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Can you borrow from the same lender to repay a student loan?


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Answered 2006-12-06 01:33:13

i think you should not borrow the money because how are you going to pay back but if you have a plan to pay back go ahead and borrow

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What happens if you cant reach the student to repay your loan?

If a student is unable to repay a loan, then he or she should first talk to their lender. This will give the person a better chance of reaching an agreement, rather than ignoring the payments and defaulting on the loan.


Do you have to repay a student loan if you are a cosigner and the borrow doesn't pay it because he doesn't want to?

That is the whole idea to co-signing. Another party to collect from if the debtor doesnt/cant pay. You are the insurance policy that the loan will get repaid. AND neither the lender nor the debtor has to pay for that insurance.


Is it possible to get a new mortgage on a mortgage free home without income verification?

That is not likely. The main factor in being approved for a loan is not whether there is debt on the property but whether youcan repay the loan. The lender will verify your income to make certain you have the ability to repay the money they loan to you.That is not likely. The main factor in being approved for a loan is not whether there is debt on the property but whether youcan repay the loan. The lender will verify your income to make certain you have the ability to repay the money they loan to you.That is not likely. The main factor in being approved for a loan is not whether there is debt on the property but whether youcan repay the loan. The lender will verify your income to make certain you have the ability to repay the money they loan to you.That is not likely. The main factor in being approved for a loan is not whether there is debt on the property but whether youcan repay the loan. The lender will verify your income to make certain you have the ability to repay the money they loan to you.


Do you have to repay a federal student loan?

Everyone has to repay the federal student loans. However some people are eligible, dependent on the job that they get after graduation, to have loan forgiveness for a portion of their loan. In that case they will only have to repay the portion of the loan that is not forgiven.


Does a co-signer help with your credit?

No. A co-signer helps you borrow money and helps the lender by promising to pay your loan if you default.No. A co-signer helps you borrow money and helps the lender by promising to pay your loan if you default.No. A co-signer helps you borrow money and helps the lender by promising to pay your loan if you default.No. A co-signer helps you borrow money and helps the lender by promising to pay your loan if you default.


Why do you need a cosigner if you dont have credit?

If you have a bad credit record, that indicates to a lender that you are likely not to repay your loan. If you have no credit record, a lender cannot determine whether you are likely to repay your loan.In either of the above cases, the lender may want you to find someone who has a good credit record that indicates he or she is likely to repay the loan to act as your co-signer. A co-signer becomes equally responsible for repaying the loan with you. If you fail to repay some or all of the loan, the lender can require the co-signer to repay it as if the co-signer had taken out the loan him or herself. (The co-signer can then take action to try to recover the payments from you, but that does not concern the lender.)The co-signer is a person with good credit (or at least better credit than you) to whom the lender can turn for repayment if you fail to repay. Having a co-signer makes the lender more confident that they can get repaid.


How much is the average student loan?

Student loan varies from lender to lender, but on an average it is around 1300 Euro. I took a student loan for my college studies from http://wwwcash.co.ukyou can calculate the loan amount and interest rates there.


What are the qualifications for a private student loan?

A private student loan is like any other private loan. Each private lender will determine what qualifications they require the student to meet before they will lend out their money. Some lenders will want some form of collateral and others will base their decision solely on the student's ability to repay the loan.


What Happens If I Don't Repay My Federal Student Loan?

Many students use federal student loans to pay for their college education. However, some students have a difficult time repaying their student loan debt once they graduate from college. If you borrow money for school, you definitely have to pay it back. If you do not repay your student loan, then you can face serious problems. Read on to learn how a past due federal student loan debt can affect your future.Negative Credit HistoryIf you fail to repay your student loan according to the terms and conditions outlined by the lender, then you will be in default. If you default on a student loan, the lender may report this information to the major credit bureaus (TransUnion, Equifax, and Experian), which can damage your credit history. Having a defaulted student loan on your credit report can make it difficult for you to obtain credit in the future from another lender or financial institution. In addition, a defaulted student loan may remain on your credit history for up to seven years.Collection AgencyIf you default on your federal student loan, the lender may send your account to a collection agency. So, in addition to repaying your student loan debt, you will also be responsible for paying collection fees and possibly other penalties, such as late fees. The collection agency may also report your past due account to the major credit bureaus. Therefore, you will have another negative item appearing on your credit report (one item from the lender and one item from the collection agency).LawsuitThe lender or collection agency may choose to file a lawsuit against you and take you to court for your unpaid student loan debt. If the lender or collection agency wins the lawsuit, they will receive a judgment against you, which may allow them to garnish your wages from your paycheck, or freeze your bank account. In addition, the government can garnish your income tax return, in order to repay your federal student loan debt. Please note that a judgment can appear on your credit report under the public records section. This type of negative information can harm your credit history.No More Financial AssistanceIf you default on your student loan, you will be ineligible to receive any type of federal financial aid in the future to pay for your college education. However, if you repay your federal student loan, (or work out a payment arrangement with the lender) you may qualify for financial aid again in the future.As you can see a defaulted student loan can cause severe consequences for a student. Therefore, it is important to make your student loan payments according on time. If you are having difficulty repaying your federal student loan debt, contact your lender as soon as possible to discuss your repayment options. The lender may adjust your repayment schedule to suit your financial needs. In addition, you may qualify for a deferment or forbearance, which will temporarily suspend your payments for a certain amount of time. Please note that if you qualify for a forbearance, interest will continue to accrue on your student loan during this time period. By all means try to repay your student loan debt in a timely manner.


How do you get loan from biz2credit..?

As with any lender, you must convince them that you don't really need it or can repay it promptly.


What is a direct student loan and how would you apply for one?

It is student loan provided to a student in college. When you apply for finial aid you can also apply for a student loan then, your college will have lender set up.


How does a lender use a credit report?

A lender will request a credit report from one of three credit reporting bureaus. This report will give the lender an idea about how likely you are to repay a loan on time and in full. The better your credit report, the more likely you are to repay the loan in full on time and (in general) the lower an interest rate you will be offered.


Can co-signing a car loan affect your chance to get a student loan?

Only your previous federal loan history affects your ability to get most federal student loans. For private student loans, your debt (including debts you cosigned on) are a factor that would be considered by most lenders in making a credit decision. Your potential lender may ask themself: "If this person had to repay the loan they cosigned on, and all the other debts on their credit report, plus the loan they are asking us to approve, could we expect them to repay based on what we know about their income and credit history?"


What is an agreement between a consumer and lender to borrow money and pay it back in increments called?

loan


What is meant by a mortgage?

A mortgage is a loan with your real estate as security for the loan. If you fail to make regular repayments of the loan the lender can take possession of the real estate and sell it to repay the loan.


What is the difference between demand loan and term loan?

With a demand loan, the lender can ask for the money back at any time. With a term loan, the borrower has a set term to repay the money.


How do you find out how much you owe on a garinshed student loan?

Ask the lender.


Can you get a student loan without applying for fasfa?

If the lender is not interested in student need then a FAFSA can be avoided. If it is a federal loan or grant it can't be avoided.


What is the example of secured loan?

A mortgage is a secured loan. Any loan that has a charge on assets is a secured loan - effectively, if you don't repay it gives the lender the right to take the goods against which the loan was granted.


Can you defer alternative student loan payment if you go into the peace corp?

Only if it's part of the terms of your alternative student loan. Read the loan agreement or ask your lender. There is no law that requires the lender of a private/alternative student loan to offer you that option, and alternative student loans in general have none or very limited deferments other then in-school.


What is the purpose of a student loan calculator?

A student loan calculator's purpose is to estimate the size of your monthly payments when you get a student loan. It will also help you find out how much you will end up paying in interest and how long it will take to completely repay the loan.


What sort of information would you need before setting up an appointment with a Loan Consolidation lender?

Before setting up an appointment with a loan consolidation lender, any information based on the company is required, as some loan consolidation lender offer different services and benefits. For example Halifax offers personal loans from 1,000 British sterling pound to 25,000 British sterling pound and allows a repay over 1 to 7 years. In addition, some loan consolidation lender is for specific groups of people, for example Loan Approval Direct is a student loan consolidator.


If the cosigner on a student loan files bankruptcy is he still liable for the student loan he cosigned?

bankruptcies do not wipe out student loans by federal law, unless you can prove extreme inablilty to repay them


What happens if you get a student loan and then decide not to go to school?

Probably nothing PROVIDED you pay back the loan. It depends upon whether it was a condition of the loan that you DO go to school. In any event, whether or not you go to school, by its very nature it is a student LOAN and not a student GIFT so you must expect to repay it - one way or another. By its very name it is a student LOAN and not a student GIFT. So whether or not you actrually go to school you will have to repay it. What ELSE did you imagine?


Can you use a student loan for a mortgage?

Yes, It can depending on how you explain yourself to the Lender.