Tears4Joy
New Member
Cash: $ 0.70
Posts: 3
Joined: 02 Jul 2010
Location: PA
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| Student Loan |
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Not sure what to do,
My Fiance currently has a student loan for nearly $7,750 with rate of 18%. His monthly payment is about $235. Dept to credit ratio is about 77%.
I feel that the 18% is a bit steep. Any ideas on what we could do to lower the interest rate?
I believe he has been with the lender for about a year.
Both of us are young and with no credit cards and no desire to have credit cards.
Any helpful ideas would be nice.
thanks
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Fri Jul 02, 2010 4:01 am |
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Adria.John
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Location: UK
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The biggest advantage is the low interest and small fees that are associated with student loans. When the student enters the repayment period, there will be give many options to select, based on the current financial situation. Some online loans can even be repaid over 30 years. If a financial situation is full of problems, then there is a possibility to suspend the loan for 3 years.
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Fri Jul 02, 2010 10:27 am |
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coaster
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I would suggest finding out first of all whether that interest rate is even legal. All states have what are called "usury laws" which limit the amount of interest that can be charged, with certain exceptions. Find out whether student loans are covered by Pennsylvania's usury laws and if so, what the maximum is for the amount you borrowed. If 18% isn't a crime, it damn well should be.
~Tim~
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Fri Jul 02, 2010 2:57 pm |
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Tears4Joy
New Member
Cash: $ 0.70
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Joined: 02 Jul 2010
Location: PA
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quote:
Originally posted by coaster
I would suggest finding out first of all whether that interest rate is even legal. All states have what are called "usury laws" which limit the amount of interest that can be charged, with certain exceptions. Find out whether student loans are covered by Pennsylvania's usury laws and if so, what the maximum is for the amount you borrowed. If 18% isn't a crime, it damn well should be.
Well the law states 6% in PA. But he got the loan when he was living in FL and it's 18% in FL....  what now.....
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Fri Jul 02, 2010 3:41 pm |
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oldguy
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quote:
what now.....
Fortunately it's $7750, not one of those $50,000 student loans that we often see. Can you get a personal loan at a credit union something in the 8% to 10% range? Or can you qualify for a couple low interest credit cards and move the loan to them? (If you are able to do this, you may want to close them after you get the loans, that locks the interest rate for you). If you have a near-paid-for car, you could refi it and use that money to pay off the SL.
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Sat Jul 03, 2010 9:22 pm |
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C9Consulting
Full Member
Cash: $ 17.65
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Joined: 15 Jan 2010
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Who did he get his student loan from? A student loan with an interest of 18% is very unruly. Are you sure it isn't a regular loan (or payday loan) that he's just using for student purposes?
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Sun Jul 04, 2010 5:51 pm |
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ed2009
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| Re: Student Loan |
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I have consolidated my student loan and my interest rate is now less than 6%. If you only have one loan, you should refinance this loan because this loan can go up so quickly because of the interest rate. You must do this soon before this loan can blow up before your eyes because some of these lenders are shark companies.
quote:
Originally posted by Tears4Joy
Not sure what to do,
My Fiance currently has a student loan for nearly $7,750 with rate of 18%. His monthly payment is about $235. Dept to credit ratio is about 77%.
I feel that the 18% is a bit steep. Any ideas on what we could do to lower the interest rate?
I believe he has been with the lender for about a year.
Both of us are young and with no credit cards and no desire to have credit cards.
Any helpful ideas would be nice.
thanks
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Sun Jul 04, 2010 6:11 pm |
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andrebacher
New Member
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Joined: 03 Jul 2010
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| Re: Student Loan |
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students surely dont heve money.
if they will be helped with acceptable loans, they could have big profits, and help the country with money too.
Kredit billig
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Mon Jul 05, 2010 6:16 pm |
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littleroc02us
Moderator
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Why not work your butt off to get rid of the student loan and quit borrowing money.
Romans 13:8 “Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.”
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Wed Jul 07, 2010 8:26 pm |
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jason_simpson
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Consolidate your Student Loan. By consolidating your student loans, you may end up reducing your current monthly payment because you are likely extending your repayment period. However, that means you would end up paying more over the life of the loan if you continue paying just the required amount each month. But if you're looking for a little payment relief now and are willing to pay more, consolidation could be the answer. Your best bet for federal student loan consolidation is through the Department of Education's Direct Loan Program.
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Mon Jul 19, 2010 9:24 am |
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james.redfield
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Location: Hyannis
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I believe nothing is more helpful for bad credit issues than an IVA. The Individual Voluntary Arrangement is there to help solve serious debt problems and I'm completely for it..
Does anyone have too much debt?
YES, I believe any debt is too much....
Cheers
Read about the way an IVA Application helps you solve credit issues
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Wed Aug 18, 2010 10:46 am |
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jason_simpson
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The best option in my opinion would be to consolidate your student loan. Shop around to find a consolidation package that will offer you the lowest locked in interest rate. This not only saves you money by reducing your interest, but often lowers your monthly payments.
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Sat Aug 21, 2010 5:54 am |
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iwillguide
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Joined: 09 Jun 2009
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| student loan |
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Student loan with high interest or lower interest rates and you can not lower the loan interest rates.choose easy right option for repayments
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Sat Aug 21, 2010 9:37 am |
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Ashley Watson
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Location: USA
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| Re: Student Loan |
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quote:
Originally posted by Tears4Joy
Not sure what to do,
My Fiance currently has a student loan for nearly $7,750 with rate of 18%. His monthly payment is about $235. Dept to credit ratio is about 77%.
I feel that the 18% is a bit steep. Any ideas on what we could do to lower the interest rate?
I believe he has been with the lender for about a year.
Both of us are young and with no credit cards and no desire to have credit cards.
Any helpful ideas would be nice.
thanks
For the student loan permanent resident, refugee or protected person (under the Immigration Act 2009).,sign a contract with the government,be enrolled on a Tertiary Education Commission approved course.
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Tue Aug 24, 2010 10:57 am |
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