Can I put my student loans on a credit card and then file bankruptcy?
Kiro from Mass. asks: I’m over my head in student loan debt, but have good credit and lots of it. I thought up a plan to put my student loans on my credit cards and then file bankruptcy on the cards. What do you thing? Is this a good idea? It doesn’t bother me a bit that the bankruptcy will be on my credit report for 10 years. I’d rather be out of debt completely and then move to another country and start over. If anyone has ever used this method to get out from under massive credit card and student loan debt, I’d like to hear about it!
Will student loans affect my mortgage applicaton?
Linda R. from Ohio asked: I have $80,000 in several student loans, but since I consolidated all my student loans, the monthly payment is approximately $400. Other than this student loan, I’m debt free. Do mortgage lenders view student loan debt differently than other types of loans? Also, what other factors will they look at when determining my qualifications for a home loan?
What is the best way to pay off both student loans and private student loans?
Kenny N. from Arkansas asked: I used a mixture of Federal and Private Student Loans during college. My grace period ends in about a month. Is there a better way of paying my student loans off rather than paying each separately? There are I believe 3 stafford federal loans and 2 private student loans. Is there some form of consolidation I can do? It’s a real pain to be making 5 student loan payments every month. I’d rather just make one large payment.
Can I use my student loan to pay off my credit card debt?
Monica W asks: I have $3500 in credit card debt. My Mom and Dad are paying for my school, but I have been unable to live on the money I get from them for living expenses. I wish that I had took out another student loan instead of using the credit card.
Is it better to pay off student loans quickly?
Stefani from Philly asks: I’m graduating this June and I’m going to have about $40,000 in student loan debt. I want to pay off my student loans as quickly as I can even if it means sharing a room with someone else. I’m planning to take at least 50% of my pay check to go into repaying the student loans. This will come out to about $1000 per month, which allows me to pay off my loans in about 3 years. I’m normally a saver anyway and I can live cheaply if I have to. I would have just enough money left over for rent and living expenses. My rent would only be about $500 dollars per month. Plus, I have savings right now that would work as my emergency fund just like Dave Ramsey suggest. Is it better to pay off my student loans quickly? My thought is that it would save me on interest even though it would be hard for a few years, but I will be much better off in the long run. Any suggestions?
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