Question by nikki: How do you pay back a federal perkins loan? And how long do you have to pay it back?
I have been accepted to PennState and was offered a Federal Perkins Loan. Every time I ask someone about it they just say not to worry about it now. But i can’t help but to worry you know because that will go on my credit history. If you can help I appreciate it. Thanks very much.

Best answer:

Answer by lovred
You don’t have to pay back federal student loans as long as you are at least a part-time student. Once your enrollment drops below half-time, you get a six month grace period before payments kick in. They will show on your credit report in a deferred status which will not hurt you.

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Question by AAS: What happens to my 2nd mortgage home equity loan in a short sale in California?
I am currently under short sale proceedings in CA. My first has agreed to the terms but my second, which is a non-purchase money loan, is requiring me to sign a promissory note at a reduced balance. The second has agreed to reduce my balance by 65% and payable interest free over 20 years. Should I sign? I believe the alternative to not signing is a foreclosure initiated by the first. Need help fast. Thanks for reading.

Best answer:

Answer by realtor.sailor
If your first mortgagee forecloses, your second mortgagee must step in and payoff the first mortgage. If they don’t their mortgage will be eliminated by foreclosure.

realtor.sailor

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Question by Smallz 23: What is better to get a home equity loan or a line a credit and what is the difference between the two?
Im trying to consolidate some bills and I am wondering what is a better type of loan?

Best answer:

Answer by WCHS1970
A home equity loan is a loan on the amount between what is owed on the home and the value of the home. Usually this is borrowed as a lump sum.
A Line **OF** credit, is just that – you are approved for a certain amount and you can draw on it as needed. Often this has a variable interest rate.
Which one is better depends on how much you need and how much equity you have in your home.

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Question by jensilver77: How do I get out of these payday loan scams?
They are taking every penny I have and then some;overdrawing my account and leaving me with nothing, leaving me to live in the red. I know I shouldn’t have gotten them in the first place, but what can I do now? I need something to live on, money to pay my rent, but they are taking it all. They take all my money, all my direct deposit, every week and this is just to pay their crazy high interest rates, this doesn’t go to actually paying off the loan. I tried talking to them too (it’s multiple companies I borrowed from) but they mainly just pretend to help you by switching due dates around which doesn’t really help. Need help, need money to live on!

Best answer:

Answer by mom
quit using them…try borrowing from someone to help you ♥

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