it is uneconomical for them. lots of companies are getting out of the student loan business and others are no longer consolidating. i dont know who is still doing it, hope you get some helpful answers. All I know is Sallie Mae, that is who holds all my loans
Credit Market Deterioration. Uneconomoical. I love our banking terms. Throw in “Negative Growth” to describe “loss” and you too can learn banker speak.
Here’s the deal. A bank looks at basically 3 things to decide if they want to do a loan.
1. Your FICO score. This shows your past history of paying lending institutions money back that you have borrowed from them. 650-700 is typically the starting point of being considered.
2. Your income. If you make more you “theoretically” have a better opportunity to make the payments. But don’t get me wrong, I’ve seen rich people late on bills because they **** their money away on nothing.
3. Lastly, and also very important, What is the collarteral you are borrowing against? Car loan? The bank gets the car if you default. Home loan? The bank gets the home if you default. Student loan? The bank gets the shaft if you default so it is essentially an unsecured loan. Subject to higher rates, and needing better FICO scores.
Now if you own a home you could do a home equity loan to consolodate your bills. Lower rate because of your collarteral.
Hope this helps and good luck Hamlets girlfriend!!!!!!!
January 12th, 2009
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it is uneconomical for them. lots of companies are getting out of the student loan business and others are no longer consolidating. i dont know who is still doing it, hope you get some helpful answers. All I know is Sallie Mae, that is who holds all my loans
Credit Market Deterioration. Uneconomoical. I love our banking terms. Throw in “Negative Growth” to describe “loss” and you too can learn banker speak.
Here’s the deal. A bank looks at basically 3 things to decide if they want to do a loan.
1. Your FICO score. This shows your past history of paying lending institutions money back that you have borrowed from them. 650-700 is typically the starting point of being considered.
2. Your income. If you make more you “theoretically” have a better opportunity to make the payments. But don’t get me wrong, I’ve seen rich people late on bills because they **** their money away on nothing.
3. Lastly, and also very important, What is the collarteral you are borrowing against? Car loan? The bank gets the car if you default. Home loan? The bank gets the home if you default. Student loan? The bank gets the shaft if you default so it is essentially an unsecured loan. Subject to higher rates, and needing better FICO scores.
Now if you own a home you could do a home equity loan to consolodate your bills. Lower rate because of your collarteral.
Hope this helps and good luck Hamlets girlfriend!!!!!!!