Ask MetaFilter questions tagged with money and loans

Should I study abroad or just take a vacation?

tweedle — Wed, 23 Dec 2009 11:15:35 -0800

Should I study abroad or just take a vacation? I'm a sophomore in college and I have always wanted to study abroad. However, due to being nervous about leaving everything behind for a semester or a year, I've been looking at summer programs, and I figure I can try going abroad out for about a month this upcoming summer then next year I could settle down somewhere a little more.

I've found that right now, the summer program seems ideal. It's a program that visits 6 countries over 35 days in Europe. I get 6 credits that might actually be a hindrance to me (as in, they do absolutely nothing for me in regards to graduating) in subjects I only have a vague interest in. However, I'm sure I would enjoy myself in these classes and learn a lot.

The classes are taught by visiting bunches of museums, etc., and having a professor teach.

However, for me to go on this expenditure, I would need about 8000 or 9000 dollars. I am a college student with a part time job, and I figure by the time the trip rolls around I would probably need to take out a 4000-5000 dollar loan. I haven't really researched vacation packages, but they are certainly cheaper. I think I might be able to afford one of them without taking out a loan, or at least my loan would be significantly less.

Quite honestly, I just want to do this for the experience of seeing the world beyond the US and seeing other cultures. I don't really care about the formal education part... I also have the idea in my head that if I don't travel now, while in college when I have relatively few responsibilities, I might never get to go.

Studying abroad would look good on my resume, right? But is that worth the extra thousands of dollars?

Also, I am fully confident that, assuming nothing terrible happens like losing my job (which is unlikely), I would be able to pay off this loan probably before I graduate. Really the study abroad trip, with food and airfare and the cost of the program, is 7000 dollars but I would feel nervous about having zero dollars in my bank account. Would paying a loan off like that make my credit go up? My credit score is already good, but it can always be better, right?

The study abroad trip seems really cool but I just don't have all that money, and I really want to go now instead of waiting. It is just so much money. My money is just sitting around now, but still I don't want to part with it.

I know that going alone would be the cheapest route but I would rather go with a tour group.

So, is it worth it to study abroad when I don't care about the formal education aspect as much as I care about the experience of going, or should I just find a vacation group and go with them? Advice and anecdotes please!

She works hard for the money...

firei — Sat, 10 Oct 2009 10:05:20 -0800

A friend of mine wants to open a business, and is looking for information on business loans or grants specifically for women. I've been on the SBA and SCORE websites, but haven't been able to find too much info. Everyone always says that there's a lot of financial assistance for women looking to open businesses, but I'm having trouble finding it!

If it helps: I believe she is looking to open a dog grooming/training facility.

Specifics would be awesome, but general links would be alright as well.

Going back to school: how do I make it happen financially?

itsacover — Fri, 10 Jul 2009 23:01:48 -0800

I'm trying to go back to school. I have bad credit, some unpaid debt, and cannot afford any classes without help... Help! After 5 years, I'm going back to school to finish my undergrad. My current career is turning into a bust and I'm terribly unhappy with it, so finishing my degree seems like a good way to open new and enjoyable opportunities. I have roughly a year left on the degree. In an ideal world, I would quit my job and go to school full-time since I cannot do both at the same time (my field of work requires a completely flexible schedule). I also cannot afford to take classes without any help, even a class at a time. My income covers my bills and that's about it. I have credit card debt along with a few other things (around $3000 worth) that I am slowly chipping away.

Basically, I need someone to explain to me a) whether it's a good idea to try and get loans that would not only cover my school expenses, but also living expenses (I would get a part-time job also), b) how I might make that happen as I have never dealt with any sort of loans before (plus the bad credit!), and c) why this seems so difficult and overwhelming.

I am, of course, going to talk to the financial aid department at my school, but I would love personal experiences as well as advice from those smarter with finances.

AskMeFi, what's AmOREtaZeeAtion?

hellogoodbye — Fri, 01 May 2009 23:01:26 -0800

Upon examining my student loan payments, it appears that my "interest amt last payment" numbers sometimes increase, even when I pay the same amount (more than I need to pay) on the same day of the month. What!? I am not a math person, nor one that has been very curious about the actual calculations on accruing interest. Here are what I think are the most important facts in this situation; I know there are many variables, but I'm hoping someone can explain this to me w.o me going into all of them. That said, I'll definitely clarify if it will help accurately answer my question.
I have been paying ~60-90% more per month on my student loans than is necessary, no principal has been added, interest rate is fixed and calculated on the formula "Interest rate x current principal balance ÷ number of days in the year = daily interest". I'm pretty sure the way my loan holders calculate interest has not changed in this time period.

So, why is it that on Feb 2 09 they received my $X00, and $X1.32 of that went to paid interest, but my Mar 2 09 payment of $X00 (exact same amt as last payment) put a higher amt $X6.11 to paid interest. Shouldn't the paid interest go down, while my contribution to the principal go up? Another confusing thing, as implied above, I pay varying amounts above the amt I should each month...but I noticed that particularly when I pay $(X-1)50, the amt of interest paid shoots waaaay up from the rest of the months...even from those where I pay less than that.

When I enter my data into amortization tables assuming I'm overpaying by a consistent amt every month, the interest correspondingly goes down every month...never up, so I have been blissfully assuming that that principle applied to my specific loan situation.

Sorry if I've made this needlessly complicated OR not detailed enough, but please shed some highly informed light on this puzzle!

How to get money to improve home

Anonymous — Mon, 20 Apr 2009 08:02:43 -0800

What are my options for borrowing money for home improvement? My wife and I need to build a new garage and want to add a bathroom to our house. Total expected expense of approximately $60-70k.

We both have excellent credit. We would exceed any credit requirements. I make a good bit of money. We just don't have $70k in a bank somewhere. We have $100k in equity in our house, which is valued at approximately $400k. We have just one mortgage that was refi-ed 4 months ago. Based on neighborhood, we will likely get the money from this project back out (but this isn't our motivation for doing it; I'm just saying that is not a factor).

Well, my wife went and asked Bank of America about it, and her recitation of the conversation boiled down to that there was no way we could get the money right now. She said the banks are not giving out loans for this kind of thing.

That blows my mind. I'm an absolute sure thing. With my income, I could change nothing about my living and pay $1-2k a month that would easily pay off a $70k loan. Why wouldn't someone lend me the money?

So, what are my options to get $70k to fix my house? Or am I not going to be able to get a HELOC or 2nd mortgage or whatever in this economy? If I am working with an architect and a general contractor, are there ways to set up financing like you would with a car if those two don't offer it themselves?

I'd like to know what my options are for borrowing that kind of money; who would be good sources of this; and what types of things can I say or do to convince a lender that there is virtually no risk in lending me money? I'd also like to get a general sense of how the amount factors in to the decision [The garage ($30) has to be done. The bathroom is just a desire].

Various other demographics which might be relevant: live in affluent and stable neighborhood in DFW area of Texas, married, no kids, dual incomes (one substantial, one good), perfectly clean credit, willing to pay premiums to get it done.

I set up a dummy account for any question or leads: moneyborrowquestion@gmail.com

Thank you.

What lender should I pick for my student loans?

amalgamator — Thu, 16 Apr 2009 21:36:15 -0800

Which lender should I use for my government student loans? I have previously attended a direct loan school and thus I had to take out my Stafford and GradPLUS loans through the school directly. I am now going to another school that is FFELP school and I can choose my lender. I was given a preferred list from the school. I remember reading that sometimes the preferred list isn't the best deal around. And that you should shop around. However, I've read that it's getting harder and harder to find great borrower benefits such as waiving loan origination fees.

I found a list of the top 100 lenders. Yet #1 on that list is Sallie Mae which is a terrible company?

Have any of you found a lender that you like with good benefits? Anything else I'm missing?

Please help me reclaim my car.

otis24 — Fri, 20 Feb 2009 19:53:49 -0800

How do I get my car back? It's still in my ex'es name. I've been giving her $$ for insurance and have been making the payments on it since 2003. I live across the country now and she ignores all my requests to do anything about transferring the title/policy, etc. Here's the situation:
Back in 2003, my then girlfriend leased a 2003 Honda Civic for me (this is in CT). The car was in her name because my credit was really bad. This car is and was always intended to be mine (it's a manual; she doesn't even know how to drive stick). I drove the car for several years and I always made the lease payments, as well as the maintenance and insurance payments (which is in her name; I am listed on her plan). When we broke up, around 2005, we never really officially talked about what would happen with the car. I continued to make the payments, sending Honda checks to Honda, and insurance checks to my ex. I have the account numbers, but no access to the account information.

When we knew the lease was about to expire, my ex offered to 'purchase' the car in her name, but I would continue to own/use/pay for it. It had really low miles and seemed like a good deal. We went down and filled out the paperwork, which I have. The insurance policy remained the same; in her name, but I am listed on it.

Six months later, in 2008, I moved across the country, to California. I quickly settled in with a good job and girlfriend. I drive 100 miles/day for work. I never intended to drive this much, but all is good otherwise. However, my car is not registered in CA (it is current in CT). I also do not technically own this car. Nor do I even know how much I owe on it. I am still on good terms with the ex, but she blatantly ignores any and all attempts to get information about the car, or do what it takes to transfer ownership. To be honest, I don't even know what needs to be done, or what my best course of action is. Additionally, this situation has caused a lot of stress and worry between my girlfriend and I over the last year.

What do I need to do to get my car in my name, legally, in California?

Are there any student loan repayment help agencies?

smashingstars — Wed, 17 Sep 2008 15:21:27 -0800

Are there any credit counseling or 3rd party agencies that work with student loan repayments? My husband has a substantial student loan. Health problems hit both of us this year, I'm unable to work, thus we're unable to pay the full $300/month for now and want to lower payments. We have every reason to believe we can go back to $300/month in 12-18 months.

His student loan company is terrible, constantly making errors and they employ completely unhelpful customer service people. They say he's ineligible for any more deferments or forbearances and they claim he's on a graded repayment schedule but it made no difference in payment amount. He offered $200/month payments and they hung up on him.

Is there any kind of third party agency that can help us? I don't even really know what I'm looking for, but a web search isn't revealing anything except government pages threatening those who don't repay.

Or are we just stuck?

Starving Artist seeks funding

whimsicalnymph — Thu, 13 Mar 2008 13:40:06 -0800

How do I pay for grad school? So, I just got accepted to Columbia University for an MFA in fiction. Which is awesome. But I don't have a lot of money. Which is, well, just the way it is.

Do you know any resources for outside fellowships/scholarships that I could apply for?

Ways to get private and government loans?

I already filled out my Fafsa. That is the first step, correct? What next?

Is AllWorldPrivateFunding.com legit?

waytogo! — Sat, 27 Oct 2007 14:02:35 -0800

Has anyone used All World Private Funding to get a loan? And if so, what was your experience?

Which student loan is best?

kakes — Mon, 25 Jun 2007 12:22:08 -0800

I'll be borrowing $22,200 to pay for school. All other things being equal, which loan is best? All three options have a 10-year term. Loan #1: 5.55% fixed rate; 1% principal rebate after 12 months; a second 1% principal rebate after 24 months Loan #2: 5.55% fixed rate; zero payments for the last 6 months Loan #3: 6.55% fixed rate; a 3.3% principal rebate after 33 months I feel confident that I can make all payments on-time for the entire length of the loan.

Apply for a loan to help my credit?

MrBCID — Sat, 23 Jun 2007 21:05:05 -0800

I am in my 20's, have no debt and have no need for a loan; should I get one anyways to help my credit? I have a high credit score, and I pay off my credit cards monthly; but I have never taken out a loan, not even student loans... I worry this will hurt me when the time comes to apply for a car loan, home loan, etc...

What kind of loan should I apply for? I would be able to pay off any loan I apply for, but don't know where to begin... I don't need a car nor am I looking to buy a house; so car/home loans are out... I have only heard of personal loans but don't know if this is the best option...

Whatever loan I decide to get would be placed in a savings account accruing 4.5%...

Any help is will be GREATLY appreciated...

Finding a way out of a tangled web of financial aid

dead_ — Tue, 05 Jun 2007 10:05:20 -0800

I've reached the end of the road for graduate school loans. Well, I was finally accepted to a master's program at my first choice school: Waseda University in Tokyo, Japan. Little did I know that funding my adventure in higher education would prove so ridiculously troublesome and depressing.

My situation is easily summed up as follows: no one wants to give me a loan.

In detail, it goes something like this: I cannot receive any kind of federal loan for graduate school, as my university doesn't admit many American students and as such has no relationship with the Department of Education here in the states--this means that Stafford loans are out of the question. Also, it is an impossibility for the university to get a FAFSA number through the DOE (thus allowing for federal funds) due to the length and intensity of the process and the relatively few American students at the school. I've talked with both the university, and the DOE on that one.

I also seem to have hit a roadblock with private loans. I have found many loans that allow deferred payment and disbursement of funds directly to me, yet during the application process I always encounter the mysterious "eligibility list" of universities they approve or do not approve of--which of course Waseda is not on, excluding me from the loan. After speaking with a few financial aid officers, I realized that these lists are of universities that banks have relationships with so they can determine if the student is still enrolled at full-time (and thus still eligible for the loan). So it looks like private loans are out, too. I've checked hundreds of them, with no luck.

The university itself offers no loans to foreign students, and has no relationships with any US financial institutions.

As for scholarships, I will undoubtedly get them--and have been told as much--however they are not awarded until after matriculation and the initial tuition payments, which I would need a loan to make. I also have no way of knowing how much I'm getting yet.

So what is a foreign-enrolled US citizen to do, with no one to loan him a dollar and his dream school slipping away? That's what I'm asking you.

This has been one of the most disheartening experiences of my life: a long, detailed admissions process fraught with doubt that eventually resulted in the wonderful news of admission to my dream school, and yet now I have no way to finance it--even with the almost certain possibility of scholarship.

Are there any options I haven't tried, or haven't thought of here? Is there anything I can do?

How to sell an upside down car?

farmersckn — Wed, 15 Nov 2006 17:34:53 -0800

I owe more than my car is worth. My monthly auto-expenses are too great. I would be better off with a truck. Advice? Car: 2006 Toyota Corolla S, 24000 miles, 5 year, 100,000 warranty, Kelley Blue Book says its worth $15000 making me $6000 upside down (See Loan).

Loan: $21000 left to go, $390 per month

Insurance: $350 per month, Progressive, must carry full coverage and $500 deductible. So far Progressive is cheapest. Expect insurance to go up in December (see Record)

Record: 1 speeding ticket, 1 small accident, 1 new speeding ticket will hit in December

Discounts: Will turn 23 in July. Was told this would lower my insurance rate.

Desire: 1 pickup truck in decent shape with decent appearance, to be used for handyman/construction work.

Budget: Paying $800 per month for loan payment and insurance. Would like to be less than $500.

Summary: My car is too expensive, I'm upside down on my loan, I don't need this car, I need a truck. I can't afford the monthly expense for this car. I need something cheaper. I can't sell this car because it is upside down and I need to pay off the loan before I can transfer the title (I assume). I've got one month before this car gets more expensive.

Anyone have a suggestion?

Are there student loans for continuing education programs?

scazza — Thu, 13 Apr 2006 11:26:35 -0800

Are there student loans for continuing education programs? There is a music program in Italy that I am trying to attend. I've been accepted, and I am trying to figure out how to pay for it: $2800 for the program, and I'm betting $1200 for the flight. I thought I would have enough money saved up by now, but I don't. I don't have the best credit (it is improving though) so I don't have much faith in a personal loan. I don't even know if I have time for a long application process since the money is due by the middle of May.

I haven't been able to find any information on student loans for those who already have college degrees, and not for grad school. Are there student loans for the in-between programs? I didn't use loans for undergrad so I don't know anything about this world.

So anyone have any suggestions? I really hope that you do. Please, please.

Anyone know any rich benefactors?

MsVader — Wed, 01 Feb 2006 15:09:21 -0800

Help me fulfill my dream of becoming a massage therapist... I've been accepted at a good massage therapy school. It's a 6 month program that keeps me in class from 9:00 am to 4:00 pm every day (Mon-Fri). I'm all ready to quit my job (soulless government bureaucratic hell) and dive in head first. However, I just found out that the financial aid that the school can help me with will only partially cover tuition, leaving a large chunk of it up to me, as well as all of my living expenses (rent, food, gas, etc...).

I wanted to go part-time originally, but it won't work with where my job is located, where the school is located, the scheduled classes, and the hours I can work. So, my only real choice is to go to school full-time, which leaves almost no time in which to get some other job. Any job that I could get (retail) would be minimal pay, hence not solving my problem.

I'm looking at needing at least $16K. What are my options? I'm sure I could try to take out a bank loan, but I can't imagine I'd get a good rate (especially since my credit isn't the greatest). There just have to be some grants that I can apply for, but trying to find anything online has been frustrating and pointless so far. Perhaps there are some avenues to money that I'm not even aware of at this point.

I started the day being on top of the world, and it's all come crashing down after speaking to the financial aid people at the school. I don't know where to turn or what to do.

Help me, MeFites, you're my only hope.

my life is in default

Anonymous — Fri, 30 Dec 2005 11:08:53 -0800

I'm in (defaulted) student-loan hell. I have three lenders. I'm in default with all three. (This is 100% due to terrible decisions and denial on my part. Please feel free to chastise me, but note that I'm well aware of my foolishness).

Recently, one of the lenders tracked me down and I started a rehab program. Then another lender tracked me down, and I started another rehab program. While I was glad to finally be on the road out of hell, my finances couldn't stand the strain. I currently have to borrow money from friends just to pay the monthly rehab fees.

I realized that it was only a matter of time before the third lender found me, and at that point I would be totally screwed. So I took some advice and found a company willing to work with me to get my loans consolidated. I'm in this process now, and once it happens, I will be making one monthly payment that I can afford.

But today, the third lender found me. He left me a message and told me to call back ASAP. I don't know what to do. The consolidation won't go through for 30-60 days. I am totally out of funds. I don't have credit cards. I'm sure I can't get a loan. I don't have anything to sell. If I could just somehow hide out for 60 days, I'd be fine. I'm really scared that if I try this, the lender will garnish my wages, in which case I will not be able to pay the other two lenders, and I will be in double default. Once that happens, I won't be able to consolidate.

Any ideas?

Repairing Credit

Anonymous — Wed, 10 Nov 2004 19:45:33 -0800

How should I repair my bad credit? I'm 26, my income ($53k) exceeds my expenses and I have only $1.5k debt, but I was awful about paying bills on time until the last year or so. Now I'm finding it difficult to secure a car loan. I haven't even gotten a credit report because I'm afraid to look at it. I will probably end up talking to a credit counselor, but I thought I'd ask for advice before I do. College kids, don't wait until the utility bill is yellow to pay it. Trust me.

Cash Advances

BrodieShadeTree — Wed, 01 Sep 2004 15:04:59 -0800

Wow. All of the sudden my small town has been innundated with "cash advance","check into cash" type businesses. There are, at last count 9 new openings here. What is this all about? What are the terms of these places for borrowing money? Any other towns seeing such a boom?

Easy Money Management

jare2003 — Thu, 15 Jan 2004 09:23:28 -0800

I'm a college student, and I was looking for a (cheap) money management software package to manage my loans, credit card, and income from work. Does anyone know of a cheap one that works well? I was looking at Quicken, but that's 80 bucks and seems like overkill.

Student loan problems

filmgeek — Sat, 20 Dec 2003 08:43:27 -0800

Trying to solve a problem for a dear friend from highschool. She's been ignoring her school loans and came to me out of confidence. They were around 22k about six years ago; She doesn't know how to get herself straightened out. A second job isn't an option (based on her first) as the first job pays well (travel), but is being garnished; She needs a way to get them off her back, but not overwhelm her so much that she drowns trying to deal with them.

I'm ok with money, but I just can't figure out what to tell her.

Are there any counselors who specialize in this that I could send her to? If you're shy about this and dealt with this, please feel free to contact me directly by email.