Mark M asked:


I am a graduate student and I am 33 years old. The only information I can locate is geared towards young students. I have a crippling amount of credit card debt but I am currently enrolled in a graduate program and I am eligible for enough excess student loan money to pay off the credit card debt. I realize this is simply “moving debt” but student loans are far more forgiving, can be delayed until after I graduate, and carry only a fraction of the interest rate. Why would I not borrow the maximum allowable amount on a student loan, and apply it towards high interest credit card debts now? Anyone have any ideas? Much appreciated!

Louis

studentloanrefinance asked:

school-loans-consolidation.net If you have a knowledge about what is student loan consolidation, what different kinds of loan are available and when is good to consolidate your loan you would be in much better position to understand and appreciate the importance of student loan consolidation….

Judy

Jennifer Bailey asked:




Government debt consolidation loans are loans offered through various government programs to pay off multiple loans. This enables an individual to take care of one single monthly payment compared to 3 or 4 payments to different creditors. This is the principle of debt consolidation. Debt consolidation also helps by lowering the interest rate by switching from unsecured debt to secured debt.

The federal government has various programs that help particularly students in debt to consolidate their loans to quickly reduce and eliminate their debt. Students typically have student loans, credit card debt, and medical bills that keep them in a state of high debt. The Department of Education pays off the original federal education loans and issues a new loan for the consolidated amount of the old loans. This is done as part of the Direct Consolidation Loan Program.

The Federal Family Education Loan (FFEL) Programs and the Direct Loan Program are programs that fall under the Higher Education Act (HEA) and allow loan consolidation. This works by issuing a new consolidation loan to the borrower that pays off the borrower’s existing loans. The borrower might have contracted the existing loans from various lending agencies, which have different terms, repayment dates and arrangements. Paying off these multiple loans with one loan and making a single monthly payment helps individuals effect timely payments at a lower interest rate. With a consolidated loan, the monthly payment amount is generally lower. Moreover, there is increased clarity as to the total term of payback, the exact interest rate charged, and the payment due date. In most cases the payback term can be increased to ease the payoff process and reduce the monthly commitments.

The government debt consolidation loan program has four plans for the borrower – standard plan, extended payment plan, graduated payment plan, and income contingent repayment (ICR) plan. Each of these plans has features that suit the situation of a borrower, thus providing the flexibility required of a debt consolidation and elimination program.

Adrian

S M asked:


Can student loans affect spouse income? What if I got married in a differnt country? Will student loan still recognize marriage?

Florence

MahDick asked:


In august i will be going away to school. the cost of tuition is around 17,000 a year. at the same time i have about 4,000 dollars in credit card debt. is there any way i can payoff my credit card debt by adding it to my student loans? and how do i go about getting a student loan?

Antonio

ABC123 asked:


$51K a year salary
$50K student loans
$5K credit card debt
$14K car loan…

Can one person with that debt level and a good credit score get a house loan? He’s a veteran.

Cody

Alexys asked:


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.

Marilyn

Hallie E asked:


My older brother is looking to immigrate to Canada, but has few grand in student loans- nothing serious, he makes small monthly payments, he’s not having to eat ramen or anything. However, I know that Canada requires a person to have a chunk of savings (apparently, enough to live off of for a year, I think they want you to have roughly $10,000) but I heard that if you have debt, you have to have enough savings to completely cover paying it off. Anyone know about this? Thanks!!

Rhonda

~~~ asked:


I have $30,000 of student loans. I am in grad school and still have one year to go. My field, library sciences, does not guarantee work, especially in this economy. I am training to be an EMT basic. This pays $15 per hour to start. I dont want to take out any more loans but I fear that I might have to in order to keep my other loans in deferrment. I live in my own apartment and don’t have parents to move back in with.

Tina