Debt Help Services

Posts Tagged ‘government debt consolidation loans’

Question: Question about consolidation of defaulted student loans…?

I took out a student loan 5 years ago to go to college. Defaulted on loan (financially unable to repay).

Answer: Usually you have to make 6 on time payments before they will clear your default completely.

You can go to NSLDS.ed.gov and you will be able to view your loan history. Right now your loans will show as in a default status, once that default status is removed, you will then be able to apply for fin. aid. Or as soon as you receive a letter from the Dept. of Ed (not a lender or servicer) but directly from the Dept. of Ed. you can then apply for federal aid again.

Keep good records of all your paperwork relating to the clearing of your default, as you most likely will be required to turn this paperwork into the financial aid office at the school you want to attend.

Good luck

Stock markets look set for another day of losses on European debt worries

TORONTO – North American stock markets looked set for more losses Friday as concerns that European debt problems could derail a global economic recovery showed no signs of going away.

Government Debt Consolidation Loans

Question: Loan Consolidation: My Situation and the Air Force?

Howdy. After several years of attending different universities and accruing massive debt with still two years until a degree, I am now in the process of joining the Air Force so that I can get a career started and start paying off my loans.

My private loans have totaled up to 40K, and the government/state loans have totaled up to 15K. I am obviously looking into consolidating these loans since I am currently paying four different lenders. My credit is great so I am not worried about that. How should I go about approaching my situation and which lenders would you recommend?

I am also considering going back to college several years into the Air Force, which I will be able to get paid for by the military though. Will this cause any problems?

Hopefully I can get some good info so I can research your suggestions further. Thanks

Answer: Go with a name brand consolidation company, such as a large bank and you should be protected from some of the risks. There are a lot of unscrupulous lenders out there who will hide fees, charge you very high interest rates if you miss even one payment, or charge you a penalty if you pay back the loan too quickly.

Also, be careful not to consolidate the loans that have low interest rates or good terms; for example, your government loans may have a very low interest rate or be subsidized while you are in school. Don't lose these benefits by consolidating those loans.

You may also want to consider asking the lenders if you can put your payments on hold or if they have special terms of service members. A lot of businesses will give military service members better rates and deals out of respect. Some government loans even have a loan forgiveness program if you enter the military, so you could automatically lower your debt right there!

It's definitely worth a call to all of your lenders to see if they have any of these sorts of deals for servicemen and servicewomen.

Going back to school and having the military pay for the rest of your schooling shouldn't cause any problems. Your debt from before the military will still have to be paid off, however.

Magna announces fourth quarter and 2009 results

AURORA, ON, Feb. 25, 2010 -- Magna International Inc. (TSX: MG.A; NYSE: MGA) today reported financial results for the fourth quarter and year ended December 31, 2009.

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Question: Credit Problems?

I have more than horrible credit, including a bankruptcy chapter 7, collection accounts, charge offs etc. I have it all pretty much. The government is even garnishing my wages for student loans. Why do I get flyers from banks and financial institutions telling me that they can help me regardless of my credit history, and when I can the first question is: “How good is your credit?” I’m trying to pay off my debts but I want to get a loan and just have one payment. Consolidation companies can’t help, bank don’t want to lend, I can’t get government help cuz they are already garnishing my wages, and credit card would only give me about $500 credit line. I owe way more than that. I owe a total of $30K. Any suggestions as to what my options are.

Answer: yeah people that need loans generally dont qualify, its unfair but its reality, if i was in your situation, which i am glad that im not, i would enroll in a credit counseling service, where they manage your debts, settle for less, stop interest charges etc. the service is non-profit and is generally cheap most charging 50 bucks to enroll, they will have you pay them one bill a month and they would distribute them to all the debtors its generally a 3 or 5 year plan

French public debt hits record: official data

France ’s public debt soared to a record 75.8% of output in the third quarter, official figures showed yesterday, a week after Paris got a warning on its credit standing.

Debt Consolidation Program And Help On Bad Credit Lenders