Undergraduate students, parents and students out of college can apply for a consolidated student loan or a federal government loan to simplify their debt. One can find tons of financial intuitions and student loan consolidation experts who can guide you on how to reduce your debt by putting together all the student loans into one single amount and decrease the payable interest rate by a huge margin. This method can also help a student and parent to control their financial outcomes and pay as little as possible in bills each month. It can also be a fantastic way to have less overheads each month at the time of repayment as you will only be required to pay a single source for all your debts.

Federal student loan consolidation always requires students to compile their entire loan into one and manage them monthly. If a student is able to qualify for the federal student loan then he or she automatically qualifies for the student loan consolidation. Some popular federal loans include Stafford Loans, Perkins Loans, PLUS loans, Direct Loans, HEAL, etc. Whether a student or their parents receives the loan, they can look into student loan consolidation. Though all loans can be consolidated separately but a new rule which came in effect in July 2006 barred married students from consolidating any student loans together, they have to consolidate their individual loans separately.

Read the rest of this entry

I just applied for a loan, with my father as a cosigner. But just a few days ago I got my first credit card. I haven’t used it at all, and don’t really plan on using it for at least a few weeks.

This is the only credit card I have on my credit report, everything else is just pretty much blank.

Since my credit shows that I have one, but haven’t used it, will this negatively affect my loan decision?

Does it require you to provide two references? I know for sure that entrance counseling requires it but what about the consolidation?
Legit answer please. Anyone with an advertisement to apply for a loan will be reported.
I am not applying for student loan. I just want to know if the consolidation really does require 2 references because I don’t want to be a referencer if it don’t require it.
And no, I will not use Nelnet

There is only one bad thing in my credit report and that is one student loan that is in default. I took this student loan over 6 years ago. It has been hunting me every since I drop out of College. I have made efforts to pay it, but I have been unemployed for a year now. The last payment I made was a year ago and I just received a letter saying that it is still in default status. I called the collection agency and told them my situation. I am unemployed, currently staying at home with my kid while I take classes online to get my degree. I told her we do not have the money to pay the balance. She wasn’t very helpful. I even told her that I want to make the effort to make payments, but I need a job and I can’t find one at the moment. I told her I will start making payments as soon as I start working.
Anyway, I was wondering if it’s possible to make a debt consolidation with my loan and my husband’s student loan. His student loan is also in default.
Any good info will be appreciated.

My husband and I are literally drowning in debt. There’s no way we can file bankruptcy or do any of that consolidation stuff. He has a federal job and would pretty much lose his job immediately. We have found relief from his student loans by filling out a form and getting his payments cut in half for a year. Are there any sort of programs in existence that will help out with credit card debt? We have Discover, Chase, Citi, and Bank of America accounts. We have already cut up the cards and do not plan on using them ever again. We tried to get a loan to consolidate the debt into one payment and our credit isn’t good enough to do that either. Any suggestions?
Yes, my husband has to maintain a very high security clearance. This is why he can’t let his credit go bad.

How can a person consolidate their loans clear down cheaper than the federal government originally offers it for? There must be a catch for these companies to make money, right? Are these set up like credit cards, where you have to pay on time everytime and if you miss a payment and try to make up for it by sending extra, they’ll add on their fee and raise your interest to whatever they want to charge? Does it lock up everything you own as well?

I’m trying to repay my debt but I am having a very hard time. I have about 40k in debt including interest I’ve accumulated (over estimate, to be safe) most of which is 1 private and 1 federal student loan (probably 35k worth) and the rest are utility bills that are years past due. I’m in my twenties, not a home owner, and currently not a student. Most all of, if not all of, these debts have already gone to collections. I work a job with unsteady hours so I’m never sure how much my pay check will actually be for, this makes it very difficult to budget. Not to mention, I simply don’t make much money. I’ve been actively looking for a higher paying and steadier job but haven’t had luck, yet.

I was wondering if debt consolidation would be a good option for me. I’m wary because so many other people here on yahoo answers have said that they are scams that ruin your credit rating and leave you owing more than you originally did. Is this true? If so, are there other ways to consolidate your debt that are safer? I’m told bankruptcy isn’t an option for me because it will not cover student loans, the vast majority of my debt. Is this true? My biggest worry is my student loans, I feel confident that I could pay off my past due utility bills.

Read the rest of this entry

My father’s friend needs my help and I’m hoping you guys can help me out too. Well his wife secretly took out a student loan and forged his signature on it 10 years ago, didn’t tell him about it, and recently she died. The IRS told him that he had to pay it, he talked to the Fraud department and they told him if he could provide paperwork from 10 years ago showing his signature for comparison that he may not have to pay it.

However, the problem is he’s moved multiple times since then, has had multiple banks since then, lost most of his old paper work any signature on it, he was told his SS card’s signature can’t be used, and he needs an old signature asap to prove it’s not him before they start going after his wages.

Read the rest of this entry

Earning a college degree is one of the most important – and expensive – things you will do in your life. If you are able to attend college without having to take out any student loans, you are one of the lucky few. Most individuals have to borrow at least some of the money they need for tuition, books, and living expenses. And upon graduation, you are faced with the challenge of repaying all of those loans after the grace period ends, whether you are employed or not. That can be a hard dose of reality when you realize that not paying your loan payments on time, or not paying them at all can have grave consequences where your credit rating is concerned. That is why it is smart to consider a federal student loan consolidation program.

Loan consolidation entails taking out a single loan in order to pay off several others. This is done for convenience, as you can often get a lower interest rate, and you only have 1 monthly loan payment to keep track of. It is also good for your credit history. Often, student loans are guaranteed by the United States government. With a federal student loan consolidation program, currently held loans are purchased and closed either by a loan consolidation company or by the U.S. government. Who handles the loans depends upon what type of federal loans the borrower has.

Read the rest of this entry