In this issue
0. Preface - who is the Student Loan Network?
1. Online Education Programs
2. Credit checks
3. Important news about federal student loan loans
4. Promotions & sponsors
0. Preface - who is the Student Loan Network?
The Student Loan Network is a network of Web sites and brands that cover the entire spectrum of student loans and financial life, including:
* StaffordLoan.com * ParentPLUSLoan.com
* PrivateStudentLoans.com * InternationalStudentLoan.com
* StudentPlatinum.com * StudentLoan.net
* StudentLoanNetwork.com * StudentLoanConsolidator.com
* PlusLoanConsolidator.com * StaffordLoanConsolidator.com
* FinancialAidOfficer.com * FAFSAOnline.com
Our goal is to provide students, parents, and interested parties with as much correct, complete, easy to understand information as possible, as well as services & products designed to be easy to use and manage.
1. Consider your options for continuing your education:
2. Credit checks
We are pleased to be able to offer credit reports and credit scores through our web sites to you. Credit reporting agencies maintain files on millions of borrowers. Lenders making credit decisions buy credit reports on their prospects, applicants and customers from the credit reporting agencies.
Your report details your credit history as it has been reported to the credit reporting agency by lenders who have extended credit to you. Your credit report lists what types of credit you use, the length of time your accounts have been open, and whether you've paid your bills on time. It tells lenders how much credit you've used and whether you're seeking new sources of credit. It gives lenders a broader view of your credit history than do other data sources, such as a bank's own customer data.
Tens of thousands of credit grantors - retailers, credit card issuers, banks, finance companies, credit unions, etc. - send updates to each of the credit reporting agencies, usually once a month. These updates include information about how their customers use and pay their accounts.
Your credit report reveals many aspects of your borrowing activities. All pieces of information should be considered in relationship to other pieces of information. The ability to quickly, fairly and consistently consider all this information is what makes credit scoring so useful.
Obtain your credit report for a nominal fee by clicking here:
3. Important news about federal student loan loans
Article synopsis from original by Kenneth Harney, Washington Post
Could your outstanding debt to federal student loan — the largest provider of student loans in the country — cause you to pay more on your home mortgage? Could that happen even if your federal student loan payment history has been perfect for years?
The answer to both questions is a surprising yes.
Though the company has not informed its 7 million-plus customers, federal student loan confirms that it has stopped reporting borrower loan repayments to two of the three giant national credit repositories. Non-reporting of on-time payment histories, in turn, can lower federal student loan borrowers’ credit scores — sometimes by enough to render them ineligible for the best-available home loan rate quotes.
"This is outrageous," said Brad Scriber, housing coordinator for the Consumer Federation of America. Scriber directed a national study of credit system problems last year, including the negative effects of non-reporting of customer data by credit card companies, banks and other lenders. Student loan customers "often only have relatively brief credit information in their files," said Scriber, and "withholding what may be one of their best records documenting responsible credit behavior could be very harmful" to their ability to buy a first home.
Fair, Isaac & Co., developer of the FICO credit scoring software used by most mortgage lenders, confirmed that younger consumers — whose credit histories may have only a few trade lines — could be "disproportionately" hurt by non-reporting of on-time payments.
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What can you do about this? When you apply for your Stafford or Parent PLUS loan, be sure to ask whether you can obtain a loan guaranteed by an agency OTHER than federal student loan. Most schools maintain a "preferred lender list" and rarely do schools have just one lender. Inquire at your school's financial aid office today!
Also, student loan products from the Student Loan Network NEVER use federal student loan. If you are eligible to use our products, you can rest assured that we aren't damaging your good credit by working with federal student loan.
If you have existing federal student loan loans, consider student loan consolidation - you may be eligible to consolidate and leave federal student loan. Visit Student Loan Consolidation Center today.
4. Promotions & Sponsors
We are currently offering student loan consolidation rates as low as 1.625% - so if you haven't consolidated already, do it now!
Visit http://www.studentloanconsolidator.com
Looking for scholarships? Our Scholarship Search provides you with a database of 2.4 million different organizations, offering over $14 BILLION in assistance, all for a nominal fee beginning at $30/year. You could do it yourself, spending dozens or hundreds of hours surfing the web, sending out letters, burning postage like there's no tomorrow, but why? Use our service and save time!
Visit: http://www.financialaidofficer.com/scholarship_search/
Premium Sponsor: First Capital Mortgage Group
Are you looking for a first-time mortgage, refinance, or home equity line of credit? Look no further than the Student Loan Network. In partnership with the prestigious First Capital Mortgage Group of Boston, we are pleased to be able to offer you access to one of Boston's most exclusive mortgage brokerages. 30-year fixed rate mortgages are still being offered at 5.75%, which, while not the lowest ever in history, is still extremely low. If you are paying even 1/2% higher than that, you could be throwing away thousands of dollars a year.
Visit Mortgage Center Online and apply to have a mortgage counselor call you and review your financial situation today!
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