There are Other Means of Refinancing a Student Loan
If you need to take hold of your student loan financial picture, try to restructure with a little creativity.
It may be wise to investigate refinancing your loans. Refinancing may significantly reduce your monthly payment burden by stretching your repayment period from the standard 10 years to up to 30 years, depending on how much you owe.
Make sure to organize all your student loan papers together at one place. Once you speak to a loan officer the loan process should be painless and without effect if your well organized.
If refinancing is not option, why not find extra ways to make money and add extra principal payments to your loans. The balances will decline faster and you will pay less interest over the life of the loans.
Consider these more creative ways to make extra money and help pay down those college loans:
Buy and sell used items using eBay or your Craig’s list both found online.
Check out area garage sales or local auctions. Pick up a few dressers or other used house furnishings and refinish them. If you choose to sell on Craigs list, the listing is free and you can sell locally to others in your own area. You also get to have free photos with your listing included with a Craigs list ad. Another option would be your own local newspaper where there may be classified section of the paper where listing your ad would also be free.
If you are artistic, paint a mural. Everybody wants murals these days, on their kids’ room walls and in their houses. Some large paintings as this could bring in as much as $800 for one room. To find out what to charge in your area- check your demographics by doing some mural painting research online.
Have fun being a clown. Yes you can rake in as much as $100 an hour to have fun with children. If you have an eager helper to participate, then you can offer their services as your helper as well. Busy moms always need entertainment for children’s birthdays – clowns, cowboys, princesses or magicians. You could even bring in some cool animals to show the kids. Charge up to $150 per party, and keep in touch for next year or the next child’s birthday or event.
Type or write as a way to make money. Some people need help writing or typing.
This could be a good way to finance school, and a business for later you can work from home.
Here’s an idea you may like – how about directing traffic – car or pedestrian – at sporting events? You can also collect tickets and clean stadium after a sporting event.
Sell baked goods. People love to eat. Have a favorite recipe for muffins or cakes? Bake em’ and wrap em to sell. Try it. This can be fun and rewarding.
Don’t forget the old standby of local area shops needing part time counter help. You can also look first at your own college and see if there is a need for help in the local book store.
If you have books you no longer have use for, try selling them on BN.com, the Barnes and Noble site, or on Amazon. There is also Half.com which is an eBay owned site, or tons of others.
Another avenue if your creative would be Cafepress.com. This site offers a chance to be creative and create a poster, t-shirt, hat, cup or tons of other things and then sell them.
Try this little know idea: earnings sharing. Here you create cool stuff like a great video, music, pictures, an article or other widget, then you put in on these sites and get paid when people look at what you have uploaded.
You can also create a website with adsense ads. Sell advertising or sell your own product (or both). You make money by people looking at ads or by people buying through your site, also called affiliate links. This method of generating does indeed generate cash, but only if you can be patient while you build traffic to your site.
Once the site you create is online with traffic and good information for people to read; you can get real income this way that will last for years. Try to use a top level domain, not a free site.
Lastly try eLance.com. This is where you can freelance your talents. Projects such as typing, writing, translating, researching, programming, designing, website work, and graphic design can all work well at a distance. Its the fun side of generating cash for all your education needs, if you dare to venture down the more creative path.
Discover more ideas and get the latest news on student refinancing by checking out the link provided below.
http://studentloancenterinfo.com
sylvis pimental
http://www.articlesbase.com/college-and-university-articles/there-are-other-means-of-refinancing-a-student-loan-710380.html
Do we have to use 1003 Loan Application when we purchase residential house?
Hi
Year 2006 I purchased house ($625K). I hired mortgage broker and he applied loan for me. BB&T was my lender and loan was approved in 20 days. I put $125K for deposit and got $500K loan. Last year one of my friend told me that BB&T is not a wholesale lender. There must be a loan officer. I was wondering because from the begging to the end I was contacted by my mortgage broker. He was acting like BB&T was a wholesale lender.
I requested full documents from the lender and I reviewed it. When I saw Loan Application I was confused because it was not 1003 Loan Application. It was Bank’s Retail Loan application. I am not sure but I think that retail loan application is for personnel loan, student loan, or home equity loan etc NOT FOR RESIDENTIAL PURCHASE LOAN… * I said I am not sure.
And my loan is-5 years Installment loan- That means I pay $3400 for 59 months and 60th I have to pay about $400K. On settlement day I was out of town and mortgage broker told me that my father could sign the settlement documents if I give him on authorization (Power of attorney). So we did. I believe my father didn’t know what he was signing.
Q.1 They (Lender) don’t have to use 1003 when we apply for residential home loan?
2. Is there any violation that I was not contacted by Bank’s Loan Officer or others from the Bank?
3. What do you think about my loan program?
4. Refinancing is my best solution?
P.S. When I applied loan, mortgage broker got all my information on blank paper. He said “I will fill loan application out for you”.
I called mortgage broker….NO ANSWER
Heard rumor that he went to jail.
Thanks.
Banks don’t use 1003’s, only Mortgage Brokers/Lenders. It seems you have a 5 yr balloon loan. It will be due in five years. You may be able to refi and get a better rate in the current marketplace. You need to check your area for the limits on FNMA or FHA loans.
References :
BB&T must be retail lenders not wholesale lenders. Wholesale lenders would be mortgage brokers who don’t lend money, they just find banks who will. Look at the chart on this link and you can see who does what.
References :
http://www.mtgprofessor.com/A%20-%20Type%20of%20Loan%20Provider/lenders,_brokers_and_loan_officers.htm
Loan officer, mortgage broker, loan originator are the same person….people just use different titles.
Mortgage companies do not fund the loans….they act as the 10cent middlemen out to get as much money out of you as they can. They have to send your loan application(with all the necessary paperwork) to banks or finance companies who will approve you for a the loan.
1. Usually….maybe its could be a new type of loan, they probably did use it but your forgetting.
2. Nope…usually they are lazy about calling especially after the papers are signed….This is why its best to get loans from a local Bank….you can call their supervisors who will make them return calls. At 10cent brokerage firms even Wells Fargo/Wash mutual you have riff raff working for them….they just hire someone who can sell.
3.It sounds like a balloon payment type of loan…if you have saving and plan on paying it off right away great…otherwise you have to refinance or go into forclosure. I personally think its a stupid loan unless you are rich or are buying cheap property.
4. Refinancing will be your only option if you can’t payoff the last(balloon) payment. Again, this is why its best not to do this type of loan. Mtg. brokers know you will have to refinance which means more money in their pockets.
Your post is a little off.
It doesn’t matter if he jotted your info down on the wall as long as the application were filled out properly later.
I guess your needing to refinance that is why you’re calling him?
If so you don’t need him to do so….go to a local bank and ask to speak to someone in the loan dept about refinancing your home.
If you can’t qualify with them(credit/income problems)….then go to another brokerage company that has been in business more than 15-20 yrs in a nice area of town.
I used to be in the business and know how criminal minded and useless they can be.
Get a 30 yr. fixed rate loan…you can pay it off early if you want.
This is what you should have been placed in from the get go.
References :