SR 24 The Fed’s Secret Loans

Dec 022011
 

www.STILL2012.com During the debate about raising the debt limit, the GAO quietly released a stunning report that the Fed between 2008 and 2010 made over trillion in secret loans to banks, both foreign and domestic, including an trillion loan to the European Central Bank to keep Europe afloat.
Video Rating: 4 / 5

Upcoming Screenings: June 7-9 2011 in Chicago @ NCTC National Conference: Mapping the Future, Center For Economic Progress tax-coalition.org Default: The Student Loan Documentary is a 27 min. documentary chronicling the stories of borrowers from different backgrounds affected by the private student lending industry and their struggles to change the system. The documentary is now available for advanced screenings. If you would like to show Default: the Student Loan Documentary in your community, email us at [email protected] Become a fan of the film at: www.facebo… Sign up for updates at www.defaultmovie.com
Video Rating: 4 / 5

Out of School Deferment of Forbearance? Help please.

Dec 022011
 

I’m currently unemployed and in fianancial hardship so I am unable to pay any loans at this moment. My repayment schedule is starting within the next month. I’ve already taken the 6 month grace period when I was out of school for a few semesters so I don’t think that is an option. I’m currently not in school at the moment but want to go back when I can afford it.

 

Are there any other type of deferments that I can look into? Income based payments, hardship deferments, forbearance, etc? And is forbearance on Stafford/Unstafford loans bad?

 

If I do choose forbearance/deferment on my loans, how will the payment plan and length of payments change? I read some horror stories, such as the the payoff date ending many years later than before going into forbearance, so I really want to cover all bases and make sure I know what my options are and which options will help/hurt me in the long run. If it helps, my loan owner is CSLF/Susie Mae and I have both Stafford and Unstafford Loans. Any replies would be greatly appreciated! Thank you.

student loans
byJonathan Ah Kit

It seems as though the only programs available to student debt holders only apply to Federal Loans. Just wandering if there is anything available to private student loan holders.

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I have been out of work, going on about seven months now. I may be defaulting on my student loan this month, which I pray will not be the case. Does anyone know of any type of program designed to help those who have student loans and are in endanger of going default on their loans? I have already used my three years of deferments up, due to low-paying positions.

GATE Student Loan

Feb 012011
 

Hello, I’m new to posting on FICO Forums and I would first like to comment that these boards are a wealth of information and we are all grateful to have them.

 

Getting to my inquiry, I was hoping that someone on this board can shed some light on my predicament. In 2003/2004 I took out two loans through the GATE Program at college. Alas, I was put in a bad financial situation, dropped out of school, and more or less forced myself to forget about the loans. As the story seems to go I find myself now trying to rebuild my credit. My problem is that I have not been able to locate who is servicing this loan. It has been defaulted for quite a while so rehabilitation with the original creditor is not an option. The gaurantor was National Collegiate Trust who referred me to First Marblehead who then referred me to OSI Education Services which coincidently is now owned by the infamous NCO Financial. When I finally get to NCO they cannot find said loans and refer me to the National Loan Locator through the Department of Education. The only problem with this is that the loans are private student loans so they would not show up in a national database as they are not gauranteed by the govt. It seems that my loans have been transferred a mimimum of 3 times with no one knowing precisely where they are. My credit report only shows the initial chargeoff through National Collegiate Trust with no evidence of where it was sent to. I need to start some sort of payment on these loans to appease my “potential” mortgage lenders as I am trying to get approved for a new home loan. Is there anyone out there who has defaulted on GATE student loans and if so have you had the same frustrating experience that I have had.

 

Any help is so greatly appreciated; Thank You in advance.

 

Steve

Debt Consolidation Options?

Jan 082011
 

I have quite a few debts (some ARE in collections) that need to be consolidated.

They consist of federal and private student loans, and collection accounts.

Including EVERYTHING I own, the total is $71,055

 

 

The biggest part is the federal and private student loans which equal out to $62,074

The other part of the debt is my car and my 2 credit cards which equals a measly $5,138

 

Unfortunately, my husband and I fell prey to a couple “predatory loans” when we really needed cash.

 

The complete amount that I have in collections is $3,843. (There are about an even amount of other debt and medical bills added into this.)

 

I’m seriously getting overwhelmed and would love to know how to start getting this down.

My husband has about the same amount of debt that I do, maybe a bit less.

We REALLY want to avoid bankruptsy.

What will happen with an old private student loan?

Jan 032011
 

I have a private student loan taken out with Citi back in 2002 to subsidize a financial aid office **bleep** up.  I moved a few times and totally lost sight of the company until it showed up on my report.  I have not made a payment because 1.) I forgot about it and wasn’t receiving bills, 2) When I did see it on my report I was unemployed and unable to tackle a new financial obligation.  Simply put will this fall off my credit report because of its age, and it’s a private loan or does it fall under the same rules as a federal student loan?

 

 

[Split off to form a new thread; titled edited - Lel]

 

Private Student Loan that offers In-School Deferment?

Dec 152010
 

add me to the list of former students who say ‘wells fargo can suck it’

 

my wife’s private student loans have been sold 4 times and currently are with wells fargo.  she’s going to finish up her BA starting this spring, and WF does not offer in-school deferment on private loans.  does anyone have experience with private lenders which do offer deferment?

What credit score do I need to qualify for an independent student loan?

Nov 042010
 

11-4-2010

 

6:28:52 p.m. (E.S.T.)

 

To Whom It May Concern:

 

My credit score is 636.  Will it go up next month when my delinquent credit accounts are removed off of my credit history or at least marked settled.  And where should I apply for an independent student loan.  I already have a Master’s degree but I am returning to school to complete my pre-medical course work.  I will be back in undergraduate studies.  I no longer qualify for federal student loans because I am at my maximum loan amount of 50,000.00 for undergraduate studies and I no longer qualify for the Pell grant either because I already have a bachelor’s degree. I am relying on private student to fund my premedical studies, so I need to figure out what to do in order to increase my credit score and improve my eligibility for private student loans.  Thank you for your assistance regarding the question posted above.

 

Sincerely,

 

 

Ms. Bayo Elizabeth Cary, A.A., B.A., M.A.

Private Loan consolidation?

Oct 112010
 

I have some concerns and hope I’m not confusing in my questions and analysis of Private student loan consolidation.

 

1.) Is the only bank that will consolidate a private loan Wells Fargo? Every back I checked seems to state they are not consolidating private loans due to economic conditions.  Wells Fargo will consolidate, but only at a Variable rate. Was getting a variable rate the only way to consolidate a private student loan all along or were/can you consolidate to a fixed rate?

 

I know federal loans are consolidated at a fixed rate at the average of all your interest rates. I also am aware that you can extend the terms on federal loans to 30 years if you have a balance over 30k.

 

2.) There seems to be many options for Federal but what is available for Private?

 

3.) Would a private lender allow the payment terms to be extended to 30 years?  

 

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