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Limit Your Anxiety: Student Loan Consolidaton

by

Jimmy Chuang

Entering the workforce after graduating from a two or four year program, most students find that it can be difficult to pay back student loans in the 10 years that you are given.

Most students during this first 10 years after graduation will get married, have at least one child, have at least one child, most likely buy a house, and even get married.

With outstanding private school and federal loans, managing all of these expenses may be difficult.

One major option is to consolidate student loans, which means borrowing to combine your student loans, pay them off, by only paying one payment on one larger balance with a longer term loan. The option to consolidate student loans is open to most employed graduates or even, in some cases, to students that are still in school but are in some way working to earn an income.

It is very important to compare how the consolidation and your original loans differ based on various interest rates, and it is equally important to consider all of your options.

Advice can be given to help consider and understand both the advantages and disadvantages of consolidating your student loans. This advice can be given by a variety of people including a financial planner, consultant, or ever your personal banker. Generally the biggest advantage to consolidate student loans is that it takes the multiple payments from different lenders you may have a literally pays off these loans, leaving you with one payment to make to the consolidated loan lender. It is safe to assume that you will pay less per payment by consolidating compared to the original multiple payments.

The logical reasoning behind this is that your pay back term is expanded, therefore you pay less per month over a longer period of time. In terms of student loans, the disadvantage lies in the longer term loan which in some circumstances could take up to 30 years to repay. This means that over the life of the consolidated loan you will pay significantly more in interest, which may be a huge dollar amount if you actually make only the required payments.

You can also lower the interest amount by paying more than the minimum monthly payment. However, it is important to distinctly specify that the extra payment is strictly for the loan principal. This will rapidly cut payments off the duration of the loan, especially if you start right when the consolidated student loans are put into place.

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Submitted by: Rony Walker

Not all home loans or mortgages do well. There are several sad reasons for it – job termination, increase in interest rates, ballooning monthly bills, and delayed payments of monthly bills. When your refinance mortgage loan is seeing red, make plans ahead and include your pets in your disaster preparedness plan.

Dogs, Cats, and Alligators?

The rise of foreclosures in Stockton, California has filled pet shelters to the rafters. According to the January AP report, homeowners leave the pets behind. Perhaps they hope that the foreclosing officers find them in time before they breathe their last. Fortunately, nobody has left behind their pet alligators and pythons to scare foreclosing officers out of their wits. At least for now, this is a consolation from the refinance mortgage loan and home loans gone astray.

Not that absconding homeowners are hard-hearted creatures. They’ve got a long list of problems and losing a cherished home to foreclosure can cloud sound judgment and sentiments. When a refinance mortgage loan goes bust, the specter of homelessness can stare mockingly at anyone in the face. With this burden – emotional and financial – pets are forgotten.

If you’re suspecting a call from the mortgage company, take stock of things and be brutally honest of the decisions best for you, your family, and your poor pets. The decision to bring or not to bring the pets along should be discussed with your family. Children have a lot to say about their pets, and enforcing the decision to leave the pets behind can traumatize children and influence the way they look at the world around them. You don’t want to raise heartless adults, do you?

What to Do In a Crazy Time Like This?

This issue is a new phenomenon resulting from the wave of foreclosures happening in the country as thousands have busted their refinance mortgage loan and home loans. But when people are forced to face the wall, they do crazy things like leaving pets behind, dismantling floors, breaking windows, and spraying graffiti on the walls. If they could burn the house, they would, but that’s looking at years behind the slammer.

The only way they could have avoided the embarrassment and pain of losing their homes to foreclosures was paying the monthly bills of their refinance mortgage loan on time. Well, this is easier said than done and times and fortunes are unpredictable.

Here are tips to ease your family and pets for an agonizing transition:

* Discuss the impending disaster with the family and ask for their suggestions for the move.

* If the children want to bring their pets, look for homes that allow pets.

* If things deteriorate, explain to the kids why their pets cannot go with you to the new home.

* Have your pets up for adoption as early as possible before there’s too much competition.

* Call an animal shelter to give temporary board and lodging for your pet/s until things settle down.

* Agree to a humane euthanasia rather than have your pets die a horrible death on the streets or at the garage.

Please Don’t Leave Your Pets Behind

Your pets have given you years of pleasure and loyalty, even your alligator and python. To abandon them is the ultimate act of cruelty to animals. It is a fact that times are difficult now and it costs to feed and maintain pets. To avoid this dilemma, act early when your refinance mortgage loan is going from boom to bust. Search for suitable homes before the rumblings of foreclosure gets into your sphere. Be kind to your pets.

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