Students Scramble to Find Student Loans As Fall Semester Draws Near

It’s crunch time for college students trying to secure the money they need for the fall semester. But with lenders continuing to suspend their student loan programs – the count now stands at 131 federal loan lenders and 30 private loan lenders – students may find themselves challenged to locate lenders that are still offering federal or private student loans.

In an attempt to help lenders be able to continue making new federal student loans, the government included a provision in the Ensuring Continued Access to Student Loans Act, signed into law in May, aimed at providing capital for cash-strapped lenders.

Under this legislation, the Department of Education can buy federal college loans from lenders, thereby providing these lenders with the liquidity they need to continue funding new parent and student loans. The law specifically targets lenders who, in the current credit crunch, are unable to find investors in the secondary market willing to purchase their student loan portfolios.

Even with this legislation in place, however, lenders continue to find themselves forced to suspend their student loan programs. As recently as July 28, the Brazos Higher Education Service Corp., the 26th-largest originator of federal student loans in 2007, and the Massachusetts Educational Financing Authority, the largest student loan issuer to Massachusetts residents, both announced that they would no longer be able to provide either new or current borrowers with student loans.

As the suspensions of both federal and private student loan programs keep spreading through all types of lenders – large and small; for-profit and nonprofit; banks, non-banks, and credit unions; state loan agencies and schools-as-lenders – students and their families are finding themselves with fewer borrowing options to get the parent and student loans they need to pay the fall tuition bills that are coming due over these next few weeks.

Two Major Lenders the Latest Casualties of Student Loan Crisis

The Brazos Group, a primarily nonprofit group of higher education lending, servicing, and other financial aid companies, first announced that it would stop offering federal
college loans back in March. In May, however, after the government passed the Ensuring Continued Access to Student Loans Act, Brazos once again began offering federal parent and student loans, saying that the government’s short-term liquidity plan had renewed the organization’s confidence in its ability to continue offering student loans.

But Brazos once again suspended its education lending program late last month, citing continued turmoil in the student loan industry.

Brazos Executive Vice President Ellis Tredway said his organization simply “ran out of time to get everything in place” to issue new student loans for the fall.

The Massachusetts Educational Financing Authority, which issued more than $500 million in college loans to 40,000 Massachusetts college students and their families last year, had already suspended its federal student loan program in April. Now, MEFA has also pulled the plug on its non-federal private loan program, which provided Massachusetts students with fixed-rate private student loans.

“While we continue to pursue every possible option, raising the necessary funds to offer fixed-interest rate private education loans is taking longer than originally projected and has become even more challenging,” said Tom Graf, MEFA’s executive director.

Students Face the Uncertainty of Switching Lenders

With over 8 million students and parents having turned to federal college loans in 2006-07, according to the College Board, the number or families that stand to be affected by the ongoing wave of lender departures this year is not unsubstantial.

Last week, financial aid officers at Texas A&M University – a school with over 54,000 students – heard from seven different lenders warning that they would no longer be able to offer federal student loans, a situation that has made more than a few borrowers uneasy.

Dyneche Duffield, an incoming college student headed to Houston Baptist University, is uncomfortable with the prospect of having to establish a relationship with a new lender other than her local bank, which used to offer student loans.

“I would have much rather taken out a loan there than somewhere where I didn’t know anyone,” Duffield said.

While students like Duffield may still be able to go directly to the Department of Education for their federal college loans or find those remaining lenders who are still offering private student loans (albeit with more stringent credit criteria that are making it harder for students to qualify), the magnitude of the problem within the student loan credit markets and how deeply it has permeated the college loan industry is alarming to many administrators and officials in higher education.

Kathryn Osmond, executive director of student financial services at Wellesley College in Massachusetts, finds the situation with MEFA to be particularly indicative of a long-lasting and serious problem.

Posted in Uncategorized | Comments Off

What Is the Student Loan Consolidation Rate

The student loan consolidation is the merging of several student loans, and is done to save money on interest and for the convenience of one payment instead of several. There are plenty of things you should know about student loan consolidation, and this site provides the information you need to make a decision.

Consolidation Loan – Information
It is very likely that if you went to college is likely to stay with some kind of student loan debt. Each year, borrow, this is a new and unique loan that helps pay for your tuition and living expenses. When all is said and done, however, one of the best ways to save money is through student loan consolidation. In a student loan consolidation you get a loan paid in full.

The student loan consolidation is a mystery to many college students and graduates. The truth is, however, the consolidation loan can save you much money. In addition, you can pay off your debt faster so that your college years are not chasing you in your retirement years. What a relief loan consolidation provides students.

There are many ways you can get a consolidation loan. You can get federal loans, a bank or a private lender, but no matter what you choose to do so; consolidation will have a big effect on getting out of college under their debt. The idea is that it takes only one payment per month, so you can pay your debt off faster and with lower monthly payments than you think normally.

Loan consolidation current students
It is a fact that almost half of all college students graduate with a degree of student loan debt. The average debt of $ 20,000 is focused on. That means an entire population of young people with serious debt and no education on how to deal with it. Most do not know, but the truth is that many of these students are met to consolidate loans and at school.

Despite what many believe, student loan consolidation does not have to wait until after college. In fact, there are many benefits that have been consolidating while you are still in school. Consolidating student loans while in school can lessen the debt before you even start to pay debts. That, however, is only the beginning.

Another advantage of the consolidation of student loan debt while still in school is that you can avoid any increases in interest. In July 2006, interest rates for federal student loans rose sharply. There is nothing that prevents this kind of tours that take place once again. The sooner your debt is consolidated and locked, the less likely victim of a rapid rate of rise.

As with anything, make sure that consolidating student loan debt before you graduate will work for your specific situation. In most cases, however, is a good financial base and move forward. Lightening your debt before he was even paying it is a great benefit. Indeed, it can be the difference in paying their loans off in 10 years or 30 years.

Benefit Credit
Consolidating your student loan debt can do more than just reduce your long-term debt. The fact is that consolidation could help you increase your credit score during the loan. This, in turn, will help you buy a better car, get the house you want, or end up with a lower rate credit card. But how can a debt consolidation student loan can help you increase your credit? Consider some of the measures used by credit rating agencies reporting.

First, further opening the accounts with the lowest score will be, in general. Throughout his student life, which will be held until 8 loans to pay for their education. Each of these is shown as a separate account with its own interest payments and principal. By consolidating, you close the accounts to one account. So instead of 8 open accounts, you have one. This right will not help you qualify.

Second, you will have lower payments after you have consolidated your student loans. When the number of agencies reporting your credit score, they do looking at their minimum monthly payment. Instead of having several payments per month for your student loans, you have a payment that is less than the sum of the payments of age. Again, consolidation helps your score.

As a final point, that improving your debt to credit rationing. When your score is figured, the presentation of reports have companies check your debt to available credit test versus credit used. When you have more credit available, but less used (like when you consolidate student loan debt) after the case of a higher score. So, if for no other reason, consider consolidating to help your credit score.

Beware of traps when you make loan consolidation
As we approach the end of his college career, you have undoubtedly received a number of flyers, mail and e-mail about consolidating your loans. Each company has any reason you should go to them for their consolidation. However, you should be aware that sometimes there are many catches all those promises. Knowledge of the catch can help you prepare to make a wise decision on your consolidation loan. Do not drop the first consolidation of trading that falls into your lap. Carefully consider the options that are delivered to you.

A bonus can be offered is common to all discounts. They will tell you that if you make a series of payments on time, you will receive a discount. The only problem is that to maintain the discount, you have to make timely payments for the loan after that. That may have up to 20 years. A delay in the payment in one day during that time and “discount” is gone.

Another way to get caught in a plus is when you receive the offer of an all in one building. In this loan, the company offers to take in all of its debt, including credit cards, car loans, and any other debt you have. It is tempting to have everything wrapped into one loan, but lose the ability to defer its predecessor or student loans. The loan will no longer be protected as a student loan.

As a final point, be careful with changing your email address or moving. One or two letters misdirected, or worse, the wrong orientation of emails and a lender can make you pay the price. You could lose a discount or paid excessive fees. Therefore, it is unaware of any company that offers strictly to work with you via email.

Know what you get when it comes to consolidation loans
It is important to be familiar with what they are entitled under the Higher Education Act. There are certain advantages for a federal student loan and consolidating it. Note that many lenders offer special advantages consolidation as these that are giving away. They are, in fact, offers to do. Consider some of the most common.

At the same time if you got a letter advertising the beauty is that a company is willing to offer a fixed rate? If you have, not surprisingly. In fact, everyone should offer a fixed rate under the Higher Education Act. This is not a bonus, just what you expect. Do not drop the line that are offering more than they deserve.

Another you might notice is that there will be a credit check. Again, this is not only common but also necessary. All companies that work with the student loan consolidation have to do without a credit check. Knowing what a company is obliged to offer you help in determining if the institution is actually offering a bargain or are misleading, you may believe you are getting a real bargain, more than are required to receive by law.

As a final point, you should never have prepayment penalties. No matter what the company advertises that all their loans without prepayment penalties consolidate. This is nothing special. When you are seeking privileges, then just make sure you are offering something really special.

Myths about consolidation loans
As with any financial matter, there are a lot of misinformation floating around the student loan consolidation. These little myths often keep people from consolidation when, in fact, is best for them. By taking a look at some of the most common myths, you will be able to understand what is true and what is not there.

It is absolutely certain that you will lose your eligibility deferment if consolidating your student loans. By consolidating, in fact, to keep the core deferments can be a great help pay part of the time. Deferrals can be made because in school, go to graduate school, economic hardship, unemployment and to name a few.

Consolidating your student loan is not like this refinancing the house necessarily. Some people worry that if they consolidated from over payments and interest and will end up paying more in the long run. That’s not true. On the one hand, you can pay early with no penalty. Second, get a better rate and can repay all loans under which a fee. The consolidation, if anything, reduce the term loan when it’s all said and done.

As a last point, it is easy to think that consolidation is for those who do not know what they are doing with their loans. It is unclear whether this idea comes from, but is so common that many believe it is and the avoidance of consolidation. The truth is that consolidating your student loans, in most cases, a sound financial move. You save money and reduce the loan period. It’s that simple.

Loan consolidation, as do
The process of getting your student loans consolidated is surprisingly easy. Once you have determined that you use for your consolidation application is only about a page long. Even more exciting is that there are several ways to fill the requests. Take a look at the various options available to you so you can decide which way works best for you.

One option is, of course, do so in person. You can always go to the bank or financial institution that is to consolidate your loan and take care of it. Fill, sign, and he did and in his way. The lender will review your request and contact you with your decision. Whatever, if they live nearby?

Surprisingly, you can complete your application over the phone. It is not really fill you on the phone, but the introduction of information you can go ahead and lock types for consolidation. Once you have done this, it will likely be sent by email or documents for you to finish complete, sign and send back in.

Third, at this time is not surprising that you can complete your application consolidation loan over the Internet. Many lenders have secure websites with the application there to fill. Once they do fit, you get a copy, and all the care within days.

Find your lender
Obviously, before it can consolidate, you need to find a lender with which to organize their consolidation. Fortunately, there is much competition out there, which means two things. This means that companies are easy to find and they are all willing to compete for your business.

The first place to look may be just around the corner or in your mailbox. As we approach the end of school or after the change, about every lender will send you a flyer, email, brochures, catalogs or information about the consolidation of their packages. There is nothing wrong with looking through these free brochures. Many times you will find a good package that way.

Another option, of course, is to talk to your school’s financial aid office. Someone can help you find what you need. What’s more, they have had experience in the area to know what to look for and what to avoid.

As a final point, you can watch online. There are many options available and easy to shop that way. Be sure to contact the places in person or by phone, however, before completing paperwork. That way you can be sure that everything is at maximum and more. It’s a good way to avoid online fraud and only those who seek their harvest information and move on.

As you can see, there are many options to find your company to consolidate student loans. Just make sure you always compare and ask questions. In the end, the best consolidation company is giving you what you want.

Problems with your payment?
No matter what you do with the consolidation, it is possible that your student loan debt can become too high. With only ten years to repay, could end up with fairly high payment, especially if you go to graduate school or even add more years to student work. Stop payments can really put a cramp in your financial situation. There is an answer, however. If loans and payments are too unbearable, you can always expand. You can take the loan and stretch over years in many cases.

Although the standard is 10, your consolidation loan can, in most cases, taken out much longer. You can stretch to 15, 20 or even 30 years. You will earn more interest that way, but with a lower monthly payment, you will have more capital available with which to live your life. You have to decide if you are willing to pay more in interest to make your finances more manageable.

Think of it like this. Would you rather own a home and a new car while paying a little more interest, or if you do not pay their loans off in 10 years, but years pass, in a small apartment with a bad car and not rent available? Most prefer the former over the latter. Therefore, there is no shame in extending the loan if that is what we do.

Posted in Uncategorized | Comments Off

The Benefits Of Using A Real Estate Lawyer When Selling A Home

Real estate transactions usually entail a lot of documentation, negotiation, inspection, deals and others which can be overwhelming to a common person, especially if it is your first time to sell your home. Real agents can be of great help when it comes to some of these concerns.

However, when it comes to legalities and documentation of agreements, it is best to hire a knowledgeable lawyer to oversee these items thoroughly. They can protect your rights as a seller and they can legally represent you in any engagements with prospective buyers should you be unavailable.

These such lawyers can also ensure that home titles are clean and that there are no liens on the property. This will save you on future problems that may arise should these matters not properly reviewed and addressed otherwise. In the case that issues arise on the home, you can be held financially responsible for the details that you missed. Where as if you hire a lawyer, the burden is then placed on him to ensure that everything on the property checks out to be clean.

They will also be responsible in preparing purchase agreements, terms of contract and other legal forms that will need your signature and the buyer’s. Rest assured, all bases will be covered since a legal mind has handled the document.

Chances of getting the favor on negotiations for terms of agreement are also higher when you have a real estate lawyer on your side. He can provide you with sound legal advice on cases such as counter offers that may have tax implications.

These lawyers also play an important role when closing deals, since they will handle transfer of security deposits and insurance certificates. In fact, most closing occurs inside a lawyers’ office. Most people aren’t fully knowledgeable on each of the laws associated with closing a transaction. This is why it is essential to hire a lawyer so that you are protected from all the potential threats that are faced during real estate transactions.

Because of the complicated paper works and transaction involved in these complicated engagements, sellers are often at risk for lawsuits. Having a lawyer will ensure you that these will be handled properly, eliminating all of that risk and removing the burden off your shoulders.

Real estate agents can help you market your home and find the perfect buyer, while lawyers help make your transaction with buyer hassle and worry free.

Posted in Uncategorized | Comments Off

A Real Estate Lawyer Does More Than Assist With Closures

A real estate lawyer also handles disputes that may arise between a landlord and tenant. Wrongful evictions, damage to rental property and accidents on a persons property are other types of cases that a real estate lawyer handles.

If a mortgage company is sold to another party, then a real estate lawyer can assist a person desiring to get a lien released. If a contract is not honored, a real estate lawyer can also help one get out of a signed contract. Cases like this would be if a landlord agrees to a set monthly payment for a set number of years yet tries to increase your lease payments before your lease has expired. A real estate lawyer can either settle the dispute by notifying the landlord that he has to abide by his contract or if you wish to be absolved of the lease then a real estate lawyer can help to remove your contractual obligations.

In cases of divorce, a real estate lawyer should be consulted so that each party gets their equal share of the property assets. If one party wishes to keep the home without selling it to an outside party, the real estate lawyer can draft the documents needed to ensure that one party keeps the home while the other party gets his or her compensation. This usually involves one party paying the other for their share of the home.

If one has purchased a new home and finds that it is damaged in any way or if one has purchased an older home with damage that they were not notified about (such as termite damage), a real estate lawyer is certainly needed to handle these types of cases. A home costs a lot of money and undisclosed damages can become quite expensive. Sometimes they can lead to a home being condemned.

A real estate lawyer can assist a person so that he or she can get his or her money back for the home. In some cases, he can handle the tasks needed to ensure that the selling party pays for any undisclosed damages.

Of course, when it concerns cases of damaged property, one would have to prove that the seller knew of the damage and failed to let the buying party know about it. A real estate lawyer has experience in handling these types of cases and also experience when needing to prove that the seller knew of the damages before a sale.

Another type of case that a real estate lawyer can handle is when disputes arise over insurance claims. If one has insurance against fire damage and their home burns to the ground, a real estate lawyer should be hired if the insurance company refuses to pay just compensation.

A real estate lawyer can negotiate with the insurance company to get his or her client’s fair compensation for not only the market value of their home but also for the contents that were destroyed in the fire if these were covered in the insurance.

Posted in Uncategorized | Comments Off

Find A Real Estate Lawyer – Role Of A Lawyer In Property Sale

If you are selling your property, you must find a real estate lawyer to be equipped with precise legal support to handle legal issues involved in the sale. Buyers appoint their own lawyer, so make sure that you have reinforced your legal position with an experienced and proficient real estate lawyer or attorney. When you are searching for a lawyer, you must check out his profile, cases handled and resolved by him, his credentials, profile of the law firm in which he is practicing and many more factors. The easiest way to look for a best real estate lawyer would be to go through online real estate lawyer sites, rather than looking around in your vicinity. Checking track records and credentials of a lawyer becomes easy task through websites of the law firms and individual legal consultants.

Job Of A Property Seller’s Lawyer

Although there is no distinctive function or job defined for a lawyer taking care of legal issues in the sale of a property, such a lawyer usually performs the following tasks to help you in property sales -

1. He/She will draft and review sales contract

2. Ensure title of the property and the documents pertaining to the property are properly included in the sales

3. Revise mortgage information and re-calculate transaction to ensure that those are correct

4. Revise tax bills related to the property

5. Adjustment of dates for utility costs, condominium costs or municipality costs

6. Assessment of the amount of due refunds, if any

7. Drafting statement for adjustment

8. Drafting transfer deeds

9. Taking care whether their clients are able to deliver title to the buyer, when the sale is closed.

Documentation Asked By A Real Estate Lawyer From His Clients

As a seller, you are required to keep ready some essential documents if are about to find a real estate lawyer. Following are the documents your lawyer would require -

Latest tax bill issued on your property
Last year’s utility bills on property
Mortgage details
One copy of the offer accepted by buyers
Transfer documents on the property since when the property was purchased
Additional relevant records which prove that you are the owner of the relevant property.

Fees Charged By Real Estate Lawyer

As you close a property sale deal, be prepared with some payments. Find a real estate lawyer to take care of these payments, including real estate attorney fees. You must keep aside a portion of your profit for insurance, taxes, liens and assessment, escrow charges or charges for title insurance, inspection fees etc. Your real estate lawyer may charge you commission and transaction fees.

Posted in Uncategorized | Comments Off

Virginia Real Estate Lawyers

Real estate lawyers are lawyers whose practices specialize in cases involving real estate transactions, land disputes, and property claims. These lawyers assist buyers and sellers of real estate and property by answering the questions they have regarding the legal aspects of real estate transactions and by guiding them through the entire process of buying or selling real estate. Virginia real estate lawyers are lawyers who offer their legal services for real estate transactions in the state of Virginia. Most of the real estate lawyers in Virginia provide the entire spectrum of real estate legal services like counseling their clients, summarizing documents, and discussing and finalizing the terms of the contracts or transactions.

If you are planning to engage in a real estate transaction in Virginia, then you need to consult a Virginia real estate lawyer. The lawyer must have experience in all commercial and residential real estate transactions. Expertise is particularly required in matters related to the sale of property, financing and development, construction contracts, and real estate and property investments. Typically, experienced real estate lawyers in Virginia are well aware of their clients’ business concerns and objectives.

Real estate lawyers seek both individuals and companies as their clients. Companies that wish to hire a real estate lawyer have to be careful to ensure that the lawyer is not only faithful to the business objectives but is also a thorough professional who can represent the company in a respectful manner. Companies should also make sure that the real estate lawyer that they select has enough experience and adequate training in handling the kind of transactions that the company normally engages in.

An experienced real estate lawyer would prepare the contracts favoring their client. They would conduct a title search to ensure that no claims exist against the property that is being bought. Such careful handling of cases is warranted to ensure that the deal is completed in a secure and hassle-free manner.

Posted in Uncategorized | Comments Off

Residential Real Estate Lawyer – Do You Really Need One?

Some states require lawyers to participate in residential real estate transactions, especially at closing or settlement. Notice how I said, “some states require…’” not simply that you need a real estate lawyer. The majority of states are known affectionately (by real estate lawyers) as, “non-attorney” states. In those states, conducting real estate closings is not considered the practice of law, so you are not required to have a real estate lawyer. The rest of the country resides in either, “attorney” states or states that have mandated the participation of real estate lawyers either for the entire closing or for some parts of the closing. (The parts where you need a real estate lawyer are usually defined by the clear as mud description, “those instances requiring the use of legal discretion and profound legal knowledge.”) Since choosing the right real estate lawyer can save you a lot of aggravation, you want someone who is:

Licensed and in good standing. Many states have web sites where you can look to see that the real estate lawyer you are considering is both licensed and in good standing.

Experienced. Word of mouth can be the best recommendation. If a friend or relative has been well served and satisfied with a real estate lawyer, chances are you will be also.

Real Estate Savvy. This is a specialized area. Just as every midwife might be capable of handling a simple birth, every lawyer might be capable of handling the so-called simple closing, (in California and other “non-attorney” states, people generally do not even use lawyers for residential transactions.) It would be nice, if at the beginning, you could know if yours will be one of those simple transactions. However, since most of us cannot see into the future, if you decide to hire a lawyer, you’ll want one well versed in real estate law and its peculiarities.

In your area. It is important that the real estate lawyer you hire be familiar with local rules and ordinances as they can have an enormous impact on how smoothly your deal flows.

That you can work with. There is no point in hiring someone you either do not like or do not trust. What good does it do you if you cannot rely on the information she gives you or, just as bad, you cannot stand talking to that person? A real estate transaction is not brain surgery; there are plenty of good real estate lawyers who also have pleasant personalities. You do not want to hire someone that does not play well with others. Your lawyer will be dealing not only with you, but with your buyer. You want someone who will help get the job done while protecting you.

How Can You Tell If Your State Is An “Attorney” State?

The easiest way is to log onto a website, such as [http://www.legalwiz.com/escrow.htm] which has a list. In addition to that, you can call your local bar association, your local title insurer, your local mortgage lender, or your local escrow agent. Using the word “local” is no accident. All real estate is local and all real estate laws are local in the sense of being governed by the state law of the state where the property is located.
If your house is located in an “attorney” state, adding a real estate lawyer to your team is both necessary and prudent. You’re going to have to have one anyway, so you might as well get her or him on the team early.

Do I Need A Real Estate Lawyer In A “Non-Attorney” State?

If the house you want to sell is in one of the majority “non-lawyer” states, you might need a real estate lawyer at some point if things get complicated, but there is no rush. In “non-attorney” states, closings usually take place through escrow. Although the escrow agent does not represent you, they are usually very knowledgeable and they are obligated to follow the directions you outlined when the escrow was set up.

If you do hire a real estate lawyer, she can be your second most valuable player. From advising you on such matters as the contract, disclosures, title, inspection issues, to holding the earnest money and handling the closing.

REMEMBER: Even in “attorney” states, real estate lawyers are not deal makers. Their job is to make sure the contract is properly executed. They may or may not be involved in the actual negotiations.

TIP: In some areas, real estate lawyers make a large chunk of their money from the title company they work with. As the seller, it will be your responsibility to bring down title. Therefore, working with an real estate lawyer who has a relationship with a title company, could be to your benefit.

Posted in Uncategorized | Comments Off