What Loan company will take over my federal student loans when the loans are in forbearance?
Q. What Loan company will take over my federal student loans when the loans are in forbearance so I can go back to school? My loans are government loans from Saillie Mae. I owe them under $5000. I heard about this company that will take over your school loans from them but I don't know the name of the company.
Asked by Dat_1_Chiq - Tue Aug 26 09:53:30 2008 - - 1 Answers - 3 Comments

A. 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.
Answered by Found-1 - Tue Aug 26 11:31:31 2008

How does a home equity loan work?
Q. I need to know all the details and if it is a good choice. I have payed off my vehicle and credit cards and have none, but I have alot of student loan debt. Our dilema are the student loans. And paying them. I have heard about home equity loans and heard about being tax deductible. How do they work? Do they look bad on your credit? How much can you borrow ? Does it add to the years to pay off your house? We only have eleven years left to pay as it is right now. Just wondering what is a good option. I even thought that after I graduate and am working that my pay checks can go all to my student loans. I am just looking for some good ideas without having to stress out about debt and bills and such. We are trying to pay our bills off and so… [cont.]
Asked by newmoon - Mon Mar 19 16:11:58 2007 - - 3 Answers - 2 Comments

A. I'm not sure why you would want to get a home equity loan to pay off student loans. Typically interest rates on student loans are much lower than home equity loans. It is true that you can use interest paid on a home equity loan as a tax deduction, but you can also use interest paid on student loans as a deduction.
Answered by PCL-R - Mon Mar 19 16:25:37 2007

If I consolidate my student loan with a personal loan can I still write off the interest?
Q. I had a federal student loan which I consolidated about 8 years ago to someone who eventually sold that loan to Citibank. I pay about 8.35% in interest. I am considering paying off that student loan with a personal loan where I can get a better interest rate. If I do this will I still be able to write off the interest I pay on my taxes?
Asked by MLE - Wed May 14 21:25:51 2008 - - 1 Answers - 1 Comments

A. Nope. It will no longer be a student loan then. You may be able to consolidate several student loans into another student loan at a better rate, but if you pay it off with a personal loan you'll be left with a non-deductible personal loan.
Answered by Bostonian In MO - Wed May 14 21:30:09 2008

What is a good loan consolidation program for Federal and Private student loans?
Q. I am looking for a good student loan consolidation program that will take on both my Federal and Private student loans from Sallie Mae. If you know of any good ones that you have heard of or used in the past, please leave a description or website so I can look into it. If you are a loan company, don't bother answering the question as I will mark it as Spam. Thanks.
Asked by Gregory - Tue Nov 24 17:11:23 2009 - - 2 Answers - 0 Comments

A. I used direct loan consolidation. It took about 2 months.
Answered by stressedandconfused - Tue Nov 24 17:41:12 2009

Does a student loan and a bank loan affect your credit the same way?
Q. I have one credit card ( revolving credit ) and I have one student loan ( fixed monthly payments ). I want to keep one revolving account and one fixed account. Would a bank loan that pays off the student loan look better as a fixed loan? I guess my question is: Do they both count as fixed loans or is the bank loan a more "authentic" fixed loan?
Asked by videogamer1979 - Wed Aug 29 19:04:29 2007 - - 2 Answers - 2 Comments

A. doesnt matter...they're both 'installment' loans on your credit report. i wouldnt take a bank loan because most likely the interest isnt tax deductible like the student loan. i would advise to have 2-3 credits...2 installment loans...can be student loan, auto loan or other loan...and a MORTGAGE! make sure you keep low balances are on revolving accounts...and you should be go to go.
Answered by Carolinahomerates.com - Wed Aug 29 19:26:26 2007

What student loan company has the lowest interest rate?
Q. I currently have a nelly mae loan(sallie mae) and they are way too high. Whats a good loan company for me to look at for next school year? please only answer if you actually have taken out a loan with the places you recommend.
Asked by Shon - Wed Feb 13 21:49:15 2008 - - 1 Answers - 1 Comments

A. Federal loans are regulated by the government so all the rates are the same no matter what bank you take the loan from. Perkins loans are 5%. Stafford Loans are 6.8% and some of them the government pays the interest while you are in school. I'd stay away from any Private student loans, they are EVIL! Good luck
Answered by Found-1 - Wed Feb 13 22:18:10 2008

How long is the loan process when buying a house?
Q. I found a house, got a loan approved, made an offer, got the inspection done and the loan company had the apprisal done. Now however my mortgage loan officer said my info was with the underwriters and would let me know of the final approval. Could my loan still be denied?
Asked by shell_1004 - Fri Jan 25 15:02:50 2008 - - 6 Answers - 1 Comments

A. Usually it is around a month maybe a little less depending on how busy the market is. Essentially the only thing that could keep you from getting the loan is having the house appraise for less than the selling price. Otherwise you already got approved for the loan in the amount you made the offer for, so that should be an issue. Unless you ran up some debt that through your debt to income ratio out of whack. You should be O.K. Usually it takes a few weeks to get the loan written up and things finalized. Plus when did you specify to close, if you chose to close at the begining of February then that is probably why they aren't done yet. I just locked in my refinance, (which will take less time) I think we'll get that closed in 3 weeks. 15yr… [cont.]
Answered by Ryan M - Fri Jan 25 15:20:41 2008

Would a construction loan be the type of loan for building a new home?
Q. If you wanted to build your own house, would you apply for a construction loan? What are the terms of a construction loan? How hard is it to get one?
Asked by jiggywalker2008 - Wed Feb 18 13:38:13 2009 - - 3 Answers - 1 Comments

A. Yes you want a construction loan and one that can be converted to a permanent loan. Why? During the construction process the builder is entitled to a draw (of money) at predetermined stages. Also, with a construction loan you only pay interest on the money that is drawn. When the home is completed you then need a permanent loan. realtor.sailor
Answered by realtor.sailor - Wed Feb 18 13:44:45 2009

What kind of loan can I get to consolidate private student loans?
Q. I have $100,000 in private student loans from two lenders. The interest rate is over 10%. Is there a way to get another loan to pay this off at a lower interest rate? What kind of debt consolidation program should I consult? Most student loan companies only deal with Federal loans it seems. I keep seeing ads for mortgage loans with low monthly payments-- is there something similar I could get for a personal loan? THANKS!
Asked by bbrrpf - Wed Feb 21 16:54:14 2007 - - 1 Answers - 1 Comments

A. 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.
Answered by marinehacker202 - Wed Feb 21 17:04:04 2007

Is a loan from a relative to purchase property tax deductable?
Q. I am about to ask a relative for a loan to purchase a land parcel for a future home site. I am going to pay back the loan plus interest just as if it were from a financial institution. Is the interest tax deductible? What paperwork would we have to draw up? What forms would be required? Would he/she have to pay income tax on the earnings?
Asked by Michael S - Tue May 27 08:03:29 2008 - - 2 Answers - 2 Comments

A. The interest could be deductible--it depends. If the land is deemed investment property, you may be able to deduct it as investment, assuming you have investment income. If it is to be income-producing property, it would be deductible once rental property were constructed and placed on the rental market. No particular paperwork needed in these instances. If, however, you intend to use this for your personal residence or vacation home, the interest is deductible, again once construction is done. You'll need to have a note and deed of trust recorded at the local register of deeds office for the interest on the loan to qualify for deduction.
Answered by botygy - Tue May 27 08:15:45 2008

Student loans not in repayment or in deferral included in a mortgage loan application as an expense?
Q. Am applying for a mortgage loan and have two school loans already on my credit report but specify one is not in repayment and second is deferred. However, the loan application is requesting all expenses listed on my credit report. Are these loans not in repayment included in my expense ratio?
Asked by Ana C - Sun Sep 16 12:40:04 2007 - - 5 Answers - 1 Comments

A. Student loans that are deferred...need to be deferred for 3yrs in order to take it out of the expense ratio. If not, i would highly recommend that you find the original contract of the student loan. otherwise, the underwriter will use his own calculations of what you will pay...which is USUALLY higher than you will normally pay.
Answered by Carolinahomerates.com - Sun Sep 16 12:49:56 2007

How does subsidized student loan interest work?
Q. I will be taking out a subsidized loan for the first time, and have a question about the interest. If I take out $2,000 at 5% interest and it is deferred until after graduation. If I pay off the loan before it is due, do I have to pay the interest for all the years I have been borrowing the money or just the principle? Can anyone please explain to me how the interest of the sub loan work? Thank you.
Asked by KaySu - Fri Apr 23 22:00:37 2010 - - 3 Answers - 0 Comments

A. A subsidized loan means that the government pays your interest while you are in school. If you pay the loan while you are still in school then you would just be responsible for the principle.
Answered by altaira_3 - Fri Apr 23 22:07:57 2010

What is a spa loan? How do i go about getting a spa loan for school? How do i know a spa loan will suit me?
Q. What is a spa loan? How do i go about getting a spa loan for school? How do i know that a spa loan will be the best choice for me? What will i half to pay back,and how long do i half to pay it back?When can i apply for a spa loan? Is a spa loan like a goverment grant?
Asked by leydi - Wed Apr 1 11:27:37 2009 - - 1 Answers - 1 Comments

A. There are many types of student loans to choose frombut non of them are called spa loans. It's important to find one that is right for your particular situation. The two main types of loans are federal loans and private loans. There are three main types of federal loans: Federal Stafford Loans - These are awarded based on financial need and are regulated by the federal government. They can be obtained from a bank, credit union, or directly from the government. There are three kinds of Federal Stafford Loans to choose from: Subsidized Federal Stafford Loan - This loan is long-term and need-based, with a low-interest rate. The term "subsidized" means that the government will pay the interest on the loan while a student is in school or… [cont.]
Answered by packinrat - Sat Apr 4 01:47:06 2009

Can you get a personal loan to use as your personal contribution on a business loan?
Q. I want to get a personal loan as my 20-40% contribution on a business loan. Can I do that?
Asked by templeofdoom1234 - Sat Apr 18 12:34:22 2009 - - 1 Answers - 1 Comments

A. I highly doubt you can do that The banks will want to see that you have the 20-40% money when you apply. That means you should have gotten the personal loan PRIOR to applying for the business loan The problem with that is that the banks do credit checks. They will see that you've gotten a loan for the same amount you're saying as your contribution. And that could jeopardize your chances of getting the business loan Save up. Or seek out loan from other sources, one that will not be tracked with a credit check -- e.g. families and friends
Answered by imisidro - Wed Apr 22 10:12:38 2009

Should I REFINANCE a construction loan to a permanent loan OR convert to a permanent loan?
Q. It seems that interest rates are much lower for refinancing existing loans, as opposed to new loans. I have a construction loan which doesn't expire for a few months, would it be better to refinance the construction loan to a permanent mortgage or do a construction to permanent conversion loan? Which will get me a lower interest rate?
Asked by Whitney - Tue Oct 13 11:22:29 2009 - - 1 Answers - 0 Comments

A. Generally the lender will lower the rate when you convert and the closing fees will be lower. I'd start with my current lender
Answered by wizjp - Tue Oct 13 11:30:11 2009

How do I go about applying for a small business loan?
Q. -I'm 22 yrs old. ***Am I too young to be approved for a business loan? -I am about $4000 in debt (from medical bills only) but I have small monthly payment plans that I'm keeping up with. ***If you can prove that you are paying your debts off and that they are only medical related---can you still be approved for a small business loan? ***What is the minimum amount they usually give for a small business loan? What is the usual amount? ***When applying for one, do you apply in person, or on paper? Do you have a chance to show your business plans to the bank? Because I want them to know how profitable it will be, and how quickly I'd be able to pay the loan back. Basically what I'm asking in all of this is: Is applying for a small… [cont.]
Asked by MLRatyahoo - Mon Jun 25 09:40:14 2007 - - 2 Answers - 3 Comments

A. Just curious, what kind of business do you plan on opening? Because I'm the same age and looking to open my own business as well, but not sure what I want to do. Thanks.
Answered by kavicarter - Mon Jun 25 09:45:25 2007

How does having a cosigner for a loan affect my credit score?
Q. In doing a consolidation loan it comes to my attention that I may need a cosigner. Will this affect my credit score in any way in regards to the loan, assuming all payments are made as scheduled and the loan is paid off early? For example, would my credit score be better off if I were able to secure the loan without a cosigner?
Asked by the_prairie_prophet - Tue Jul 7 16:38:51 2009 - - 2 Answers - 1 Comments

A. Having a co-signer should have no effect on your score. To get the loan now, they will use your co-signer's credit score to help you get approved. In terms of your score, as long as the loan is paid, your score will improve the same amount no matter if you have a co-signer or not, I believe.
Answered by PoliPino - Tue Jul 7 16:45:26 2009

How can I get a student loan without a cosigner or any credit?
Q. I need a student loan for around $15,000 and everywhere I apply I get denied because I have no credit. Then the application says I need a cosigner in order to qualify, which I dont have. Are there any private loan lenders that can give me a loan without a cosigner and no credit?
Asked by midway456 - Sun Jul 25 21:19:09 2010 - - -2 Answers - 0 Comments

A. No there are no private loan companies that are going to give you a loan with no credit and no cosigner. If you have no credit history, bad credit, or no cosigner the lender has no guarantee that you will pay the money back. So why would they take a chance on you? Your only option is federal stafford loans, but you will not get 15k in one lump sum.
Answered by missbliss - Sun Jul 25 21:25:26 2010

How can I find the best loan option in order to refinance our home?
Q. We have put an addition onto our house through a personal loan from a family member and want to refinance in order to pay the loan off. I am interested in doing a no doc, or stated, type of loan.
Asked by acaschato - Fri Jun 2 11:56:56 2006 - - 4 Answers - 0 Comments

A. Try Lending Tree on line. You can specify what you are looking for and then the brokers, banks and S & Ls will come to you.
Answered by eskie lover - Fri Jun 2 14:50:46 2006

What kind of loan can I get to help with college and paying rent?
Q. I preferably need a loan that allows me to delay interest payments until after I graduate. I already have a loan for this semester, but I need another for next year. My parents can not co-sign for me, so my last loan wasn't enough to cover the whole year. Also, I don't live on campus so I need a loan that will allow me to use part of the money to help pay my rent. I've looked at a few loans that only allow you to use the money for 'educational purposes' so I'm not sure if living expenses off campus count. I do work part time, but it is simply not enough to cover everything. Any advice would be great. I'm really in a tough spot.
Asked by Eloisea - Fri Feb 23 01:31:30 2007 - - 4 Answers - 0 Comments

A. Start by going to and filling out the online form for federal student aid. After finding out what you are eligible for in terms of subsidized stafford loans, you can figure out if that is enough to finance your tuition and expenses. In most cases, it isn't. If you find that you need more money then you are offered, you may want to try a private student loan. The best thing to do is compare the different private lenders out there, which can be done at Most of the rates are very similar but do a little research and pick one that you think is best. I would suggest Think Financial. The application process is very quick and easy, and the check is sent directly to you so you can use the money for whatever you want. The limits are much… [cont.]
Answered by Geo - Fri Feb 23 16:14:58 2007