Welcome to Student Loan Guide
Bad Credit Loan No Student Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
Is Consolidation Right for You?
from:Here are some factors you should consider when deciding if consolidation is right for you.
What are the interest rates on your loans? If a Federal Consolidation Loan offers you a lower rate than your current loans, you may want to consolidate. Currently, the interest rate for a Federal Consolidation Loan is based on the weighted average interest rate on the loans being consolidated, rounded to the next nearest higher one-eighth of one percent. This rate is fixed for the life of the loan and cannot exceed 8.25 percent.
Are your monthly payments manageable? If you have trouble meeting your monthly payments, have exhausted your deferment and forbearance options, and/or want to avoid default, consolidation may help you.
How much are you willing to pay over the long term? Like a home mortgage or a car loan, extending the years of repayment increases the total amount you have to repay.
How many payments do you have left on your loans? If you are close to paying off your student loans, it may not be worth the effort to consolidate or extend your payments.
What consolidation loan benefits do your current lenders offer? Check with the loan holders currently servicing your loans to see if they can offer terms and repayment plans that meet your needs better than a Federal Consolidation Loan.
Source: US Department of Education
Bad Credit Loan No Student News
Pay student loan, not kids' 529
Q. I am behind, and verging on default, on my student loans. I have made arrangements with the federal loan servicer, but there's simply no way I can pay my private loans, and they say that they cannot accept the small amount I can pay regularly. I have two small children. Each has a Maryland 529 college account for which I am the owner/custodian. If my loan goes into default and the servicer ...
Read more...Kids' 529 plans risked by my student loan
Dear Debt Adviser, I am behind, and verging on default, on my student loans. I have made arrangements with the federal loan servicer, but there's simply no way I can pay my private loans, and they say that they cannot accept the small amount I can pay regularly. I have two small children.
Read more...Will my student debt pinch the kids' 529s?
Dear Debt Adviser,I am behind, and verging on default, on my student loans. I have made arrangements with the federal loan servicer, but there's simply no way I can pay my private loans, and they say that ...
Read more...Senate GOP blocks student loan rate bill over tax issue
WASHINGTON -- Senate Republicans on Tuesday, May 8, blocked consideration of a Democratic bill to prevent the doubling of some student loan interest rates, leaving the legislation in limbo less than two months before rates on subsidized federal loans are set to shoot upward.
Read more...TD Ameritrade Survey: When Tying the Knot, Many Disregard Partner’s Financial Hiccups
Bad credit, mortgage foreclosure and bankruptcy may seem like obvious nuptial deal breakers, but according to a new “Couples & Money” survey conducted by TD Ameritrade Holding
Read more...