A step-by-step guide to repaying your student loans Chicago Sun-Times
Total college debt is close to $60,000. She needs to consolidate. We need your expert advice because there is so much info out there, so many choices, it’s overwhelming to us.The advice below applies to all recent graduates, and I’m assuming that although your daughter graduated in 2009, she at least made arrangements to start repaying her loans. It’s understandable if the burden is too great — especially in these tough economic times.
Repaying student loans is a huge task, and one that should be tackled immediately after graduation, or within the six-month grace period (nine months for Perkins loans).
So here’s a step-by-step for recent grads. And some advice for those who have already started loan payments but find they simply don’t have enough income.
†Step 1. KNOW YOUR LOANS. It sounds simple, but many students have both federal student loans (subsidized and unsubsidized) along with private loans. And their parents may have PLUS loans.
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Debt Consolidation Advice for Those Drowning in Debt!
Posted by: Guest
There are millions of people across the United States who have to deal with the constant problem of not having enough money to pay their bills. They may have debt from student loans, credit cards, mortgage, cars and many other types of debt. However, when it comes down to it, the debt needs to be paid or the company that holds the debt will continue to hound you for a long time to come and your credit score could be severely damaged. That much you know, but what can you do about it?
For some, debt consolidation may be the answer. A first step in debt consolidation is to figure out exactly how much debt you have. Take a look at all of your debt. This means car loans, home loans, boat loans, RV loans, credit cards, gas cards, store cards, home equity loans and student debt. You may even have additional types of debt that do not apply to these categories. Check it out ASAP! You want to be sure that you are covered in case you end up having to pay the debt back.
The second step in debt consolidation is to figure out how you are going to repay the debt. The obvious answer is money and yes, you do need to have money to repay your debt. However, you do not have to have cash in order to repay your debt. First, you need to figure out if you are going to take out a debt consolidation loan to repay all of your debt or if you are simply going to start with your highest interest/highest balance debt. Whatever you decide, make a plan. Draw it out on a piece of paper that will show you how much you have to pay each month. Pay more if you can afford to so that you are living the debt free life as soon as possible.
Some people are able to take out loans on assets that they already have paid off. A good example of this is something like a car or boat that has already been paid for but can be used as collateral for a loan. Most banks do not like giving out large loans without having at least some type of collateral. Depending upon the size of your loan and your credit score, a lender may require you to have collateral available. NEVER use your house as collateral on your debt consolidation loan. While many people are tempted to use the value they have stored up in their house, failure to pay could lead to default. Defaulting on a HELOC can end up causing people to lose their homes.
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Policy Advice for President Obama (Part One) - TPMCafé Policy Advice for President Obama (Part One) So his "final" plan has been to use the capital to promote consolidation--picking and choosing which favored institutions would get subsidies to take over |
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