Personal Finance

Financial planning for individuals and families including budgeting, credit management and investing

Asked in Personal Finance, Loans, Student Loans and Financial Aid, Money Management

How can you pay off your student loan if you live overseas?

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Hey, Why dont you go for FAFSA assistance.. they provide good guidance in regards to federal student loan and are legit as well. One of my friend studying at http://www.northclevelandhighschool.com/ applied for loan through their online process and was able to pay it off on time due to the proper guidance they provided him... https://studentaid.ed.gov/sites/default/files/international-students.pdf you can read this out as well for more help.
Asked in Personal Finance, California, New Jersey, Lotteries

How can you remain anonymous after winning the lottery?

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Actually, your best bet is to sign the back of the ticket and put it in a safe place. Then go find yourself a good lawyer and have the attorney set up a trust with a bank. The trust will need a name. Let's name it the " BigWin Trust". Once BigWin Trust is properly set up the lawyer will have one of the bank officers present the winning ticket to the lottery agency and accept the winnings on behalf of the BigWin Trust. This is legal in the states that have Powerball. Not sure about Megamillion states. But, sign the ticket, put it in a safe place, see a lawyer, set up a trust and then keep your mouth shut and no one will ever know. Powerball web sites states the following: "All but five states (DE, KS, MD, ND, OH) have laws that require the lottery to release the name and city of residence to anyone who asks. Other states may offer to assist you in some way, including such things as the creation of trusts. But generally, you will want to hire an attorney to review the laws in your state to see what options you might have. Photos and press conferences are up to you for most, but not all states. Check with your state lottery to see if photos or more are required. Most of the time, it is advisable to get it over with the press so that you don't have one or more reporters following you around to get that "exclusive" interview. Even if the you can keep your identity secret from the press and the public, you will have to be known to the lottery - so they can confirm that you are eligible to play and win."
Asked in Personal Finance, Loans, Student Loans and Financial Aid, Scholarships, Money Management

If you have little or no credit history can you get a student loan without a co-signer?

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* There really is no private lender that will approve you without credit history or a co-signer. The only sure thing is to get a credit card and use it responsibly for a year or two. That is, until the government cleans up it's federal aid system so it works for everyone. * It depends that how good you are in your education how efficient enough you can proof your self to get a loan of any type. Federal students loan and private students loan offers various advantages. You will not need any cosigner if you have good academic record.
Asked in Personal Finance, Loans, Student Loans and Financial Aid, Money Management

How long before outstanding student loans are forgiven?

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It doesn't matter how long you had the loan, you have to pay it back unless you are disabled, a teacher in low-income schools, part of the peace corps, or the school forged your signature. If you have a federal direct student loan you can go on an income-contingent plan that will forgive loans after 25 years in repayment. 25 years is the max---Never default on the loan.Many payment plans out there.Once you default you can never arrange and special payment plans Thanks Casey Mahoney
Asked in Personal Finance, Nigeria, Famous People, Business Magnates

Who is the richest pastor in the world?

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The richest Pastor in the world is the President and Founder of the world's largest Church Building according to the 2008 Guiness Book of Records - Bishop David O.Oyedepo of the Living Faith Church, A.K.A. Winners Chapel, Canaanland, Ota, Nigeria.
Asked in Personal Finance, Loans, Student Loans and Financial Aid, Money Management

If several loans are in default how can you find out who holds the loans and is there a phone number to call?

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A consolidation loan will allow you to get an income sensitive payment that will fit your budget, or you can file for deferment or forbearance. CALL THE DEPARTMENT OF EDUCATIONS LOAN FINDER LINE. THE NUMBER IS 800 621 3115 If they are federal student loans, you can also check the National Student Loan Database (nslds.ed.gov) which is the government's central database of student aid. If you have private student loans, there is no central place that tracks these. Best idea is to check your credit report. You can get a free yearly report at annualcreditreport.com.
Asked in Personal Finance, Loans, Student Loans and Financial Aid, Credit Reports, Money Management, Credit

Do student loans show up on your credit report?

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yes, the private or federally guaranteed student loans will show up on your credit report. If you are delinquent or in default on your loans, you can get help with consolidating the loans at www.defaultms.com The loans will show up on your credit report, even if they are still designated as deferred. You will not owe anything until roughly 6 months after you graduate, and the loan status will change to active once repayment begins.
Asked in Personal Finance, Loans, Student Loans and Financial Aid, Money Management

How can you protect yourself from wage garnishment for a student loan already paid off?

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Provide proof you already paid the loan in full. That means front/back copy of canceled check or paid in full letter from the loan holder.
Asked in Personal Finance, Loans, Student Loans and Financial Aid, Money Management

If you have frightening credit can you still qualify for a student loan?

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Eligibility for Federal Stafford loans are not based on your credit so yes, it is possible to get a student loan even with "frightening" credit. The exception to that is if you have previously defaulted or are significantly past due on a previous student loan. Even in this case, there are options to clear this up pretty quickly, so you may continue your schooling. Finally, most private student loans are credit-based so for those, you will at the very least need a co-signer. Federal loans limits are too low. The "non-credit" based loans like Stafford need to raise their limits to approx. $10,000-$15,000 per year. Then a student has a chance to fully fund their own college tuition at a State College without help from parents. It is every child's right to go to at least a State college of their choice.
Asked in Personal Finance, Credit Reports, Money Management, Credit

What is the Fair Credit Reporting Act?

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Fair Credit Reporting Act The Fair Credit Reporting Act (FCRA), enforced by the Federal Trade Commission, is designed to promote accuracy and ensure the privacy of the information used in consumer credit reports. Recent amendments to the Act expand your rights and place additional requirements on credit reporting agencies (CRAs). Businesses that supply information about you to CRAs and those that use consumer reports also have new responsibilities under the law. Here are some questions consumers commonly ask about consumer reports and CRAs, and their answers: Fair Credit Reporting. (Note that you may have additional rights under state laws. Contact your state Attorney General or local consumer protection agency for more information.) Although the FTC can't act as your lawyer in private disputes, information about your experiences and concerns is vital to the enforcement of the Fair Credit Reporting Act. Send your questions or complaints to: Consumer Response Center � FCRA, Federal Trade Commission, Washington, D.C. 20580 The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or to get free information on consumer issues, visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft and other fraud-related complaints into Consumer Sentinel, a secure, online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad. Here is more advice and input from FAQ Farmers: The Act is overseen by the FTC. Goal to protect consumer rights. Practical applications, for example: how to handle annoying debt collectors, etc.
Asked in Personal Finance, Loans, Personal and Payday Loans, Money Management

Can you extend your payday loan?

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Yes, depending on which state you live in. For most states, payday lenders have put into place mechanisms to extend loans up to the maximum number of times the state allows. When extending a payday loan, keep in mind that you will pay an extension fee (which will be the same as the origination/application fee) that you paid when getting the payday loan in the first place.
Asked in Personal Finance, Credit Reports, Money Management, Credit

What is a credit report?

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Credit Report - If you've ever applied for a credit card, loan, insurance, or a job, there's a file about you. This file contains information on where you work and live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy. Companies that gather and sell this information are called Consumer Reporting Agencies (CRAs). The information CRAs sell about you to creditors, employers, insurers, and other businesses is called a credit report. Banks and other companies use your credit report to assess your credit worthiness. So at times when an individual has been turned down for a loan or credit it is the information held in the credit report which is an issue. In other circumstances, credit reports also also used in getting the capacity of an individual to pay their mortgage credit or any other type of loan. Even when an individual has a poor credit report, he/she can still improve it by paying his/her debts and settling payments and other important credits. Credit report is a snapshot of everything you have ever done in your life that has involved your use of credit. Try to visit Simple Credit Online for more advise.
Asked in Personal Finance, Loans, Student Loans and Financial Aid, Money Management

Can a bankruptcy be opened to include a student loan if the loan wasn't in default at that time?

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It would be a waste of time and money. The higher education amendment act made student loans non dischargable in Banruptcy Court. You would have to prove a major financial hardship to have it considered. It's next to impossible. A consolidation loan will allow you to get an income sensitive payment that will fit your budget, or you can file for deferment or forbearance.
Asked in Personal Finance, Loans, Student Loans and Financial Aid, Money Management

Can a car that you own be repossessed for college loan payments that you owe?

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Any assets you own, including cars, can be seized if they win a judgment against you in court. Since they can garnish wages and offset tax returns without taking you to court, those are the most common methods of collecting. No, they cannot take your car for college loan payments. They can, however, potentially have money taken directly from your pay and/or garnish your tax refunds. Your best bet is to try and resolve your account with the loan company. If you have defaulted, ask them about consolidating or rehabilitating your loan. If you haven't defaulted, there are many lower payment options, deferments and forbearances that may be able to assit you. Regards -Cicily You can get assistance with the consolidation of your loans through www.defaultms.com
Asked in Taxes and Tax Preparation, Personal Finance, Income Taxes, Tax Refunds

How long does it take to get a tax refund if you efile?

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Between 8-15 days if you select direct deposit into a bank account or about 4 weeks if you choose to receive an IRS check. It will be faster if you select a bank product from a tax service firm, however these tend to be extremely expensive and you will have to have decent credit to qualify. You can also get advances on your refund but will have to pay fees.
Asked in Personal Finance, Loans, Student Loans and Financial Aid, Money Management

Why can't a Perkins Loan be collected through administrative wage withholding?

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BECAUSE THEY ARE NOT TITLE IV FEDERAL DEBT - THEY FALL UNDER TITLE XV. SOME STATES WILL INTERCEPT STATE TAXES FOR PERKINS LOANS- BUT FEDERAL TAXES CANNOT BE SIEZED. THEY ARE THE SAME IN THAT THERE IS NO STATUTE OF LIMITATIONS. Edit to add: the University that holds the Perkins loan can assign it to the US Department of Education for collection after default. Once assigned to ED, the loan is a Title IV Debt and can be collected by administrative wage garnishment like any other Federal Student Aid obligation.
Asked in Personal Finance, Business Accounting and Bookkeeping, Budgeting and Forecasting

What are fixed expenses?

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Fixed expenses include rent or mortgage payments, depreciation on fixed assets (such as cars and office equipment), salaries and associated payroll costs, liability and other insurance, utilities, membership dues and subscriptions(which can sometimes be affected by sales volume), and legal and accounting costs. These expenses don't change, regardless of whether a company's revenue goes up or down.
Asked in Personal Finance, Home Equity and Refinancing, Money Management

Can you waive the three day rescission period when you refinance your loan with the same creditor who holds your loan and you do not borrow any additional funds?

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The law varies from location to location. However, in practice: why on Earth would you want to? A recsission period allows you to void the contract, it doesn't require you to; in terms of net effect, the difference between waiving the rescission period and simply not using it is nil. If you've already agreed to waive a rescission period and are now wondering if you can still get out of the contract ... contact a lawyer in your area.
Asked in Personal Finance, Companies, Home-Based Businesses

Is Automatic Wealth Solution a scam or not?

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"Automatic Wealth Solution" kind of says it all. It's a scam. If one had an "Automatic" solution they'd not need to advertise to you, or ask you for money. Money represents human labor, and other things of intrinsic worth that one way or another represent human labor. There is never anything "automatic" about that.
Asked in Personal Finance, Salary and Pay Rates, Ducks, Milwaukee

Who is the richest person in the world 2007?

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Answer Carlos Slim is the richest man in the world as of the end of 2007. He is worth $67.8 billion making him $8.6 billion wealthier than Bill Gates. Carlos Slim is a Mexican businessman who controls the largest cell phone operator in Latin America, America Movil. Slim and Gates have been neck and neck for awhile until there was a surge in the share price of America Movil this year. Answer No if you're thinking bill gates he isn't. The world's richest person would be for a fact Warren Buffet. Answer Hank Sofferin
Asked in Personal Finance, Loans, Money Management

How can your loans be forgiven if they are in default and you are disabled?

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https://www.acs-education.com/bac/FFEL/DefermentQualifications.HTML#Disability There is a Temporary Disability Deferment Request form that you would need to fill out and have a physician sign. This form is available at the URL above. I was in college in 1999. I became disabled with Reflex Sympathatic Distrophy and could not continue school. I am receiving SSI. I filed the papers for the loans(4000) to be forgiven. My doctor filled out his portion. I sent it in and thought that was the end of it. Now every year I get a letter from EDS saying it is still owed. I sent them copies of my disability 3 times. It has become a bad mark on my credit. My SSI is 564 a month, my rent is 530 a month and I am trying to raise my 13 yr old son on this. The best advice I can give is BEFORE you send the letter from your doctor make several copies because each time they sell you student loan / send it to collections, they leave out the fact that you are permanently disabled and you have to go through the whole process of re-filing your disability claim. I was in the same position.When the crediter wrote and called me I informed them of my disability and was referred to another arm of the crediter.They sent my loan back to ED's where you can begin to get your loan totaly removed after being disabled for 3 years. I am not sure how the credters work ,but when they found out my only income was SSI,which they can't touch,it was less than 2 weeks before I heard from ED's.This is a permanent disability.
Asked in Auto Loans and Financing, Personal Finance, Loans, Banking, Small Business Loans, Money Management

What does the loan department do in a bank?

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The Loans department of a bank does the following: 1. Process loan applications from customers 2. Finalize interest rates for loans 3. Approve/Reject & Disburse Loans 4. Monitor Status of Loans 5. Process repayments and identify troubled loans 6. Etc.