Posted by Professor | Posted in Uncategorized | Posted on 16-09-2008
Tags: calculator, home, loan, payday, personal
student loans payment calculator
Qualifying for a Student Loan When Labeled as Bad Credit
If you’re having trouble qualifying for a Student Loan due to your “bad credit status”, there are still certain actions you can take to get approved. First try to get one of the federal student loans available. Be sure to do this properly, meaning, apply for all loans offered by the government, before applying for a Private Student Loan.
A PLUS loan can be suitable for you if your parents have better credit ratings than you and are willing to help you, by taking the responsibility of borrowing the needed money for you.
No Success with Federal Student Loans, Are Private Student Loans OK?
Defaulted federal student loans are one of the main reasons for not getting approved for a federal student loan. Bad Credit is not an issue when it comes to federal loans. The lender assumes that the student will go from high school to college and therefore, could not build a credit history. If you’ve tried and for any reason your loan application was declined, a private loan for a student with bad credit can be the next best solution for you.
Private student loans for students with bad credit ratings will naturally carry higher interest rates than federal student loans or private loans for excellent credit ratings. Using student loan payment calculators will help you compare offers for different online lenders and by choosing a proper student loan repayment plan you might even be surprised of getting an attractive student loan offer.
School is Over, Why Stay Stuck with Bad Credit?
Once you’ve graduated, grace period (lasting up to 9 months depending on the loans you have obtained) will begin. During this time you can start looking for a job and choose your student loan repayment plan. If you have borrowed a minimum of $7,500 in more than one student loan, joining a student loan consolidation program will be beneficial. Not only will you benefit from a fixed, lower monthly interest rate and payment but, consolidating your student loan debt will also improve your bad credit ratings.
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Looking for financial calculator/advice?
I am looking for someone or something to answer this question for me. I have a home mortgage at 5.75% with 28 years on it fixed, and I also have a student loan at 4.125% with 25 years on it fixed. The mortgage is around $200k, and the student loan around $30k. I need to know if it is better to pay off the student loan first, and then use that extra monthly payment to pay off or down the mortgage, or is it better to pay down the mortgage since it is at a higher interest rate. Both payments are tax deductible, and I am in the 28% tax bracket. I have no other debt. I am working on creating a savings account to cover expenses in case of an emergency, and I contribute the max each year to my ira account. I can not get a 401k. I have 2 young children, that I need to start saving for their college, but have not done so yet.
Anyone know of a good calculator that will let me plug in my numbers to see where I can obtain the best results with any extra income? Thank you.
In general, you always want to pay your most expensive debt off first, however, in your case, you have excellent rates on both loans, and you’re not really in a position to be concerned about paying off the debt in a hurry. You have other priorities, so just pay the minimums. The last thing you want to do is tie up money you may need to use for retirement/childrens education in the equity of your home (which does not affect the market value of your home in the least) and then have to resort to a home-equity loan at a higher rate than you are currently paying for the mortgage if you need the money down the road. Additionally, both your rates are low enough that if you invest any money beyond what is required to make the minimum payment, you will come out significantly ahead in the long-term.
As far as saving for the kids for college, you need a knowledgable financial planner to look over your total assets and income to put together some projections. Your income, which you didn’t mention, is what will have the most significant impact on anything you would like to do. Future inheritences can also play a role in long-term planning.