If you're not a homeowner or you have very poor credit, consider debt relief instead of a mortgage.

1) Type of debt:

Credit Card Debt
Student Loan Debt
Tax Debt
Other Debt

2) What State do you live in?

 
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Loan Requirements


The U.S. Department of Education will make or guarantee more than $65 billion in student loans for 2007. The amount of loan funding available for college is at an all-time high, and there are things you need to do in order to keep your share of that funding.

Get an Early Start
You'll need to reapply for most loans every year, and you should do so early to avoid long lines or slow Web pages. When you're offered a loan, you'll have anywhere from a few weeks to a few months to decide how much you want to accept. Apply as early as January for financial aid funding for the Fall. Keep the password and PIN information you used when you filled out a Free Application for Federal Aid (FAFSA) online.

Know Your Options
Changes in our life can affect both current and future loans. Any of the following can affect your student loan:

  • Student Status: Going from full-time to part-time status can change the amount of loan for which you're eligible and dropping below half time may make you ineligible for some loans.
  • Time Off: Taking time off may affect your loan with both private and Federal lenders.
  • Graduation: You should generally expect to begin paying loans back about six months after you leave school for any reason, regardless of your employment status.

Take Interest
An adjustable rate may initially br low to entice buyers. However, an adjustable interest rate can increase as the market changes. Conversely, a fixed rate loan may start higher than an adjustable rate, but it will not change. If you have an adjustable rate loan, make sure your lender sets a rate change maximum for the course of the loan. If your lender makes no promise about keeping rates reasonable, find a loan that does.

Look Ahead
A loan may go into default if you fail to make payments on time. A defaulted Federal loan may be turned over to a collections agency, or the government may legally take a percentage of your wages every pay period until the loan is repaid in full. You may be able to defer payments if you become a teacher in certain areas or join the military or Peace Corps, but in most situations, you're required to repay your loan regardless of your employment situation.

Keep up on the details of your loan package, and you'll be less likely to be surprised by a missed deadline or a changing interest rate. Educate yourself and keep your loan.