Berkeley CSUA MOTD:Entry 10073
Berkeley CSUA MOTD
 
WIKI | FAQ | Tech FAQ
http://csua.com/feed/
2024/12/24 [General] UID:1000 Activity:popular
12/24   

2003/9/4 [Finance/Banking] UID:10073 Activity:kinda low
9/4     i heard something i think is false, but i wonder if someone here can
        confirm or deny it.  someone claimed that if you call the agency that
        services your student loan and offer to pay off the whole thing in
        one shot they'll make a deal with you to decrease the amount by more
        than just the interest.  has anyone seen this happen? i'm guessing
        whoever thought they were getting a discount just failed to understand
        the concept of interest, since this seems like very very odd behavior
        for a loan agency.  what's the deal here?  I'm about to pay off my loans
        and i want to get the best deal possible.
        \_ I've a possible explanation.  Perhaps they realize that they
           can loan your returned money out to someone else for more than
           enough to make up for your discount.  Perhaps some hapless fool
           with an 18% credit card debt.  And perhaps they have already
           received the federal subsidy for giving you your loan.  Therefore,
           it's an unadulterated win for them to have your money back.  --PM
           \_ ok, i hadn't thought of it that way.  i'll call them up and
              try to bargain.  thanks.
        \_ If you have one of those 5% loans, they are loaning you money
           way below market rates, so they would want to have it back.
           If it is a 8 or 10% loan you are probably sol.
        \_ I just looked into this.  If you have a Direct Loan
           (800.848.0979) forget it, they said because it's federal money
           they don't do "settlement offers".  Most likely your friend had
           a loan with a private company or he defaulted.  The only thing
           you can do with a Direct Loan is if you pay it off within the
           first 103 days they will waive the interest and origination fees.
2024/12/24 [General] UID:1000 Activity:popular
12/24   

You may also be interested in these entries...
2013/8/29-11/7 [Finance/Banking] UID:54734 Activity:nil
8/29    Applying for a home loan now. The loan officer keeps asking why
        I wrote large amounts of check, and what they're for, and fax
        her proof to support what I said. She said loan regulations have
        tightened a lot to prevent money laundry. What is the max amount
        of money I can transfer these days without triggering annoying
        audits? I am not a terrorist.
	...
2013/5/13-7/3 [Finance/Banking] UID:54676 Activity:nil
5/13    Does FDIC ever matter? How likely is it that your deposit of
        over $250k going to be screwed over in a major US bank?
        \_ Was Washington Mutual a major bank?
        \_ Was Washington Mutual a major US bank?
        \_ Hahahahahahahahahahaha. Good one.
        \- As with nuclear weapons, this insurance produces much of its value
	...
2013/3/9-4/16 [Finance/Banking] UID:54621 Activity:nil
3/9     In a 15/30 year loan, the amount of payment stays the same but
        the payment on interest decreases while the principal increases.
        Suppose I decide to pay off a huge chunk of principal, will
        the amount of interest I need to pay decrease drastically, or
        do banks still want to take out a huge chunk of interest rate?
        \_ You don't actually have separate "interest" and "principal"; you
	...
2009/11/21-30 [Finance/Banking] UID:53538 Activity:moderate
11/21   I'm trying to figure out how much I save. Does money I contribute
        to debt (student loans and car loan) considered money I "save"?
        \_ "I'm trying to figure out how healthy I am. I normally
           smoke 2 packs a day but now I've cut it down to just
           1 pack a day. Does the reduction count towards health
           that I hope to 'gain'?"
	...