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05-06-2008, 04:56 PM
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#1 |
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Join Date: May 2008
Posts: 2
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first post need some advice
Hello all. I am a senior with summer and fall left until graduation with good career opportunities that await me. I currently have about 15,000 in goverment student
loans. In short somewhat of a crisis has come up and I need about 40k. I still have about 10-15 k left in goverment loans and grants I can receive. Ultimately I will have to get private loans. Private loans scare the s*** out of me because I have heard some horror stories. I have bad credit probably in the 400's but I have 2 cosigners one of which has very good credit the other has large income with decent credit. So I have just a few questions for you guys. 1.) Could anybody recommend a bunch of reputable lenders. 2.) If I come out of college with 55-60k debt is $500 a month in payments realistic, or will it be much more. 3.) Any advice on common newbie errors when it comes to private loans would be appreciated. Thanks |
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05-06-2008, 05:10 PM
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#2 | |
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Join Date: Mar 2004
Location: New York
Posts: 1,351
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Quote:
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05-06-2008, 05:38 PM
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#3 | |
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Join Date: May 2008
Posts: 2
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Quote:
Basicly I need at minimum 24000 from now until I graduate (fall) to avoid forclosure on my house. I just applied for 25k loan with wells fargo and was denied cause of my credit, even though I have 2 cosigners. So am I screwed or are their loan companies out there willing to lend? |
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05-06-2008, 05:47 PM
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#4 |
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Registered User
Join Date: Mar 2004
Location: New York
Posts: 1,351
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It's important to identify the source of the problem before seeking additional debt to put a band aid on it. Are you working? When did you buy the house, and could you sell it for a profit?
The fact that you were denied further credit even with two cosigners is somewhat problematic. Do you have cosigners on the home as well? |
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05-06-2008, 06:46 PM
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#5 |
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Registered User
Join Date: Jan 2007
Posts: 1,084
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I would NOT use student loan money to save a house.
Your credit is already trashed, so losing the home in foreclosure isn't going to hurt you. I strongly suggest selling the home so you can get maximum value, rather than trying to save what appears, for some reason, to be a money pit. You may also need to quit school in order to work full time, or more hours, or another job, if the house is more of a priority. Why did I say not to take student loans for a house? For one thing, the interest rate is slightly worse. For another, you can't ever, ever, ever bankrupt on student loans, but if your financial crisis continues, you can say sayonara to the house and the payment. You can never do that with student loans. Finally, student loans are for your EDUCATION, not for your house. If you are in too much house for your income, you need another plan -- sell the house, or quit school, or get another job, or get a roommate, or let the bank take it, or declare bankruptcy. There are options, not all of them pleasant, but anything is better than putting the burden of a sinking house on your student loan's shoulders. All in all, a no good, terrible, very bad idea.
__________________
"Wealth is the slave of a wise man. The master of a fool." -- Seneca |
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05-15-2008, 09:51 AM
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#6 |
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Registered User
Join Date: May 2008
Location: Binghamton, NY
Posts: 37
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Take Puck's advice here...Never use student loan money to do anything besides SCHOOL RELATED. You will get into some trouble, Guaranteed!
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Recent college graduate with a concentration in credit counseling. |
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07-24-2008, 07:57 AM
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#7 |
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Join Date: Jul 2008
Posts: 6
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Most in the same situation are renting until they build their credit back up and get past the situation, on a foreclosure you need to be at least 3 years past it with payments made to all tradelines of credit on time during those 3 yrs............it is obtaining a new " mortgage loan" that would be considered fraudulent.
You can hire an attorney...National Association of Consumer Advocates – Consumer Protection Advocates and Attorneys or try a non profit to help with the modification like HOPE at 1-888-995-HOPE. If you are going through the modification process with Chase, they are modifying most of their loans as long as you can show that you can afford the modification going forward........
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Stop Foreclosure Desk Information and Solutions about Stopping Foreclosure |
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08-28-2008, 10:23 AM
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#8 |
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Registered User
Join Date: Jun 2008
Posts: 13
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Student loans are a grey area I found, I got my wrists slapped by my lecturer for buying a car with my loan.. even though it was for me to travel to/from uni.
Had a chat with him and he agrees now that it was a worthwhile investment as it were. |
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08-28-2008, 10:31 AM
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#9 | |
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Registered User
Join Date: Jan 2007
Posts: 1,084
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Quote:
Actually, if you borrowed the money from the feds, it's a direct violation of the student loan agreement to purchase the car with student loan money. If you borrowed from a private lender, there may be leeway.
__________________
"Wealth is the slave of a wise man. The master of a fool." -- Seneca |
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