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Va Student Loans

Mitchell Said:

Does the army have a program to help pay off existing student loans?

We Answered:

Just the GI Bill

Brian Said:

Applying for a Va loan with a default Student loan but it's not on my credit report will it be a problem?

We Answered:

Even though the debt is no longer showing on your credit report, the VA might catch it when they issue your VA certificate of eligibility. If you already have your VA certificate, then you will not know for sure until you apply for the mortgage. Remember, obtaining a VA backed mortgage is not that easy. You have to deal with a lot of red tape, they (the VA) has to inspect the house, or approve building plans if you are building.

They will also do a background check and the creditor that holds the student loan may have placed a lien in your home town clerks office.
So if you are buying something in your hometown, it may be listed and you will have to settle it to get clear title to any property you are purchasing. If you are purchasing away from your home town (or where you attended school), then you should be alright.

Remember, the mortgage broker will have to do an extensive credit research and they see a different report then the one you may have received. What with today's credit crunch, banks are checking and double checking.

Hope this answers your question

Patrick Said:

Is it possible to use my GI Bill or other VA benefits to help pay off my wife's student loans?

We Answered:

No , you cannot.

The GI Bill can only be used to pay for class's you are currently taking.

It can never be used to pay student loans.

Enrique Said:

Should we eliminate entitlement programs? Social Security, Medicare, VA benefits, Student loans, Fema...?

We Answered:

No, but they all need fixing. Social Security as it is now is doomed. It's built on a pyramid system, the number of people working and paying will soon be less than those taking out and needs to be restructured ASAP, not to mention it's continously raided for funding of other programs. Medicare and VA need more funding and need to go to the people who need and deserve it. Student loans are the only channel for many to go to college, and since it has to be paid back I don't think they can really be considered an entitlement program. FEMA needs to be replaced by something better and more efficient.

Timothy Said:

Will my va disability back pay effect my student loans?

We Answered:

If you are required to pay taxes on the money you received, it will affect your income, which could affect your eligibility for certain financial aid. Fill out your FAFSA with the income you report on your taxes. If it raises your EFC to a level that disqualifies you for aid that you have received in the past, meet with someone at your school's financial aid office. After explaining to them your situation, they may be able to help you file a form that basically says this was a special circumstance and does not reflect your actual income. Once you've provided documentation, there's a good chance you could still receive aid based on your income without that payment.

Raymond Said:

Can someone help me figure out VA home loans?

We Answered:

You may want to check the Texas Dept of Housing and see what first time home buyer programs they offer. You may qualify for a discounted interest rate loan or downpayment assistance. They may be able to help you in obtaining a VA loan.

Check out the link below to learn more. Good luck!

Mildred Said:

Advise on credit report, student loan, and VA home loan?

We Answered:

If your credit report is still showing your student loan in default you can forget it, that is one thing they are very strict about, your scores are fine for a VA loan however the VA doesn't go just on credit score alone, they will also look at your last 24 months of payments if they are steady then that will make a great difference. The VA also looks at your employment history and your DTI. We used my husband's VA loan in January 2009. Good Luck

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