Did you know? Student Loans Can follow You to Retirement


Many of our young children go on to college to be educated for a better life than what we’ve had, and during that venture they acquire student loans. These loans are helpful and makes the education seem affordable. Most student loans are government issued loans thru third parties. We as parents are so proud of our children going to college that we co-sign and even go as far as to borrow the money for our children. There are some benefits to having a student loan, for example most student loans do not have to be paid until you finish your education. Student loans are given at a lower interest rate. Some of our children are career students, and the loans just pile up.
With that being said it is important that we understand that Student loans must be paid back, they are funded by the government and they need their money back with interest. So do not place the loan into Deferment , because the interest continues to build and the loan grows you may think it is ok. But as you go on in life the loan lays dormant but not forgotten growing larger every day with interest. You and your child should know the interest rate you are getting when accepting these loans.
If you think you can not pay the loan and bankruptcy is a way out think again because the requirements are straight forward and you will need an attorney to complete the task at hand, and he may not be able to do anything for you. Here is a perfect example of what I am referring to when you hire someone to do a bankruptcy proceeding.
This loan can follow you through life from your working career to retirement and the lender can garnish your Wages (Salary),tax refunds,social security etc…

Not paying back a student loan on time can put you into default and ruin your credit rating. Will not be eligible for any further federal programs and banks and credit institutions will not want to lend you any funds. Remember this is the beginning of your career so be careful on how you conduct yourself in your life be responsible and pay back what you borrow. If you can borrow a straight loan may be a better option in the long run so so some research.

Protect your children’s future

Congress is contemplating the removal of the  Mortgage interest deduction.

Join the cause to protect our future and children’s future. Remember the credit card deduction. oops!! I forgot many of You did not get the moment to enjoy that deduction. So even if you do not own a home now protect this Mortgage deduction for your future. Pass this on to as many people you can


How to Loose a Friend!


Did you know by cosigning for a loan that you are giving someone else your credit worthiness? Think about this, all the years you worked to build up your credit and establish yourself. You trust someone else with these great accomplishments. Not only are

you trusting them with this but you are paying for it as well, your credit to debt ratio will be reduced because the consigned amount is considered to be your debt. You should think why the other person has the problem of obtaining the credit needed. The banks and lenders have done their job and would not take the risk on this individual. Did you know three out of four cosigners end up paying for the loan?

I have heard of many stories where people have cosigned for someone dear to them. Since they have an outstanding loan no further credit would be extended to them, and at times they have had to pay the loan.

Please be sure you can afford to lose good relationships, (friends and family) as well as your money before you cosign.

What I do for a friend.    Where is my friend now?

Now is the time to buy a home view homes on Staten Island.

David Rivera Certified short Sale Agent
Appleseed Homes
2043 Richmond Ave
S.I. NY, 10314
office 718 698-9797
cell 646 251 9618