Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I actually didnt see how this could be so myself when initially told this, but I am guaranteed my student loan debts be paid after 5 years of work with the company up to 50,000 dollars(anything over that I assume you have to continue paying on)which is why most of the girls in my field (coworkers) have chosen to work there. We work in a very low income and dangerous area, and our work day is usually complete hell and always a constant concern for our safety, but with the low wages and the guaranteed student loan payoff after 5 years its worth it to me. After the 5 years we'll obviously get a pay raise thats more on par with other professionals in our field should we continue to work there.
"I wanted to pay more on my student loan but was basically told there's no point in doing so by the student loan program and they told me not to over extend myself and just pay the 60. The credit card minimum payment of 25 is what the credit card company told me would be my minimum payment monthly ( when I have a balance over 25) when I contacted them to find out what it is to factor it into my dti ratio."
Sounds like you have been scammed twice already. No real student loan program would tell someone that "there's no point" in paying more.
Also, if you have say, 40$ on your credit card bill, your payment is going to be a min. of 25$? Your APR is too high. Cut up the card. You are going to kill your credit score before you even get a chance to establish yourself
Don't forget, 200$ less for what you think you would save right now by buying actually will just go over to maintenance on your home and property taxes. You really shouldn't be getting a home with your debt to income ratio. I can't even fathom how a bank would approve the loan right now. Apparently they never learn.
And I really do not mean any disrespect to you. I sincerely just do not want to see you get yourself into financial debt like so many other people have. Once you start it, it can get overwhelming and before you know it, you have mounted up thousands and thousands in debt that can never be paid off.
I totally understand and I don't want to get into financial debt either, the only reason I was even considering owning a home is because almost ALL rental properties in my area aside from living in the highly dangerous area of town is 70%+ of my income. After speaking to a few banks almost all of them told me that they believe I could be approved for a loan based on the information I had given them about my loan debt, and my income. It was hard for me to believe but I've been hoping for the best. My parents have enough money to cover any problems that may arise but I would like to undertake this on my own and build my credit in the process and do not want help from them. They offered to buy the house outright and rent it to me but I would prefer to try to get the home in my own name since they won't cosign for whatever reason.
Homein2012 already put down earnest money...
Unless the loan gets denied, Homein 2012 would have to forfeit the earnest money in order to walk away (provided the contract is fully executed of course)
I actually didnt see how this could be so myself when initially told this, but I am guaranteed my student loan debts be paid after 5 years of work with the company up to 50,000 dollars(anything over that I assume you have to continue paying on)which is why most of the girls in my field (coworkers) have chosen to work there. We work in a very low income and dangerous area, and our work day is usually complete hell and always a constant concern for our safety, but with the low wages and the guaranteed student loan payoff after 5 years its worth it to me. After the 5 years we'll obviously get a pay raise thats more on par with other professionals in our field should we continue to work there.
That I understand, but what I mean, is your job position guaranteed to be there for a minimum of 5 yrs? What if something comes along say either a medical issue, company loses money and has to cut employees, ect and job is completed for the 5yrs?
I would be interested in knowing what kind of jobs though will pay tuition, even parts of it, if after X amount of years. Even working a a couple GOV jobs, I never got sweet deals like that
Homein2012 already put down earnest money...
Unless the loan gets denied, Homein 2012 would have to forfeit the earnest money in order to walk away (provided the contract is fully executed of course)
Yep unfortunately I have already put down earnest money, paid for inspection, and paid bank upfront for appraisal ( although appraisal hasnt been done yet). I didn't want to risk losing the money but the LO has assured me several times when I've come to her about my nervousness that she sees no reason why the loan wouldnt be approved.
I totally understand and I don't want to get into financial debt either, the only reason I was even considering owning a home is because almost ALL rental properties in my area aside from living in the highly dangerous area of town is 70%+ of my income. After speaking to a few banks almost all of them told me that they believe I could be approved for a loan based on the information I had given them about my loan debt, and my income. It was hard for me to believe but I've been hoping for the best. My parents have enough money to cover any problems that may arise but I would like to undertake this on my own and build my credit in the process and do not want help from them. They offered to buy the house outright and rent it to me but I would prefer to try to get the home in my own name since they won't cosign for whatever reason.
Well, I really do wish you the best. And this has nothing to do with you, really it doesnt because you do sound like a sweet person. I just wish banks would start thinking clearly and get giving out loans to people who obviously shouldn't be qualified for them
What kind of interest rate are they giving you on the loan?
You really shouldn't have put all that money towards the house yet without it being appraised and you definitely should have made sure you would have been approved the loan first. I will keep my fingers crossed for you though. Please keep us posted. Good luck
That I understand, but what I mean, is your (and the OP) job position guaranteed to be there for a minimum of 5 yrs? What if something comes along say either a medical issue, company loses money and has to cut employees, ect and job is completed for the 5yrs?
I would be interested in knowing what kind of jobs though will pay tuition, even parts of it, if after X amount of years. Even working a a couple GOV jobs, I never got sweet deals like that
The job will definetely be there in 5 years so the job security isn't really an issue to me, I can't see myself or any of my coworkers losing our job unless there is gross negligence or abuse on our part. I work with children and their families/foster families, their schools, and in their homes. Aside from my company paying for my student loan debt after 5 years, if I were to decide to leave the company there are a lot of other loan benefits that can be reaped from other places for someone in my field if I were to switch to strictly working in a low income school district, obviously the HUGE amount of the loan wouldnt be wiped away but there is still a lot of benefits and loan forgiveness out there.
Well, I really do wish you the best. And this has nothing to do with you, really it doesnt because you do sound like a sweet person. I just wish banks would start thinking clearly and get giving out loans to people who obviously shouldn't be qualified for them
What kind of interest rate are they giving you on the loan?
You really shouldn't have put all that money towards the house yet without it being appraised and you definitely should have made sure you would have been approved the loan first. I will keep my fingers crossed for you though. Please keep us posted. Good luck
thank you, I appreciate your input. I've had a lot of doubts myself and I really pray this goes through because it would help out my situation immensely but I naturally have a lot of concern. My interest rate was locked in at 3.75%
Excellent! Are they charging you points? (Also called "Origination Fee")
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
(provided the contract is fully executed of course)
