pete421
New Member
Cash: $ 0.65
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Joined: 06 Jun 2006
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| Loan situation |
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I recently withdrew from a university, and was having my tuition payments paid by a 3rd party. The financial aid person told me I would not qualify for stafford or perkins loans, which I figured would be the case.
I owe about 26,000 dollars to this 3rd party, as part of tuition and a stipend they were providing me. I have excellent credit, bought a home last year, and am soon to be married. I estimate I could pay off the amount within 1-2 years without interest. I am wondering what the best loan or line of credit would be to take out. I have applied and been accepted to a couple of private loans, but the interest rate is 9.5%, which is kind of high considering I could pay it off rather fast. I am wondering if anyone has any ideas on the best low interest loan, or line of credit I could get. I have thought about combining my income with my fiance's and taking out a credit card or line of credit if possible.
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Tue Jun 06, 2006 4:23 pm |
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pete421
New Member
Cash: $ 0.65
Posts: 3
Joined: 06 Jun 2006
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You are correct. I am under obligation to pay the amount lended back within 30 days, so I am currently trying to find the best way of doing that without subjecting myself to high interest rates if possible. Thanks for the replies.
Pete
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Tue Jun 06, 2006 5:07 pm |
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kevin
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Joined: 05 Jul 2005
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Depending what you are paying on your first mortgage, I would either go for a refinance @ 6.5% 30 yr. or take out a HELOC @ 8.5%
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Tue Jun 06, 2006 10:39 pm |
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pete421
New Member
Cash: $ 0.65
Posts: 3
Joined: 06 Jun 2006
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| thanks |
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Good thought, but I have an 80/20 loan, and the mortgage is already at 6.125 while my HELOC is 9.125.
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Wed Jun 07, 2006 2:55 am |
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