Loan

Loan
loans
Image by Philip Taylor PT
Loan – Feel free to use this image on your blog, website or other publication. Please give attribution to ‘PT Money’ ptmoney.com Thanks!

Question by Dat_1_Chiq: What Loan company will take over my federal student loans when the loans are in default?
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.

Best answer:

Answer by NotAnyoneYouKnow
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!

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Loans
loans
Image by zingbot
Loan Store in Detroit.

Loan
loans
Image by [Magec]
Mi sobrino Loan, una vez más (y van no se cuantas). Visita fugaz a Fuerteventura, verano 2009 😀

Loan Applications and Interest Rates
loans
Image by Forest2Market
June Loan Applications and Interest Rates, as reported by the Mortgage Bankers Association.

blog.forest2market.com/2011/07/01/housing-market-update-j…

Loaned Executives offer key support to United Way workplace campaigns
loans
Image by United Way of Greater Cincinnati
CINCINNATI (8/8/2012) – Nineteen Loaned Executives (LEs) and their employers or sponsors are helping United Way of Greater Cincinnati during its annual campaign. The effort raises resources to support work that leads to achievement of the Bold Goals for Our Region in the areas of education, income, and health (see www.uwgc.org/boldgoals).

The Loaned Executives came on board in late July and work as extensions of United Way staff, working with volunteers and Employee Campaign Coordinators to establish and run workplace campaigns, develop campaign strategies and broaden the base of community giving.

The participants gain valuable experience in marketing, management, customer service, and strategic planning that can be useful back at their companies and organizations.

The following people are participating in United Way’s 2012 Loaned Executive program:

•Jillian Alig – United Way of Greater Cincinnati (sponsorship)
•Malcolm Bobo – UPS, Inc.
•Anna Coutts – Catholic Health Partners (sponsorship)
•Cheryl Cowan – Macy’s, Inc.
•Dan Curtis – Ohio National Financial Services (sponsorship)
•Aaron Fritz – Deloitte & Touche LLP
•Liz Glaser – Xavier University (sponsorship)
•Raenell Glenn – Ford Motor Company, Sharonville Plant, UAW Local 863
•Jerry Jaspers – GE Aviation, IAM Local 912
•Jennifer Kilby – Macy’s, Inc.
•Sue Kolp – Macy’s, Inc.
•Mona Miliner – Cincinnati Children’s Hospital Medical Center
•Jesse Milligan – Fifth Third Bank
•Oyinkansola “Bukky” Ogunrinde – Mercy Health
•Stu Press – American Red Cross Cincinnati Area Chapter
•Chris Streit – Western & Southern Financial Group
•Regina Troxell – The Christ Hospital
•Venita Valdez – United Way of Greater Cincinnati (sponsorship)
•Jane Wright-Combs – GE Aviation, UAW Local 647

United Way of Greater Cincinnati’s 2012 campaign officially kicks off August 22 with a noon event on Fountain Square. The 2011 campaign raised ,875,000. The campaign supports programs in Hamilton, Clermont and Brown counties and the Middletown area in Ohio; Boone, Campbell, Grant, and Kenton counties in Northern Kentucky; and Dearborn and Ohio counties in Southeastern Indiana. It is a fundraising partnership with the Cincinnati Area Chapter of the American Red Cross. It ends October 26.

(United Way of Greater Cincinnati photo)

Loan Process
loans
Image by IFPRI-IMAGES
Receiving a BRAC loan.

14 Comments on Loan

  1. Photo Processes
    November, 23rd 2012 at 10:19 pm

    Do you know where this photo was taken in Detroit?

  2. zingbot
    November, 23rd 2012 at 11:06 pm

    And I geo-located it.

  3. Photo Processes
    November, 23rd 2012 at 11:31 pm

    thanks :)

  4. j0efr0
    November, 24th 2012 at 12:52 am

    Hey, great photo! I’m using it in a blog post, with credit and link back to this page. mikemikey.com

  5. La Manigua
    November, 24th 2012 at 1:30 am

    Qué guapoooo!!! Qué ojazos tiene el jodio… peligro peligro, cuando sea mayooor… xDD

    La foto, me encantan los colores y sobre todo, como resaltan esos ojazos…

    PD: Próximo sucesor del Valen!!!

  6. [Magec]
    November, 24th 2012 at 1:30 am

    Valentino Rossi completamente xD Gracias por pasarte May!

  7. Collins-photography
    November, 24th 2012 at 1:34 am

    haha fisheyes are great

  8. mIDOmIDOmIDO
    November, 24th 2012 at 2:03 am

    yo quiero ver las otrassss 😀

  9. goblirschrolf
    November, 24th 2012 at 2:50 am

    Well-done Fisheye photo.
    The endless depth of field of those lenses
    was used to good effect.
    A beauty.

  10. Luchotesalazar
    November, 24th 2012 at 3:08 am

    parece que fuera a estornudar, jajaja genial la foto

  11. [Magec]
    November, 24th 2012 at 3:15 am

    gracias a todos por sus comentarios 😀

  12. MhiaSanz
    November, 24th 2012 at 4:07 am

    Me encantaaaaaaaaaaaaaa!!!!!

  13. Fluye La vista
    November, 24th 2012 at 4:33 am

    que divertida hahaha a=)

  14. beut_els_guese
    November, 24th 2012 at 5:27 am

    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.

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