Your Questions About Save Loan Program

George asks…

How do I pay defaulted student loans to save my credit?

I am a single mother of three, so even a good income has to be very well budgeted. I have roughly $100,000 in defaulted student loans, so most consolidation and other programs are out of the question for me. I have been asked to pay more than I can afford monthly for these loans. What can I do to both get these paid and save my credit?

John answers:

Unfortunately if you have a Federal Student Loan that is in “Default” status, you will not be able to use your Deferment or Forbearance options until your loan is brought back into good standing. These are programs that may qualify you to hold on your payments for up to three years. I would contact the original Lender of the loan and speak with them first to get a payment plan put into action immediately. Explain your situation to them and they should be able to get some kind of payment plan hammered out that will allow you to get your Student Loan back in good standing.

Your account can be brought back into good standing through a number of ways, one of which is by making six agreed upon monthly payments over a six month period.

Loan Rehabilitation Programs are also available to help you get your Defaulted Student Loans back in good standing, giving you the ability to take out more funds if you decide to go back to school.

For more information on getting your Federal Student Loans out of “Default” status, please visit the source below. If you have any questions, shoot us a message on yahoo at studentaidlending.

Good luck, I hope this helps!

Donna asks…

How can I get a private/alternate student loan with poor credit?

If I need additional money (beside the federal stafford loans) how can I get a loan with a “less than perfect credit rating”. I need actual companies/banks that will make the loan, not advice about saving for college. Please names of banks/web addresses only!!! I am a full time dental student (8-5 daily) and the school requires that we do not work outside jobs because of the intensity of the program. I have no time for work with school and study time required!

John answers:

I was in the same predicament. You will have to have a co-signor in order to obtain a loan while you are not working and be prepared for higher interest while you are in school.

You can get loans from the following…..

Http://www.chasestudentloans.com/

http://www.astrivestudentloans.com/

http://salliemae.com/get_student_loan/get_student_loan.htm

I got my loan from the first, they have the lowest interest. You can get up to 40,000 a year from these companies and they are completely legitimate. I got them from my financial aid counselor at my college.

The above statement that you cannot get a loan while not working is NOT at all true. I haven’t worked since I started school and I DID get a loan and will get another one in January.

Good luck

Laura asks…

Where can I find an Excel sheet to simplify VA loan process?

A friend of mine works for a mortgage company and he has an Excel spread sheet that all he needs to do is fill in the terms of the loan and the sheet automatically displays how much the lender will save over the life of the loan. The sheet has the formulas pre programmed all I need to do is input amounts and APR, etc.

John answers:

How much the lender will save? Do you mean the borrower and you are trying to look at different loan scenarios? Or what?

If you are just trying to look at what you would save in interest over the life of the loan by refinancing?

You can build any kind of formula in Excel, or just google mortgage calculator or amortization schedule.
Bankrate.com is one such website.
Http://www.bankrate.com/calculators.aspx?ec_id=YSM_AG_HV_Amort_YSM_BRM_ky_Standard_k_amortization_schedule

Ken asks…

CAN ANYONE HELP -A CAL-VET-LOAN ? STOP FORECLOASER?

WHO-ANYONE HAVE THE ANSWER?NO HELP FROM CAL.VET HOME LOAN
‘TRYING TO SAVE HOUSE”
VA HOME HAS A PROGRAM(SAVE FORCLOSER)
CAL-VET DOESNT’ —ANYONE HAVE THE ANSWERS?

John answers:

Try this web site for answers and help under the Homeowner Affordability and Stability Plan

http://www.financialstability.gov/
http://www1.va.gov/opa/pressrel/pressrelease.cfm?id=1514

Hope these help.

Betty asks…

Can I take out a $1,700 student loan and use it for both myself and my fiances program expense?

We want to keep our loans down.. we have 2 loans on cars and I have a $2000 loan left on my Sallie Mae account thats still being deferred for 6 more months till I can save up more money to pay for most of the cost(I was going for education, english teacher.)

ANYWAYS besides the point, I want to know if I can apply for a $1,700 student loan to pay for my Real Estate classes and also my fiances CNA class. We are doing these programs to get decent jobs for now so we can save up easier and go back to school later. (she was going for Dentist) so as you can see we need the money and I don’t want to just drop 1700 and I also can’t get a student loan for only $550 which is what the total cost of her CNA class would be.

Anyways, any advice, info or links would be appreciated, I’ve been searching but no real luck. =/

John answers:

You can use your loan money for anything you choose, after your school keeps their part. You’ll have to wait for your refund, however before you can pay your fiancees tuition. There’s no way to set it up to send payment to two schools.

In our area, hospitals and nursing homes offer free CNA training. You might look into it.

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