://college-scholarships.com/
http://www.studyabroad.com/forum/financial_aid.html
http://www.internationalstudent.com/
http://www.internationalscholarships.com/
http://www.internationalstudentloan.com/
http://www.globalslc.com/
http://www.edupass.org/finaid/loans.phtml
http://www.abroadplanet.com/student-loans/the-global-student-loan-corporation/
http://www.salliemae.com/international/
HISPANIC SCHOLARSHIPS
http://www.hsf.net/
http://www.scholarshipsforhispanics.org/
http://www.statefarm.com/about/part_spos/grants/hispanic.asp
http://www.hsfi.org/
http://scholarships.hispanicfund.org/applications/
http://www.chci.org/chciyouth/scholarship/scholarship.htm
Q: Is there are good consolidation loan for people with bad credit?
I have several small laons, and I would like a debt consolidation loan, but I have bad credit and no collateral. Can anyone recommend a service or program?
A: Generally, these loans require collateral that can be either your home or some costly property. But sometimes, you can get these loans as an unsecured personal loan. But they charge high interest rates.
When going for a debt consolidation loan, you should consider some important factors. They are: cost of taking the loan, the annual percentage rate (APR), period of the loan, and the total amount borrowed. Ensure that the debt consolidation loan charges a lower interest rate than the rate for your current loans. Interest rates are usually decided by factors like loan amount, loan terms, and personal details.
If the repayment period of debt consolidation loan is longer, you can end up paying a lot more in interest. This makes it vital to compare the interest rates and repayment periods of various lenders. Debt consolidation calculators offered by various financial organizations can be used to achieve the same.
Q: If I get a consolidation loan will it help or hinder me getting a home loan for a first time buyer?
We have poor credit and trying to repair it; however we want to purchase a home by the end of the year. Will it adversely affect my chances of getting a home loan if we take out a consolidation loan to kick start the credit pay offs?
So if I can not get a loan, how do I pay off $7000 of dept in less than one year?
A: You probably will not qualify at the end of the year unless you pay off all your debts in full. Can you even qualify for a consolidation loan? Doubtful and PLEASE do not respond to these idiot SPAMMERS who come here just to sucker people in trouble, such as yourself, into givinging money up front for anything!
Q: What is the best Private Student Loan Consolidation Program (substantial debt!!)?
Is there anyone who knows of any good PRIVATE Student Loan consolidation program? Most lower your payments but do not lower your interest rate. I am looking for a lower interest rate.
A: Since these loans are not backed by the government, most private consolidation loans will be credit based, meaning the interest rate will be set based on your credit history, just like the private loans you have now. If you want a lower rate, spend some time getting your credit score as high as possible and/or find a cosigner with good credit. Both can help lower your rate.
Q: When getting a consolidation loan, what happens to your credit cards they are consolidating from?
Do they stpo the accounts? Put a halt on them, or do they keep them open? I dont mind putting a halt, but to close the accounts after all is paid on the consolidation loan, i would like to know i have an open line of credit with my card company. Any input will be gladly appreciated! Thanks!
A: They will close all your credit account which you list for consolidate.I did it few year ago,the one you did not list,it remain open.
Q: Where can I find a personal debt consolidation loan for people with bad credit?
I am in dire need of a debt consolidation loan and I have bad credit. I can make things work with $5000, but I do not know where to start. I have seen people with yahoo addresses claiming they can loan money but they sound fishy as it is not a company email, their emails always seem to be yahoo. Any info will help. I fell on hard times and am now able to pay my monthly bills but I cant seem to catch up what I fell behind on. PLEASE help asap. I have a 5yr old and I do not want him to suffer us loosing our home or car.
A: Debt consolidation is an option, and you should look into it. Just be careful about WHAT you're getting into. Some plans, because of their higher APR rates get you into more trouble than you were.
Also, some lenders look poorly upon it later on. Some institutions believe that it really is a black mark. It will depend upon the types of deals that your particular company or lender work out, and of course, your own individual circumstance. For some with absolutely NO way out, debt consolidation is a welcome option.
Take a good hard look at all the options and plans offered, and don't let a single company pressure you into something you just can't do. Make sure that you're comfortable with the plan offered before you commit to it.
In any case, it doesn't hurt to investigate debt consolidation as an option. It doesn't cost you anything to find out more information about it.
If you want a place to start your investigating, there's information and listings for debt consolidation providers on the page listed below. You'll probably find something of use there:
http://axalda.info/debt-consolidation.html
Q: Can I get a debt consolidation loan with bad credit?
I would like to get a debt consolidation loan for my outstanding debt from closed credit cards, old utility bills, etc
I have student loans, but I would like to consolidate them separatley and not through another loan.
Also, I have an auto loan, would the loan be able to cover that as well?
Please, real answers, and no opinions/judgements.
Thank You.
A: You probably could however the interest rate may be high. I would start with your own bank as they know you the best. I work as a customer service agent with GMAC where I deal with people asking about refinancing all the time and I refer them to their own bank or credit union. They might be able to work out a deal because you have a "professional/personal" relationship with them.
Q: Is it possible to get a consolidation loan with really horrible credit?
I was in the hospital a while back and bills started piling up. I lost my job, was kicked out of school, and then my car broke down. I had no way to pay my bills and now that I have a job, I can't pay any minimum payments on anything including my student loan. I was just wondering if it was possible to get a consolidation loan to pay one low payment with my extremely horrible credit.
A: As far as your student loans go, you should be able to put them into a deferment or forbearance, so you don't have to pay right now. As long as you haven't gone into default on your student loans, you can consolidate those, and lower the payments by 50%, and still qualify for deferment and forbearance. As far as other consolidation with really bad credit, I don't know. All I can say is be careful.
If you do decide that federal student loan consolidation is in your best interest, let me know.