Friday, May 23, 2008
Student Loan Lenders Obtain a Break
Student loan companies have been squeezed by the nation's credit crisis. But they are getting help from the federal government. Education Secretary Margaret Spellings told lenders in a letter, that the government will purchase some of the loans the companies make. In that way, the lenders will have more money to use in issuing new loans. She said a lot of lenders do not have access to funds at a cost that justifies originating new loans. Their plan is designed to provide viability in the marketplace for lenders who step up and make loans in this difficult environment.
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Sometimes people need commentary like this to motivate them to do something about their financial situation. Financing all that debt into you home is not necessary a terrible solution. Its a lot easier to make 1 or 2 payment than to make 5-10 payments to credit card companies and all having varied finance rates.
With the economy the way that it is now, many people are living off of their credit cards. Its a unfortunate situation. But for anyone that is willing to listen and keep and open mind this is how you can get out of that rut resulting in substantial income for you and your family.
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