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Answer by John
Can I ask what/where you studied that costed $ 80,000 and you do not make $ 3000/month? I went to community college and make more than that! Please do not tell me you studied communications or psych.

so take away 40% of your income for 30 years, suddenly college really is not that worth it….

Answer by Woelfe
You do not take the time to explain the types and amounts of the loans that you have so it is difficult to know what to tell you, or how to advise handling consolidations. I am going to guess that the lion share of these loans is private education loans that you took out. The smaller amount is most likely federal.

If you have at least 30k in federal debt you can use extended repayment to lower your monthly payment. This increases the life of the loan from standard (10 years) to a 25 year repayment period. If you use the whole 25 years to repay it is going to significantly increase the total amount you pay for the loan because of interest accruing over a longer period.

For federal loans there are also forbearance and economic hardship options you can take if you are struggling to make payments. Consolidating federal loans into a federal consolidation program is ONLY going to be useful if you have older variable interest rate Stafford loans. By consolidating these after July 1, 2008 you can lock in a lower fixed interest rate.

As for consolidations of private debt I would advise against this, and if you do find some programs read all the fine print because in many of the instances we have found that the borrower ends up paying far more in the long run. Ideal to suffer with the loans you currently have. And you never want to use a program that offers to consolidate your federal with your private. That is bad because you will lose your forbearance/deferment options.

Going to school was a great idea because over your lifetime you have the potential to earn significantly more with a degree than without one. However, it would be good if someone slapped you around when you decided going to an costly school that you could not afford to repay private loans for was a good idea. Maybe someone did caution you about it and you were just ignorant. I see it happen to a lot of people. It is important to comprehend the cost you will pay over the life of college and know how much you will need to repay so you can decide if the school is the right choice financially.

Best options is to begin working 2nd jobs and cut way back on your expenses, bare bones as much as possible. Extend your federal repayment period as much as it grants to give you a lower monthly payment, then use your deferment options on federal loans and while they are on hold throw each single copper, wooden nickel and kitchen sink at paying off the private loans. You are going to have to work your asses off to pay it off, but when you do you will be far superior off for it.

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Answer by Anonymous
Sometimes loan money will not even cover your tuition and fees, much less rent or a home payment. It is not really designated for a certain “thing” like rent or a home payment.. you get the excess after your tuition and fees are paid.

So if you qualify for a 5,500 loan (the max a dependent freshman can get) and your tuition and fees are $ 10,000 then your loan money is not even enough to cover housing… sorry!

If you are a in independent freshman, then you can only borrow UP TO $ 9,500 a year. Again, if your tuition and fees are $ 10,000 a year, then you STILL will not have any money left over for a rent or a home payment.

Be aware your loan money is cut in HALF for each semester (so you would not have the WHOLE amount all at once in the beginning at the semester). so it’s not like you could use it as a down payment on a home either.

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Answer by bud68
Does your loan contain a clause that they call call it due because of your credit score changes? Most auto loans are fixed installment loans. As long as you pay per the agreement, it will not change.

Answer by Penny B
they do not give a hoot about your credit score once they sell you the car. they will not check your score. all they care about is if they get their money.

Answer by G N A
Take a deep breath and relax. Unless your payments are missed or late, they will not check your credit again since you are already approved and paying off the car.

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Answer by Dean
Yes, most are. Just make sure that you do not end up get reamed at a higher interest rate.

Answer by Da Cool Dude
Sh*T THey are a way to take $ from collagers

Answer by RUNINTLKT
Isn’t the Govt. about to pass some legislation which will reduce the cost of student loans? Find out, and see if that makes a difference in your payments… perhaps you do not need to consolidate…

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Answer by laughter_every_day
The bank determines if they want to loan the money. The VA does not directly make mortgage loans. Instead, they will guarantee a portion of a mortgage. Because of that guarantee, the banks will make the loan with tiny or nothing down. It is still up to the lender to decide if you have adequate income and if your credit rating is OK

Answer by GIOSTORMUSN
The VA home loan guarantee is not a direct loan, it is a guarantee to the lending institution that he home loan will be covered if the veteran defaults on the loan. You can get a VA home loan from most any financial institute that provides home loans, provided you meet credit and income requirements. If the veteran defaults he is on the hook with the VA for the amount. For more information about VA home loan go to the VA website.

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Answer by the_unluckiest
Yeah keep dreaming! No such thing exists.

OF COURSE there is a contract. You think anyone’s going to let you finance a automobile and not pay it back monthly or biweekly (whatever the agreement is) and have it in writing signed with how much you owe, how often you pay, at what interest rate, and for how long?

Also, keep in mind that your interest rate will be higher or the price of the car will be higher. One way or another, things will be adjusted due to your bad credit.

Answer by Matthew Hopkins
Put it this way.

Would you lend a massive sum of money to someone who you did not know, without any kind of security, and without checking up to see whether he could repay it?

Quite!

Answer by Pasters Voice
Only your Family of that Credit agreement !!!

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Answer by Physician Deth
probably, unless you purchase a home that falls a good bit lower than you actually want – will you even be able to get enough rent to cover all the first houses’ costs” if you have that house, why not live there until the market recovers, then sell and upgrade – and what happens if you break up? – then she has two houses she is responsible for – could lose both

Answer by duh face
no clue but congatulations on moving in together hope it works out! im about to move in with my boyfriend in couple of months.

Answer by David Beasley
No!

If…

1) she makes enough $ to qualify with both payments OR

2) if not… you get a tenant (with signed lease AND deposit check) to offset that mortgage payment

Get qualified with a mortgage professional this day who knows FHA/FNMA/FHLMC rules (these are the lenders with lowest rates/lowest down payment). You will need your paystubs/w-2s/bankstatements, etc.

I shut a handful of these kinds of buys last month. One buyer purchased a bigger/nicer home down the street, had a LOWER payment, rented his other home to his daughter (family nearby) and put ~$ 1500 (appraisal, earnest, etc) into a home with $ 25000 in built in equity! You can too!!

Best of luck!

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Answer by slammamama
if you have not entered the nightmarish labyrinth that is financial assistance for educaiton, you have a long way to go. If you start the application process now, there will not be funds distributed (through college foundation, anyway) until winter. In other words, it’s way too late for fall term. Loans are, of course, required to be paid back. But once you get the money, you can do anything you want with it. Same with grants, which do not have to be repaid. But it takes months to get the money.

Answer by Mike V.
Some student loans go strait to you like the Wells Fargo Education Connection® Loan its go strait to you and not your school, might want to contact wells fargo if you can use it on off campus housing, you most likely can.

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Answer by marlena42000
Try those Purchase her Pay here places. But be warned, before buying any vechicle have a trusted mechanic check first. Most of the automobiles I have seen come from those places, have really huge problems, just have a mechanic check before buying, you could get lucky.

Answer by sukbunny
No such thing. Even a buy-here-pay-here will check your credit. The only way is to pay cash.

Answer by oklatom
Only at the place you do not want to purchase from, the “your job is your credit–buy here pay here” place.

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Answer by stan c
If you just want to build credit and you are employed 18 months and have $ 500 in a savings account, you should be able to get a secured credit card from a bank. make sure they belong to the credit bureau. Use it for gas and small items and always pay the balance the following month. It will probably take 24 months to boost your score between 660/749 which is a good score.

Answer by Use Your Noodle
Car loans are a good way to build credit. They count as installment loans. The only way you would qualify is if your parents cosigned since you do not have a credit history yet.

If you do take a automobile loan out, make sure you make at least 12 mos worth of payments in order to gain the benefit of having this loan. Also, make sure there are no prepayment penalties in the contract if you intend to pay it off early.

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