Archive for the ‘loans’ Category

I graduated from college last year and am wanting to buy/build a house. I am curious about how likely it is to get approved for home loans when I have around $60,000 in debt from school. Is this even an option for me right now?

It all depends on your Debt to Income ratio. Basically, if you are making $4,000 a month before taxes, a bank will try to make sure that your total payments (student loans, car, and house payments) does not exceed 35% of your pre-tax income. So if your total payments of long term debt would exceed about $1,400, chances are that you will get turned down. Also, a lot of banks are requiring 75% loan to value on properties. So unless you have 25% to place on a down payment, or can obtain a virtually unsecured loan for the downpayment,you might be out of luck at the moment.

This is all assuming you have a excellent credit score of 700+.

I have recently graduated college and am approaching nearly $80,000 in student loans to be repaid. I have found a car I want to buy but no bank will allow me to take out a loan as my debt to credit ration is too high. What are my options? I’m from CT if that helps in finding somewhere?
I realize my debt to credit is high. I need a loan but and do not have time to save up. What are my options?

Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carinsurance.yoll.net

I know about the stafford loans already, but I am asking about a loan concerning more money than that. Are there any reputable companies that offer loans with no interest while in college or something like that. Please Help!

FAFSA.
http://www.fafsa.ed.gov/
quicker and simpler to do it online.
whatever money you have left over from the loan at the end of the semester you get to keep.
you dont have to pay them back.

I’m a student and I get many offers from the government and private companies for subsidized and unsubsidized loans. For those who don’t know, unsubsidized loans are loans where the interest is paid by the government or private company until 6 months after I graduate or become less than a full time student. So it could theoretically be a free loan assuming I repay the principle within those 6 months, therefore avoiding interest.

My question is can I take out these loans and place the principle in high yielding CDs or savings accounts until it is time to pay them back? This way I make money on the interest from the loans, build credit, and won’t have to pay interest. It seems like the government and private companies probably would not want me to do this as I am profitiing from a service that they are hoping to eventually profit from. That’s why I question if it is illegal in some way. Thanks.

You can only get the amount you are eligible for. Unless you have a hidden source of funds you won’t be able to get enough money to do this ridiculus scheme.
This scheme is not illegal per se but…its only illegal if you have to lie to get this money

The Schiff Report Video Blog June 1, 2009

Duration : 0:9:52

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