Did you watch the finale of Survivor a few weeks ago? One of the finalist was a Doctor who told the jury he had over $300 thousand dollars in student loan debt! Yikes…how stupid must you be to rack up massive student loan debt like that! Do you know how long it will take a beginning doctor to pay back a student loan like that? A very long, long time!
Sadly, many college students get their self into such debt. I’m not sure why either. With a little planning, some good student loan advice and just a tad bit of work ethic, you can minimize your student loan debt while in college.
But it does no good to keep your student loan debt low if your other debts go through the roof. One of the best things you could do as a student is to cut up your credit card. Oh..yeah…this will hurt. But it’s the best move, and the smartest one, you could make. No, don’t keep it around for emergencies. You’ll have several emergencies per day if you do.
Also, if you can’t afford it, stop going out all the time. I once spoke with a young lady who constantly complained about having no money and how she could not pay her bills while in College. She then went on to brag how she partied nearly every night and how her and her girlfriends loved to take weekend trips into a major city to shop for clothes!
The problem was, her ‘friends’ were born with Silver Spoons in their mouths and she was not!
Another thing I don’t get are those of you who are going to college and racking up massive debt so you can get out and make $30,000 per year. If you’re going to rack up huge piles of student loan debt, at least make sure you can get a job above the poverty line when you get out!
Student loans for Nurses is a prime example. There are many ways to get a Nursing degree without racking hundreds of thousands of dollars in debt. Heck, if you’re going to pile up that much debt, why not go ahead and become a doctor?
Tagged as:
college debt,
college loans,
nursing loans,
student loan advice,
Student Loans
According to an article on CNN money published today, many people are finding that Obama’s mortgage modification plan has destroyed their credit. People who were told their credit scores would not be harmed are finding their scores have fallen by more than 100 points! So, if you are considering a mortgage modification of any kind, you need to be VERY clear on the impact that it might have on your overall credit score. Do not take someone’s word over the phone that your score will not be impacted!
You can read that article here: Mortage Resuce: Credit Score Killerhttp://upload.wikimedia.org/wikipedia/en/thumb/8/8b/Cnn.svg/75px-Cnn.svg.png
More on mortgage modifications and the current mortgage crises from around the web!
The Meltdown: Surviving Bankruptcy and Mortgage Loan Modification …
Read The Meltdown: Surviving Bankruptcy and Mortgage Loan Modification and other news posted by Denver citizens. Keep in touch with your neighborhood and the rest of the Denver Metro community at YourHub.com. … When the mortgage came due and the checking account wasSTILL empty, we wrote one of those checks thatMasterCard gives you to pay off other credit cards.We held our breath as we stuck the envelope in the mail. We knew it was not a good idea, but surely some …
Securitization Is Back! Investor-Owned Mortgages Have High Re …
Banks will push the Obama administration to expand its mortgage-modification program to allow interest-only periods on reworked loans, seeking to bring more homeowners into the. ….. I was simply suggesting that allowing the foreclosure to go through now will hasten a recovery, and a moratorium on dinging credit score would take the sting out of those losing their homes. And since they need to live somewhere, they can pay rent probably at a lower cash flow burden than …
Credit Impact on FiCO Scores – Loan Modification Forum – LoanSafe.org
I read this the other day and thought the foreclosure ding wasn’t that bad either but what kills your FICO is the foreclosure process. I had a 800+ FICO score when i stopped paying my mortgage (Feb. 09) and by May my AMEX with a 30k …
What is a Loan Modification and Who Qualifies for One? | Zillow …
Whether you call it a loan modification, mortgage modification, restructuring, or workout plan, it’s when a borrower — who is facing great financial hardship and is having difficulty making their mortgage payments — works with their lender to …… The problem with that for me was that I had to have money for a closing and my credit score was low because of late payments. For the loan modification I had to bring everything to the table again but this time there was …
Tagged as:
Credit Score,
Foreclosure,
mortgage,
mortgage modifciation,
obama
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=b92ab96f-a3d9-44b8-9edc-2c465f4ca5c1)
