If you need student loan help because you are drowning in student loans from college, you’ll find some ideas here. You’ll find a bonus second method right after it with solid tips in case you don’t like the first one. And what with all the federal bailouts, students could use some help, too. Especially those students who borrowed more than they should have. Here you have one of the best, quickest and craziest ways to get rid of that student loan debt or consolidation loan you’ve ever seen. This method won’t necessarily be your first choice, but read on.
Super Fast Student Loan Help Method: Credit Swaps
Many Wall Street high rollers used credit swaps, now you can, too. Get as many credit cards as it takes to payoff your student loans. Don’t charge anything on them! Nothing! Until you have enough to pay for all of your student loans. Once you have enough, take out cash advances on your cards or just use the little checks they send you. Pay off your student loans as fast as you can get cash advances. You have to do it all at once, or you’ll have more payments, more debt, and more problems. Voila! No student loans! Now you can declare bankruptcy like everybody else.
Possible Flaws in the Method
Perhaps you can see the flaws in this method. First, using a loan to pay off a student loan may not be the best idea. If you don’t get enough new credit, you will definitely have double the loans. Borrowing more money, you have to agree, is probably the worst way to get out of debt you can find. Last, you may have noticed that for this method to work, you have to declare bankruptcy. That will haunt you for years, and who wants to be haunted? Okay, not the best way to get student loan debt help. Let’s consider some other options.
More Options
If you are like most people, you have between $10,000-$30,000 of student loans. About $19,000-20,000 is average, by the way. You could look at it like a car loan, but instead of a car, you have a cool, sleek diploma.
- If you have a great job with beau coup extra money, just pay it off.
- You can move to a smaller place, send you extra money to pay down your student loans or consolidation loan.
- You can stop putting money in your 401K or IRA, if you still are, and pay off your student loan. Sounds drastic, to stop contributing, but if you need to pay off a loan, it works.
Paying off loans can really put a crimp in your life. On the other hand, getting rid of one by discharging your student loan feels great and puts on more solid footing.
By: Kevin Ihrig
Posts Tagged ‘Loan Consolidation’
Student Loan Help – One Crazy Way to Pay it Off Fast!
April 15th, 2010Defaulted Student Loan Repayment Leads to Much Distress
April 3rd, 2010
Consolidation is one way to avoid these stringent actions against you and it can in fact help you avoid being sued, having your wages attached and also having your income tax refunds stopped – without any prior warning. What’s worse is the fact that your poor credit score will take an even bigger hit and will nosedive further.
Unless you make concerted efforts to ensure timely defaulted student loan repayment you will find that your eligibility to get a credit card or obtain mortgage loans will become especially difficult. Not ensuring repayment can also lead to high collection costs that can amount to as many as twenty-five percent of the total amount of your student loan.
Fortunately, all is not lost for those who default on their student loans and it is also possible to ensure repayment without much fuss or bother. Consolidation of your student loans is one way to ensure proper repayment. This in fact is the most popular choice in regard to failed student loans and the main reason for such popularity is the lower rate of interest it involves as too the simplicity of paying just one loan as compared to paying back several loans.
Consolidating your student loans does also mean that you will be forced to make three repayments on a monthly basis in order to qualify for the rate through the federal government of your defaulted student loan. Federal loan consolidations are also more popular since the terms offered are more lenient as compared to consolidation of private student loans.
Once you consolidate your loans your lender will agree to pay back the outstanding amounts and will instead issue a fresh consolidated loan that can be paid back with easier terms and conditions. Refinance loans is another option open to those looking for suitable means of effecting repayment. Though this may be a rather more difficult option (considering the fact that you are the defaulter of a student loan) many lenders, after doing due diligence will agree to refinance your loan.
By: Gordon T Brown
Debt Consolidation – Consolidate Your Student Loans Now!
February 4th, 2010
The Federal student loan program has benefited thousands of college students in the forty years since it was introduced. Interest rates for the program have historically been quite competitive, and the program has allowed many people to acquire a college education who otherwise might not have been able to afford one.
At the moment, interest rates on Federal student loans are the lowest in history, but that is about to change. On July 1, 2005, the interest rates on Federal student loans will rise, due to an increase in the price of Treasury, bills, to which the interest rates on student loans are tied.
While an increase in interest rates is seldom viewed as a good thing, knowing about it ahead of can be helpful. Between now and June 30, new graduates or those who have been repaying existing loans can consolidate their student loans at current rates. The rates currently vary, with fixed rates being slightly higher than adjustable rates. Those considering consolidation might wish to convert their loan to a fixed rate. Depending on the amount of the loan, borrowers may extend their loan terms to as long as 30 years.
There is also legislation pending in Congress that would change the Federal loan system so that all future loans are adjustable rate, with no fixed rate option. This will save the government money by not allowing students to lock in long-term loans at low rates during times of increasing interest rates. Students who wish to obtain a fixed rate loan may not have much longer to do so.
Rates will vary slightly from lender to lender, and the market for loan consolidation is quite competitive. Those wishing to consolidate their loans should consider shopping around for the best deal while time permits.
By: Charles Essmeier