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loan
Published on April 16, 2008, 10:22 pm |
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student loan
Published on April 16, 2008, 10:22 pm |
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A loan is a type of debt. This article focuses exclusively on monetary loans, although, in practice, any material object might be lent. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower.
The borrower initially does receive an amount of money from the lender, which they pay back, usually but not always in regular installments, to the lender. This service is generally provided at a cost, referred to as interest on the debt. A loan is of the annuity type if the amount paid periodically (for paying off and interest together) is fixed.
A borrower may be subject to certain restrictions known as loan covenants under the terms of the loan.
Acting as a provider of loans is one of the principal tasks for financial institutions. For other institutions, issuing of debt contracts such as bonds is a typical source of funding. Bank loans and credit are one way to increase the money supply.
Legally, a loan is a contractual promise of a debtor to repay a sum of money in exchange for the promise of a creditor to give another sum of money.
Dat_1_Chiq
asked:
"What Loan company will take over my federal student loans when the loans are in default 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.I am at the point where I can't get a federal student loan until I pay this off."
Question posted courtesy of:
NotAnyoneYouKnow replied:
"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!"
beut_els_guese replied:
"Right now it's taking over 9 months of consecutive payments to get out of 'default'. I have no way of knowing which lender is going to take over your loan because quite frankly, student lenders have really clamped down on who they will work with.This can also mean that you could stay in collections until it's paid off.The collection agency will work to find a lender to take your loan back over once you're out of collections.Once you are deemed out of 'default', you can then apply for student financial aid."
StudentLoans replied:
"The U.S. Department of Education or Direct Loans will usually take over defaulted student loans. Yeah, when you default on student loans you cannot take out any additional student loans until those loans in default have been rehabilitated. I would recommend applying for scholarships in the meantime. and Fastweb.com are good resources when trying to find scholarship money. Good luck!"
Dat_1_Chiq
asked:
"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."
Question posted courtesy of:
Found-1 replied:
"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."
Shaha D replied:
"It's not easy to find the best one because each lender has different rules. Maybe you can try to go toit's about student loans information. Try you look at this site. I found at google last weekGood luck"
ali
asked:
"I helped an ex get a motorcycle and now need him to repay me. He needs to take out a loan and repay me or buy the bike from me. His credit is horrible but there has to be places that will still give you a loan. Please help me with advice!"
Question posted courtesy of:
vaneo1 replied:
"How about Gary Coleman with check in cash?"
Wayne W replied:
"Work with the dealer who is selling the bike. They usually can hook you up with a way of securing a loan for a bike. Sometimes even with bad credit."
Tom B replied:
"Who on earth is going to lend money for that? Why don't you suggest he sell it? Motorcycles are not only a loud nuisance, they are usually just a fashion statement rather than a means of transportation. An impractical and expensive luxury item."
jsfnita replied:
"All I can say is, if you own the motorcycle, take it back. If he does, tell him to get a title loan. He can make payments but depends on what he still owes you."
appenzellar replied:
"Most loan companies and bank's won't loan money for an item that is considered a luxury item. A car you can usually get with bad credit because it gets you to work. Motorcycles, Atv's, etc are basically considered man toy's. And yes you can drive a motorcycle to work, but most people don't consider this their primary transportation."
Jak K
asked:
"By home loan I mean a home loan and not a personal property loan like on a trailer home/manufactured home in a trailer court. I qualified for a home loan and I want to keep it cheap, so I want to purchase a piece of land and a manufactured home. Wil this work as a home loan if its on private land?Wow, there is quite the array of scams out there! Why would anyone take out a loan from the internet without talking to someone face to face?"
Question posted courtesy of:
Andrew M
asked:
"My daughter has two very high interest student loans. Her credit won't let her do anything, but I can "refinance" it with me getting the loan using my credit. But is it still a "student" loan that she can deduct. She is making the payments and her name will be also on the loan (ironically, she will co-sign for me). This seems to be some gray area once the loan gets moved around. Just want to make sure the "chain of custody" still makes the new loan interest tax deductable. Hope this made sense and thanks for your help."
Question posted courtesy of:
PepsiLime replied:
"Nope, sorry, but personal loan won't qualify, as you will have nothing in writing to say that it is student loan interest."
mechbasket replied:
"It wasn't that very clear, but from what I understood your co-signing on the loan. She'll pay for the loan's premium and interest. and that's about it ... Remember: Who ever pays the student interest, that person will have the right to deduct those interest payments on their tax return (up 2,500). The only thing that I can figure that will absolutely confirm that you are paying a student loan is that if at the beginning of the tax season, you receive a 1098-E "Student Loan Interest Statement" from your Lender."
Whats my Name replied:
"You post your profile on this webiste and then lenders come to you. I recommend trying"
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