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Loans
Money lent to individuals or businesses in return for interest in addition to repayment of principal. Common types of loans include commercial loans, interbank loans, mortgage loans, and consumer loans.
13,117 Questions
If there's 2 people on the deed and mortgage one files bankruptcy and includes the house?
The person filing BK MUST include all assets (the house) and all liabilites (the mortgage)...must..not an option. How it effects the other owner(s) depend on how they own the property and mortgage on it. Jointly ot In common are the two primary ways. Either way, it will effect you....and it is likely you would have to essentially buy out the others interest to most easily resolve the situation.
How can an International student get a student loan without a cosigner?
It is possible to get student loans without cosigner by an international student, as currently there are various types of loans available for this purpose. International student loans are capable of bearing all the educational expenses related with a student and with a long repayment period.
merit-based
Are congressman's children exempt from paying back student loans?
I think if the children of members of congress want to dabble in arts and crafts they should do so with materials at hand like the rest of us do. The idea that they should even get loans to do collage is ridiculous.
How many years can you take to pay of a student loan?
difficult question. if you join the peace corp or something you may be able to get them waived completely. Usually you just pay back the minimum monthly amount and it is paid off when it is paid off. You may be eligible for a defferment, usually 12 month blocks of time up to 36 months total. Remember the interest is tax deductable so it may make sense to only pay the minimum so it takes a long time to pay it back-meaning you will be paying back less to due inflation.
How do you use a student loan to buy a computer?
additional money not needed to pay tuition and board will be refunded to you by the school, anything you buy that is related to your education in college is allowed expense as far as anyone is concerned. Save the receipt and declare it on your taxes.
Are the children responsible for mortgage payments after the parents have died?
- The parents will have a Will and the 'Estate' meaning the home and any properties which also includes both property and personal taxes along with investments such as a Retirement Funds, etc.; also contents in the house and including vehicles or other items such as boats; farm equipment, etc., is included in the Estate. The Will has to be Probated and the creditors paid off and what is left from that Estate will be divided amongst the heirs listed in the parent's Will. If the Estate is large enough the mortgage will be paid off as well as any other debts and what is left will go to the heirs. The children of the parents if listed in the Will can also sell the house and pay off the mortgage or one or more of the children can take over the mortgage by either living in the house or renting it out.
How can you stop your check from being garnished for student loans or lower the payments?
You can definitely challenge the garnishment if it causes financial hardship to you or your family members. You'll have to be prepared to show proof of your hardship situation. When providing documents they will have to see monthly and annual income and on top of that, you'll have to provide them your household expenses (Bills and such). Remember they will consider cable, time shares, and credit cards as luxury expense so be prepared to show them only your necessities.
Here are the possible outcomes...
1) they will suspend garnishment for 6 months...
2) they will reduce your garnishment amount...
3) they will calculate a voluntary payment amount you could pay
4) They will deny your appeal...
5) they will ask you to make payments on top of the garnishment.
Is there a way to get a private student loan when you have bad credit and no cosigner?
"YES" the answer is yes, technically though, you can and may never get any thing closer than this in terms of cosigning for student with bad credit. The simple fact is that no org. will offer to grant loan to a student with bad or no credit because they are in business to make profit and in this case, repayment is the only way they can continue to get their head above water.
Generally, no. However, you need to consult with an attorney in your area because state laws vary on this topic. There are many factors to consider. If you live in one of the nine community property states you may have an interest in the property IF your husband purchased it after the marriage. Some other states consider it marital property IF the couple gets divorced. If there is no divorce and no community property issue, in some states, such as Massachusetts, your husband is the sole owner of the property. You would acquire an interest only if he died.
How can you protect yourself from wage garnishment for a student loan already paid off?
There are two ways to stop wage garnishment in the US. The first is to enter into an agreement with your student loan collection agency to rehabilitate the loans over a 12 month period. The second and easier route is to consolidate your loans. If you need help with the consolidation of defaulted loans, click on the link at the bottom of this text box.
It's unlikely that you can. If the debt has proceeded to a garnishment then the loan company has a judgment for the debt and has not been able to collect it.
Now they are getting the money and are unlikely to stop the garnishment without another court order (that you would have to get from the court) to do so.
The last two statements are incorrect. A wage garnishment will be lifted by a collection agency if the loan is going to be consolidated by another Federal lender, because the defaulted loan will be paid off with the consolidation.
The short answer is, you can't. You can't get a student loan specifically to pay your child support. You may be able to get a private loan from a bank, but you will have to pay that back eventually as well.
The previous answer was false on every point:
"Actually, child support payments are based on your income. If you are a full time student with no job, you have zero income, so you do not have to pay child support."
Incorrect. Nearly every state has a minimum child support amount. Most states assume that you can earn minimum wage, so your child support will be based on that amount, even if you don't have a job.
"Also, your child support payments after graduation will be based on income after expenses of the student loan, so it should be small. Pay high payments on your student loans and you can justify not having to pay child support, or very little."
Incorrect. Child support payments are based on income, but do not take into account any loan payments at all. Most states calculate a "self-support" amount (the amount required for food and housing) and subtract that from your total income, but they do not subtract car payments, student loans, or any other type of debt. You might be able to get a hardship exception if you can prove to a judge that you can't afford the required child support payment amount.
"You should go to school as long as you can, because the longer you are in school, the fewer years you need to actually pay child support."
Incorrect. You must still pay child support, regardless of school attendance.
"By the way, if you are a woman, you should be receiving the child support, since it is the man that should be paying."
Absolutely false! If the father has full custody of the child, why would he be required to pay child support to the mother?! In every state, the parent who has less than 50% custody of the child owes child support to the parent who has more than 50% custody, regardless of gender.
Does a felony affect financial aid?
The only possible to bar to receiving federal financial aid is if you were convicted of a felony drug charge (possession or sales) WHILE receiving financial aid. Any other felonies, or any drug felonies that did not occur while you were receiving financial aid will not prevent you from receiving federal financial aid. If you were convicted of a drug felony while previously receiving federal financial aid, then you must have completed a drug rehabilitation program in order to restore your eligibility.
Who writes the promissory note?
Your not suppose to just write a promissory note, unless your an attorney whose familiar with the local laws and information required. Thanks to the internet, theirs now a whole industry of lawyers that just prepare legal forms, like promissory note forms, that meet our state's requirements. A good example of what I'm talking about is the website www.LegalFormsBank.Biz - you'll be able to download your state's compliant promissory note form then you can fill it out on your PC and then follow the instructions on how to file it.
Can your wages be garnished for child support and student loans?
FYI....There is a company that helped removed my defaulted student loan garnishment. Contact them at www.asgardfinancial.com .
Educational loans are particularly sensitive when it comes to wage garnishment. Even states that do not allow wage garnishment exempt student loans so to answer your question - yes. Your student loan lender can garnish your wages until the full student loan is paid in full. If you are having trouble paying them off and need to lower payments or some other form of debt relief, there is an ombudsman service from the Federal Student Loan that you can use: http://wagegarnishmentforum.com/index.php?topic=53.0
Yes, they definitely can!
If your defaulted loans are federal, like Stafford, PLUS, or Perkins, then you can get help from Default Management Services, Inc. Use Google to look up the phone #. Ask for Doug
Does it help to have a co signer for an auto loan if you have bad credit?
If you have bed credit, sometimes having a cosigner is the only way you can get an auto loan. The people who lend you the money so you can purchase the car want their money back with interest. If you have bad credit, they may think you will not pay them back. They may think your cosigner does not want his credit ruined and will pay them back. So, while they would not give you an auto loan, they would give you an auto loan with a cosigner who has good credit.
Only the deed matters to establish ownership. You need to check to see whose names are on the deed. The grantees on the deed are the owners of the property. Since you're not married and you are paying the loan off by yourself you should have some agreement in writing that the other person will pay you back at least half of what you have paid. You must keep proof of your payments and they should be made by check, not in cash.
Also, you need to make sure the deed states that you own the property as joint tenants with the right of survivorship. That means if one dies their interest automatically passes to the surviving owner. Otherwise if either dies, their half will go to their heirs at law or by their will.
Can you discharge your second mortgage in Chapter 7 bankruptcy?
A secured debt, that is something like a mortgage which has a claim on property, always has the right to claim the property as payment for that debt. Bankruptcy doesn't change that.
You will not go bankrupt and have a result where you own MORE than you started with, while others are not getting paid.
After world war 2 Europe received large amounts of financial aid because of?
Marshall Plan
After World War II many nations were hugely in debt due to the expenses of funding a war - things such as equipment, vehicles, wages and maintenance, all costs money to upkeep. On top of that, most countries (France, Germany, Poland - UK to a lesser extent) needed severe reparations due to the intense fighting and destruction that occured within. These things combined left the economies of the countries in shambles and unable to let them recover individually, leading the U.S. to lend financial aid in light of the oncoming threat of Communism spreading after the war.
George Marshall
Does North Carolina have a bait and switch law?
Most definitely. Probably called something else but it is most assurely there.
Can you get a student loan with bad credit and no cosigner?
Federal loans (such as the Stafford loan) are not based on your credit history. You will not need a co-signer, or good credit. With private loans there is no way around needing a good credit history.
Here is more input and advice:
- If you're in foster care, talk to the people. There is a program which provides tuition, room and board money to children who were in foster care until they went to college.
- The answer above suggests Stafford loans as a solution. The problem with Federal Government loans like Stafford are that the student with no credit history can not fully fund their tuition with a Stafford loan. Stafford has very low limits (like 2,650.00 in freshman year). As a parent it was my expectation that my daughter would just get student loans on her own to fully pay for her own college without involving her parents. We can not afford to pay her tuition and have never started a college fund as we could not afford it. And now our income is better but we can not afford to pay it without changing our lifestyle. Anyway, I decided to help my daughter by applying for a PLUS Parent loan but was rejected due to bad credit. I was told that she can get additional Fed. Stafford funds up to another $4,000. That helps but she really needs the whole amount of the tuition and room/board. In this case she needs a total of $10,000 per year. Stafford sucks.. they should not cap the amount that can be borrowed. The student should be able to borrow the whole tuition amount without help from parents.
- Its a sad situation; my parents lost their jobs and I have been working free-lance on and off so i have no steady income or credit thus still dependent on my parents somewhat. My parents makes 45,000/per year combined so I filled out a form stating based on my condition i am not able to afford any other loans other than the Government Stafford loan. I only receive a limit and wasn't able to receive any more cause they said my parents income was kind of high even though they aren't working. Come on now such hypocrisy; I filled out a special circumstances form but that would take 2 months, by that time school essentials would need to be met at couple weeks before school start. Only a miracle is needed, and none is presenting themselves. I did couple scholarships but when they are issued out it would be in mid-term, so I guess what other opinions are there? Parent Plus and Signature Loan i cant get that completed cause for one my parents have their own loans to pay off, they have no source of income right now, and finally their credit isn't that great. I explained this to my school but they say i must fill a form out which apparently is gonna take forever to be reviewed. Being a student well I should say being a young American and the seed for the future of this country my options are limited, I'm not saying the government should sponsor every child in its boundaries, but the ones who cant get an alternative loan should able to get the Stafford loan at its maximum because either way you put it we are still going to have to pay back the government money we borrowed with interest.
- FAFSA, is a very good thing to look into. www.fafsa.ed.gov
- As long as you have a co-signer that makes above $19,000/year the question is more based on the student's credit history than anything else. If the child is a ward of the state, then there are other options available and almost any school will have financial aid people that will assist. ANYONE who makes over $19k a year can cosign a loan UP TO THE COST OF ATTENDANCE FOR THAT YEAR MINUS ANY OTHER FINANCIAL AID. The parents credit matters, but not that much. The co-sign part is just so the lending institution knows they can go to the parent if the student defaults on the loan.
- It is impossible to get a student loan without a co-signer even if the co-signer makes over $19,000 as another person as suggested. I was the victim of a scam and my credit got ruined. My Dad has excellent credit but no one will approve a student loan with him as a co-signer because he's only been at his current job for 6 months. My fiance has ok credit and makes almost $40,000 and they wouldn't accept him as a co-signer either. I have applied to every bank and loan company I could find on the internet. I even started calling to find out their minimum credit scores to see if it would even be worth while to apply. I got the same answer each time "we don't give out that information". They all just wanted me to apply and "see" if I will get approved. I told them I know they wouldn't approve me because I've applied to all of them before. (I was able to get some negatives off my credit report and raise the score to 610 but no one will tell me if that's high enough and all want to run my credit again! That will show as an inquiry and cause it to go down even more!!)
- Federal banks offered loan without a cosigner.
- Check out facts & figures about the no cosigner signature loans. Try for this loans when all the options are closed.
- You can have various federal loan grants and also various private student loans lenders are in the market.
What does it mean to have an outstanding loan and be in default?
To have an outstanding loan and be in default means that you have forfeited to make the required repayment instalments on the principal loan. You still owe the loan amount and the relevant interest levels.
How long does it take to get financial aid refund check in New Jersey?
It usually takes about 10-14 working days for the check to come in the mail, but it depends on where the check is coming from. If you are taking classes online and you are in a different state than the school, expect up to 2 weeks, otherwise 10 days max
What are requirements for a Parent Plus Loan?
A Parent PLUS Loan to meet students' education costs is available through both the FFEL and Direct Stafford Program. Parents who have an acceptable credit history can borrow a Parent PLUS Loan to pay the education expenses of a child who is a dependent student enrolled at least half time in an eligible program at an eligible school. Your parents fill out a Parent PLUS Loan application, which is available from your school's financial aid office. To be eligible to receive a Parent PLUS Loan, your parents generally will be required to pass a credit check. A parent cannot be turned down for having no credit history -- only for having an adverse one. If your parents don't pass the credit check, they may still be able to receive a PLUS if someone, such as a relative or friend who is able to pass the credit check, agrees to endorse the loan. An endorser promises to make payments if your parents fail to do so. Your parents may also qualify without passing the credit check if they can demonstrate that extenuating circumstances exist. You and your parents must also meet other general eligibility requirements for federal student financial aid. A parent PLUS is a loan that a parent of a full or part time undergraduate student takes out to assist the student is paying for college. This loan is the parent's not the student's and is subject to credit check like the answer above explained. The borrowing limits for PLUS loans is the cost of attendance minus any aid the student will receive. There is no aggregate limit, meaning a parent can borrow as much as is needed to pay for the student's college education. Interest rates are adjusted every year on July 1st with a cap of 9%. There are commonly three repayment options with PLUS loans including a level payment plan (monthly interest and principal), an interest only plan (pay only the interest while student is in school), and a monthly payment plan based on percentage of income. You choose the plan. PLUS loans have a 10 year term. Loans can be paid off sooner and there is NO prepayment penalty. Repayment begins within 60 days of the loan being fully disbursed for the acedemic year. PLUS loans are eligible for consolidation, but it is important to note that a parent cannot consolidate their children's student loan with their PLUS loan and vice versa. PLUS loans are also eligible for deferments and forbearances. PLUS loans are unsubsidized, which means that the borrower is responsible for the interest that accrues during the deferment period. Any interest paid is tax deductible for taxpayers making less than $50K per year. For more answers, contact the Federal Student Aid Information Center at 1-800-433-3243 (800-4-FED-AID).
What are your rights as a mortgage cosigner?
Co-signing a mortgage doesn't provide any rights. Co-signing creates responsibility. The co-signer is completely responsible for paying the mortgage if the primary borrower fails to pay, even if they don't have any ownership in the property covered by the mortgage. Co-signing is an agreement to take legal responsibility for someone else's debt.
