Comments on: Loans for People With Bad Credit: Bad Credit History Becomes a Problem of the Past http://mediacube.biz/loans-for-people-with-bad-credit-bad-credit-history-becomes-a-problem-of-the-past/ Business, Media, Finance, Economy Sun, 27 Jun 2010 10:05:47 +0000 http://wordpress.org/?v=2.8.6 hourly 1 By: Dat_1_Chiq http://mediacube.biz/loans-for-people-with-bad-credit-bad-credit-history-becomes-a-problem-of-the-past/comment-page-1/#comment-548 Dat_1_Chiq Sun, 10 Jan 2010 00:32:32 +0000 http://mediacube.biz/loans-for-people-with-bad-credit-bad-credit-history-becomes-a-problem-of-the-past/#comment-548 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! 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!

]]> By: bbrrpf http://mediacube.biz/loans-for-people-with-bad-credit-bad-credit-history-becomes-a-problem-of-the-past/comment-page-1/#comment-554 bbrrpf Sat, 09 Jan 2010 05:32:32 +0000 http://mediacube.biz/loans-for-people-with-bad-credit-bad-credit-history-becomes-a-problem-of-the-past/#comment-554 You know what my answer to this problem is? I am joining the Marine Corps. I'm gonna be programming. There are plenty of different jobs in the Corps other than just killing ppl. So if I were you I'd go to marines.com and search for your nearest recruiter to see what they could do for you. What do you have to lose by talking to a recruiter. Nothing. You know what my answer to this problem is? I am joining the Marine Corps. I'm gonna be programming. There are plenty of different jobs in the Corps other than just killing ppl. So if I were you I'd go to marines.com and search for your nearest recruiter to see what they could do for you. What do you have to lose by talking to a recruiter. Nothing.

]]> By: rails http://mediacube.biz/loans-for-people-with-bad-credit-bad-credit-history-becomes-a-problem-of-the-past/comment-page-1/#comment-544 rails Sat, 09 Jan 2010 05:27:52 +0000 http://mediacube.biz/loans-for-people-with-bad-credit-bad-credit-history-becomes-a-problem-of-the-past/#comment-544 nope! I'd pipe her in the booty and make her lick it clean! and like it! nope! I’d pipe her in the booty and make her lick it clean! and like it!

]]> By: ronidl76 http://mediacube.biz/loans-for-people-with-bad-credit-bad-credit-history-becomes-a-problem-of-the-past/comment-page-1/#comment-551 ronidl76 Sat, 09 Jan 2010 04:01:34 +0000 http://mediacube.biz/loans-for-people-with-bad-credit-bad-credit-history-becomes-a-problem-of-the-past/#comment-551 In an interest-only loan or mortgage the borrower only pays interest each month. This makes it cheaper than a conventional mortgage, in which part of each month's payment goes towards the principal and part goes towards interest. These loans have become popular because the monthly payments are lower, allowing borrowers to afford a larger home. However, these loans can be dangerous, especially in a down housing market. The interest rates are generally fixed for the first 1, 3 or 5 years. After that, they convert to a conventional loan, with a higher monthly payment. Most borrowers take on these loans because they assume they will sell the home before the interest rate increases. In a down market, they may not be able to sell. If they cannot afford the increased payment, they may have to default on the loan, and foreclose on the home. So, when the rate starts to adjust, you would need to refinance again. And, either get a fixed or another interest only adjustable. And, yes, I do believe you mean ARM. Although, if you have extra money every so often, you can pay down the principal in extra payments. In an interest-only loan or mortgage the borrower only pays interest each month. This makes it cheaper than a conventional mortgage, in which part of each month's payment goes towards the principal and part goes towards interest. These loans have become popular because the monthly payments are lower, allowing borrowers to afford a larger home.
However, these loans can be dangerous, especially in a down housing market. The interest rates are generally fixed for the first 1, 3 or 5 years. After that, they convert to a conventional loan, with a higher monthly payment. Most borrowers take on these loans because they assume they will sell the home before the interest rate increases. In a down market, they may not be able to sell. If they cannot afford the increased payment, they may have to default on the loan, and foreclose on the home. So, when the rate starts to adjust, you would need to refinance again. And, either get a fixed or another interest only adjustable. And, yes, I do believe you mean ARM. Although, if you have extra money every so often, you can pay down the principal in extra payments.

]]> By: Blogger http://mediacube.biz/loans-for-people-with-bad-credit-bad-credit-history-becomes-a-problem-of-the-past/comment-page-1/#comment-539 Blogger Fri, 08 Jan 2010 18:29:15 +0000 http://mediacube.biz/loans-for-people-with-bad-credit-bad-credit-history-becomes-a-problem-of-the-past/#comment-539 @FLPman I never said that I believed that he would actually pay her. I was just saying that I was surprised that he said that he would pay her. @FLPman I never said that I believed that he would actually pay her. I was just saying that I was surprised that he said that he would pay her.

]]> By: guzen http://mediacube.biz/loans-for-people-with-bad-credit-bad-credit-history-becomes-a-problem-of-the-past/comment-page-1/#comment-542 guzen Fri, 08 Jan 2010 17:41:46 +0000 http://mediacube.biz/loans-for-people-with-bad-credit-bad-credit-history-becomes-a-problem-of-the-past/#comment-542 lol lol

]]> By: cassie c http://mediacube.biz/loans-for-people-with-bad-credit-bad-credit-history-becomes-a-problem-of-the-past/comment-page-1/#comment-549 cassie c Fri, 08 Jan 2010 16:18:48 +0000 http://mediacube.biz/loans-for-people-with-bad-credit-bad-credit-history-becomes-a-problem-of-the-past/#comment-549 To get a student loan, your first step is to fill out the Free Application for Federal Student Aid (FAFSA). You should submit your FAFSA as soon as possible – you can make estimates and correct the details later. Once you’ve completed your FAFSA, you’ll want to visit your school’s student aid office. Ask what kind of aid you might expect. Try this site http://free-college-information-usa.blogspot.com/ Free College information on financial aid for students, scholarship, student loans and more. To get a student loan, your first step is to fill out the Free Application for Federal Student Aid (FAFSA). You should submit your FAFSA as soon as possible – you can make estimates and correct the details later.

Once you’ve completed your FAFSA, you’ll want to visit your school’s student aid office. Ask what kind of aid you might expect.

Try this site

http://free-college-information-usa.blogspot.com/

Free College information on financial aid for students, scholarship, student loans and more.

]]> By: Free Blog http://mediacube.biz/loans-for-people-with-bad-credit-bad-credit-history-becomes-a-problem-of-the-past/comment-page-1/#comment-540 Free Blog Fri, 08 Jan 2010 06:24:56 +0000 http://mediacube.biz/loans-for-people-with-bad-credit-bad-credit-history-becomes-a-problem-of-the-past/#comment-540 @KilledInEffigy it's called saving face on TV.. she'll never get a cent @KilledInEffigy
it’s called saving face on TV..
she’ll never get a cent

]]> By: WPBlog Shop http://mediacube.biz/loans-for-people-with-bad-credit-bad-credit-history-becomes-a-problem-of-the-past/comment-page-1/#comment-541 WPBlog Shop Fri, 08 Jan 2010 05:10:30 +0000 http://mediacube.biz/loans-for-people-with-bad-credit-bad-credit-history-becomes-a-problem-of-the-past/#comment-541 Wah wah wah. Grow up. Wah wah wah. Grow up.

]]> By: Gregory http://mediacube.biz/loans-for-people-with-bad-credit-bad-credit-history-becomes-a-problem-of-the-past/comment-page-1/#comment-553 Gregory Thu, 07 Jan 2010 16:41:51 +0000 http://mediacube.biz/loans-for-people-with-bad-credit-bad-credit-history-becomes-a-problem-of-the-past/#comment-553 I used direct loan consolidation. It took about 2 months. http://www.loanconsolidation.ed.gov/ I used direct loan consolidation. It took about 2 months.

http://www.loanconsolidation.ed.gov/

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