Question by IM: Which financial institution is the best (lowest rate) to consolidate debts?
Please provide name and interest rate, if available.Credit cards, home equity loan, and others.
Best answer:
Answer by Adam M
Are you trying to consolidate debt with a residential mortgage or a personal loan?
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Question by not in kansas anymore: Should I and how do I consolidate my student loans?
I have several Sallie Mae Signature Student Loans out, and I’m supposed to begin repayment in late November.I know nothing about finances, but I’ve heard that if I consolidate my student loans, it can low monthly payments, and it puts them at a fixed interest rate. Is this right?How do I go about getting my Sallie Mae lent consolidated? Is it hard to qualify for it? Also…do I have to have full-time employment before I consolidate? Lastly, has anyone ever heard about student loan interest being tax deductible?
Best answer:
Answer by NotAnyoneYouKnow
wow – a dissever of question. let’s start with the easy ones, first.Student loan interest IS tax-deductible. The maximum amount you can claim each year is $ 2500. If you paid more than that, you can not deduct anything over $ 2500. (Can I presuming that your starting salary won’t be in excess of $ 55,000? If you do make more than $ 55,000, you won’t be able to take the full deduction for student loan interest.)Do you have to be employed full-time in order to consolidate? No.Should you consolidate your students loans? Ah, now that’s the tough one. Here’s what the Department of Education has to say about consolidation loan:Always Consider the Cost”You should keep in mind that although consolidation can simplify loan repayment and lower your monthly payment, it also can significantly increase the numbing cost of repaying your loans. Consolidation offers lower monthly payments by giving borrowers up to 30 years to repay their loans. So, you’ll make more payments and pay more in interest. In fact, in some situations consolidation can double your total interest expense. If you don’t need monthly payment relief, you should compare the cost of repaying your unconsolidated loans against the cost of repaying a consolidation loan. You also should take into account the impact of losing any borrower benefits offered under non-consolidated repayment plans. Borrower gain, which may include interest rate discounts, principal rebates, or some loan cancellation gain can significantly reduce the cost of repaying your loaned.Once made, Federal Consolidation Loans cannot be unmade. That’s because the loaned that were consolidated have been paid off and no longer exist. Take the time to study your consolidation options before you submit your application. This checklist has been designed to help you determine whether and how you should consolidate your loans.”I hope that helped, good luck!
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Drastic Student Loan Consolidation Changes in Proposed 2006 Federal Budget
Quincy, MA (PRWEB) February 9, 2005
On February 7, 2005, President George W. Bush submitted a proposed Budget of the United States Government: Fiscal Year 2006 to Congress. In the budget, President Bush made clear that funding programs for students in school such as the Pell Grant would take a higher priority than assisting students after they’ve completed their education. In the Office of Student Financial Assistance Budget, student loan consolidation has been earmarked for a cut from $ 34.7 billion to $ 25.3 billion, a loss of $ 9.4 billion. In addition, the 2006 Budget proposes three major changes to the student loan consolidation program:
First and most important, the 2006 budget proposes replacing the fixed rate benefits of student loan consolidation with a variable rate formula equal to current loan balances. This would mean that students, currently locking in rates of 2.875%, would end up with variable rate loans that could reach as high as 8.25%, a potential 300% increase in rates.
Second, the budget proposes allowing students to reconsolidate their student loans at a fee of 1% of their loan balance. For graduate and medical students, who often have loan balances of $ 100,000 or more, this could translate to reconsolidation fees of thousands of dollars; currently, students pay no fee for any kind of student loan consolidation.
Third, the budget proposes doubling the fees that lenders are charged, from .5% to 1.%. As lenders will need to absorb a doubling of their loan origination costs, benefits such as interest rate discounts offered to graduates may decrease or be eliminated. Additionally, because of the $ 9.4 billion proposed cut, lenders will need to search for ways to recoup the loss of federal funds, either by making consolidation requirements more stringent (i.e. requiring higher loan balances) or reducing benefits.
With the number of sweeping changes proposed in the 2006 budget, and the possibility that the budget may be passed as written, graduates and students graduating in 2005 are urged to file student loan consolidation applications as soon as possible. Student loan consolidation companies such as StudentLoanConsolidator.com are accepting applications immediately, and graduates who file their consolidation applications before Congress votes on the budget will be immune to any changes in the program. Christopher S. Penn, director of StudentLoanConsolidator.com, said, “Right now, with the lowest fixed rates in 39 years, generous discounts, no fees, no credit checks, and no penalties for early repayment, there’s never been a better time to consolidate student loans. With the changes proposed in the 2006 budget, graduates would be able to save far less money, so the need to act now is very real.”
Students wishing to file a consolidation application should do so at http://www.StudentLoanConsolidator.com/pr/ or call toll-free (877) 328-1565 immediately.
Sources: Budget of the United States Government: Fiscal Year 2006 (pages 362 – 381)
Contact Christopher Penn at StudentLoanConsolidator.com by email at CustomerService@StudentLoanConsolidator.com for more information; to apply for a student loan consolidation, graduates should visit http://www.StudentLoanConsolidator.com/pr/ or call toll-free (877) 328-1565 as soon as possible.
StudentLoanConsolidator.com is a service of the Edvisors Network, a multi-national education services company offering students options for managing the entire education life cycle, from getting into their college of choice to financing their education and beyond. The Edvisors Network is based in Quincy, Massachusetts, with offices in Quincy and London, England. Visit them on the web at http://www.EdvisorsNetwork.com for more information.
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Question by catcrazy_84: Is there somewhere a widow with old debts can get a consolidation, unsecured loan from?
I am functional full-time but live from pay check to paycheck because of pay-day loans, and early old debts,that I have been trying to pay off for years, I have horrible credit and its getting worse because I can’t pay off the old stuff to keep up with the current. I have a new man in my life and want to be able to start fresh without mine and my deceased husbands debts interfering. I don’t want information on free grants, I need a legitimate loan that I can personally take care of. I do not want him to feel responsible, and if something should happen to me, I don’t want my children to be responsible either, life has been hard enough on them. I own nothing, and I pay the utilties at my boyfriends house in lieu of pay rent, I drive a ten year old car that still isn’t paid off. I want to acquire, pay everything from by off and make one payment to one place, so I tin get caught up. This is important to me. I’m not looking for hand outs.
Best answer:
Answer by pseudo
Your local consumer credit counseling agency may be able to offer advice and possibly assistance. I would try the one that is really called CCCS rather than one that may advertise as credit counseling. CCCS is non-profit and offers free advice.
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