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girlfriends student loans totalling about $15000??

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My girlfriend has two student loans, totaling about 15000, that have been sent to collection agencies. She is struggling to pay them and I was inquiring about settlement or consolidation for her. Now I noticed by lookng through some topics on this forum, that most debts on here are credit card debts. I was wondering if student loans are any different? Are there differnt interest rates than credit card debts if consolidation was chosen? She hasnt finished yet because of money, but now that they are coming after her she's going to need to pay these debts off before she can go back and finish school. Thanks in advance for any responses. Great forum by the way.




[quote=avelino2180]I was wondering if student loans are any different?[/quote]
Student loans are different from other types of debts, because having student loan means you owe to federal government. Unlike any other loans, student loan has no statute of limitation. So you must pay it.

Federal government provides consolidation loan as well to repay the student loans with reduced monthly installments. Consolidation loan binds all your federal loans under one loan amount and you need to pay one monthly installment towards all your debts.

The interest rate of consolidation loan depends upon all the student loans that you are going to include in the program. It takes the weighted average of the loans rounded up to the nearest 1/8th point. Moreover interest rate is capped at 8.25%; hence it never goes beyond your scope.

Thus student loan and the consolidation process both are different from prevailing loans and other unsecured debts. You have said that your fianc?? is planning to go back to school. Please go through the link below to know some related facts-

http://forums. debtcc.com/forums/backto-school.html

Hope it helps. Please feel free to ask your questions in forums :)

Sub: #1 posted on Wed, 12/21/2005 - 03:53

4u.bryan 4u.bryan

(Posts: 820 | Credits: 217.41)

Fine. What happens in case of a credit card? What will be the interest rate if I consolidate my credit card debts? And what does the term ???weighted average' exactly mean?

Sub: #2 posted on Thu, 12/22/2005 - 01:16

Unregistered


[quote=gf]What happens in case of a credit card? What will be the interest rate if I consolidate my credit card debts?
[/quote]
There are several benefits of credit card debt consolidation that come your way-
  • Principal amount is reduced
  • Rate of interest come down
  • Late fees and other financial charges are eliminated
  • One affordable installment per month for all your debt accounts

If you want to know the exact figure of interest rate after consolidation, then you have to speak with the consultant. To register for a free counseling please enter your contact details in the sign up page of this sie.

[quote=gf]what does the term ???weighted average' exactly mean?[/quote]

It's nothing but the share of each loan and respective interest rates. Click the link below and see how it is calculated exactly???

http://forums.d ebtcc.com/interest-consolloan.html

Let us know if you have any more queries.

Sub: #3 posted on Thu, 12/22/2005 - 01:30

4u.bryan 4u.bryan

(Posts: 820 | Credits: 217.41)

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