Sallie Mae Education Trust

Relationships and money: finding financial harmony

Engaged couples often spend a tremendous amount of time planning their weddings and honeymoons. Everything from the dress, flowers and favors to the best hotel at the best beach – nothing gets overlooked. However, they may be wise to spend some of that time and energy reviewing their financial situation and creating a shared vision of their future beyond the wedding. But is it really money that drives couples apart? Or is the splinter a breakdown in communication, respect and trust? Because when two people form a relationship, they are also forming a new relationship with their values, one that is shared and full of compromise, especially when it comes to money. While money may not be the most enjoyable topic for conversation, it is incredibly important because establishing financial common ground can be the foundation for long-term harmony. According to studies by the Project on Student Debt and Sallie Mae, today’s college graduate carries an average of $24,000 in student loan debt and more than $4,000 in credit card debt. Also, a Bankrate article “25 fascinating facts about debt” says individuals with at least one credit card have an average debt greater than $9,000. But perhaps the more revealing and alarming statistic is that nearly 50% of people with debt refuse to talk about how much they owe. For a relationship to be successful, money can’t be a secret. Debt can’t be a skeleton in your closet. So instead of ignoring it, sit down with your partner and write a list of assets and debts. How much are your monthly obligations? Review your credit scores. Better yet, have each partner get a current copy of his or her credit report and review them together. The time to deal with credit issues or past bankruptcies is now, not when you’re looking for approval on a mortgage you both decided you were ready for. Financial decisions should be treated like all other decisions. Talk about your values and goals. Make lists. Are you a saver and your partner a spender, or vice versa? Is an education fund for your child important to you? Do you want to save for retirement or a trip to Disney? Do you want to be an apartment dweller, or is your heart set on owning a house? contend with, discuss plans to address it. Can you apportion bills and share expenses in a way that doesn’t lead to resentment? If you choose to maintain your own accounts, then consider paying bills as a percentage of income.

What stafford loan lender would be the best? | The Worlds Finance ...

All those numbers and payment options aren’t anything important. All Stafford loans are the same, they are all equally good. The thing I always look out for when gettin a stafford loan is which company has been around the longest! If you have a national chain of banks on the list thats usually the best choice. Since when you initially apply for the loan you check off the little box that says you agree to allow “(whomever you are getting your loan from)” to sell your loan to a different company. This can cause problems. Lets say you are done with school and are paying back your loans. You write a check or money order or whatever and send it off, before the company receives your payment they sell your loan and the new company is on your A$$ because they havent gotten the payment you sent to the previous company who previously owned your loan :/ this happened to a buddy of mine and he had to dig through months and months of checks he had written for the past year to findproff that he send his payment.!!!!

Best bet is go with a bank thats on the stafford loan list.

Hi-

I would go with Sallie Mae- its the largest Stafford lender and is unlikely to pull out of the student loan business. Several of the other lending institutions on your list have stopped making private student loans and/or are in trouble with other types of loans. The terms you see there may not be applicable if the loan is sold and it will not be fun to have to worry about possibly finding a new lender next year. Many students this year have been approved for loans, but have had to scramble at the last minute when their banks suspended operations.

Okay, I’m going to disagree with a couple of the other respondents, so take this for what it’s worth.

No matter where you get your Stafford loan, most things are going to be exactly the same. The Stafford loan program is a government lending program, but private lenders “sign up” to participate and offer these loans. Anyone who signs up must agree to offer exactly the same loan, using exactly the same application process, completed on exactly the same documents, with exactly the same interest rate and repayment terms.

Once upon a time, not that long ago, there were considerable differences between Stafford lenders, because the government paid these lenders a tidy little profit for every loan they made. Because these loans were profitable to the lenders, some of the banks would take a little bit of those profits and offer “incentive” deals to the borrowers so that you would choose to borrow from them and not one of their competitors. In the last year or so, the government has really whittled down most of the lenders’ profits, so the lenders responded by doing away with pretty much all of the incentive programs.

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