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Tanya Said:What Loan company will take over my federal student loans when the loans are in forbearance?
We Answered:No one will "take over" your loans. You will still owe the money to your lender when you are in forbearance. They will simply add interest every month while you are making payments.
If you are asking about defaulting the lender will just contract out with a collection agency to start calling and hounding you to mail them payments. If you make 6 to 12 months worth of willing and reasonable payments you can ask your lender to "rehabilitate" your loan. This is when you are issued a new loan and pay off the one in default so you can get federal fin aid again. Again, rehabilitation can only be done after you have made 6 to 12 months of payments.
Roger Said:What is the definition of rehabilitation on student loans, and how does it work?
We Answered:You must do this through your lender... not your school.
Loan rehabilitation is when you make 9 months of payments on your federal defaulted student loans. The payments have to be reasonable and on time and you also have to do so WILLINGLY. Nine months later, your loans are no longer in default and you can get financial aid again to go back to school. Here are the details and the link. These are for FEDERAL loans only. Private loans have no such process.
Milton Said:What are some good companies to get private student loans?
We Answered:A large number of college students receive financial assistance from a grant, work-study program, or Federal student loan. However, due to rising college tuition, traditional financial aid doesnt always the expense. When there is a difference between the education costs and financial aid received, students must find a way to pay the excess. Some people choose to use personal savings or a credit card when neither option is available, a private student loan from a private bank can fill in the gap.Private student loans are beneficial because they provide a quick solution to a tuition problem. Unlike Federal student loans, which can take several months to process and disburse, private student loans offer quick processing, and the money is normally distributed to the student within five business days. Once the student acquires the funds, the money can be used for multiple purposes such as tuition and books.
Federal student loans place limits on how disbursed money is used. However, a private student loan can pay for a variety of education-related expenses such as a laptop, rent, transportation, etc. While private student loans offer flexibility and quick processing, getting approved for such loans is no easy task. Federal student loans and grants do not require good credit, which is a nice feature since many college students have little or no credit history. Private student loans are quite the opposite. Because private banks approve the funds, loan requirements include a solid credit history and verifiable income. Plus, the interest rate on a private student loan is generally higher than a Federal student loan, which can equal a higher monthly payment.
Vanessa Said:Can student loans prevent you from leaving the US?
Don't be silly. Your creditors can not prevent you from leaving the country.
"I'm sorry, ma'am, you'll have to step out of this flight check-in line. We've received a report that you owe Shell money on your gas credit card bill."
Let's put it this way - though they can't keep you from leaving the country, it's to your benefit to stay on good terms with your lender. One way to fall out of favor with your student loan holder is to fall behind on your payments and become unreachable. When that happens, they make (perfectly reasonable) assumptions about your intentions.
If you're going to be leaving the country for an extended period of time, make the necessary arrangements to have your loan payments made while you're away. If you're not going to be making scheduled payments - whether it's because you can't afford them - or for any other reason - contact the lender before you leave, and discuss an alternative payment arrangement with them. Don't force your lender to "discover" that you've stopped paying and left the country, or they'll get far angrier than they would if you give them fair warning.
The last thing in the world that you should want is to get stuck with late fees and collection charges, which can add as much as 25% to your loan balance.
Good luck to you - and congratulations on your upcoming nuptials.
Stanley Said:I want to consolidate my student loans that are taken over by a creditor and start making payments?
We Answered:Besides consolidating loans you should also sign up for those grocery rewards programs that give you education dollars when you shop. These programs can assign the money to exsisting loans.
Sarah Said:What Loan company will take over my federal student loans when the loans are in default?
We Answered:When your federal educational loans are in default, you have several options:
You can repay the loan in full.
You can negotiate a new payment plan with your lender.
You can "rehabilitate" your loan.
You can consolidate your loan.
Obviously option one is rarely attractive or possible for defaulted borrowers.
Option two (renegotiate) should be investigated fully - most borrowers skip this step, but it's probably the best option for most people. Call your lender and ask to speak to someone in the "Workout" Department. Explain your situation to them (there's nothing unusual about it) and ask what options are available to you for switching to a graduated, extended or income-sensitive repayment plan. If your lender will agree to change your repayment plan, a few regular payments will get your default status removed, and the new plan may be easier for you to keep up with.
Option three (rehabilitation) is really a specific form of a workout agreement. It probably won't help you much in your situation, because it requires an agreement between you and the lender that will allow you to make 9 consecutive on-time payments of some agreed-upon amount.
Option four is everyone's favorite, but you must absolutely understand what a consolidation loan will do. To keep this utterly simple - a consolidation loan is a brand new loan that will pay off your old, defaulted loan. A consolidation loan MAY lower your monthly payments, but understand how this works. A consolidation loan never lowers your payments by wiping away some of your debt - a consolidation loan lowers your payments by stretching out the length of your loan. If you pay less every month, you'll make many additional monthly payments, and - in the end - you'll pay far more back than you would have paid on the original loan.
As an example: Suppose I lent you $100 and you agreed to pay me back in 2 weeks by paying me $50 a week. You came back a few days later and explained that you weren't going to be able to afford to pay me $50 - is there something else we could do? "Oh, absolutely," I'd say, gallantly. "Instead of paying me $50 a week for 2 weeks, how about if you only pay me $10 a week for 17 weeks?"
See - in the end, you'll pay me back $170 instead of $100 - that's how a consolidation loan works. But remember - we're not talking a $100 loan for a couple of weeks - by the time you pay that $5000 loan of yours back over many years, you'll pay a few thousand more than you might have paid if you didn't consolidate that loan.
I've attached some information about consolidating from the Department of Education - take a few minutes to read it over. If you do choose to go this route, be sure to consolidate with a reputable lender (or directly with the government) and not with some fly-by-night operation that you learn about from some pay-per-click site shilled on Yahoo! Answers.
Good luck to you!
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