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ConfusedBoy asked:
Hi, I’m looking at consolidation loans that offer cash rebates. Right now I’m looking at $1,100 rebates on my student loans with MOHELA. However, I was hoping to pay off a $4500 credit card bill with either a rebate or by borrowing more than I owe. Are there any companies that allow you to borrow more than you owe (l did this to pay rent as an undergrad) or include CC debt in a consolidation loan? Thanks!
Sphere: Related ContentHi, I’m looking at consolidation loans that offer cash rebates. Right now I’m looking at $1,100 rebates on my student loans with MOHELA. However, I was hoping to pay off a $4500 credit card bill with either a rebate or by borrowing more than I owe. Are there any companies that allow you to borrow more than you owe (l did this to pay rent as an undergrad) or include CC debt in a consolidation loan? Thanks!
Tags: Cash Rebates, Consolidation Loan, Consolidation Loans, Credit Card Bill, Debt Consolidation, Debt Loan, Mohela, Student Loan Consolidation, Student Loans, Undergrad
August 13th, 2008 at 12:48 am
When it comes to Consolidating your Federal Student Loans through the FFELP Consolidation Loan Program you will only be allowed to obtain funds for the amount that your loans are for.
Once you have a FFELP Consolidation Loan in process the company that you decide to consolidate with requests your amounts of your loans from your current Lenders, once those funds are released the amounts the checks are written for are your current loan amounts and are paid to your current Lender(s) to payoff your loans and create a new Consolidation Loan.
If you are considering combining your Credit Card debt with your Federal Student Loan debt I would advise against that for two reasons. One reason is you are unable to combine your Federal Student Loans with any other debt you may have under the FFELP Consolidation Loan Program. The second reason is if you were to combine your Federal Student Loans with your other debt you would lose all your Federal Benefits that are attached to your Federal Student Loans. For more information on your Federal Benefits please visit the source below.
August 16th, 2008 at 11:24 am
oh ok .. i got this for you…
better check it out, im pretty sure you’ll discover something…
August 17th, 2008 at 5:24 pm
Depending on the type of loan, yes.
A private or bank loan/consolidation loan will let you borrow more money than you owe.
I did it one time, I got 200$ more than I needed.
I put 1000$ in a savings account, and the other 1000$ as a cashflow, wich help you to stay ahead on your budget.
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