Private Student Loan:Last Resort Financial Source

With higher college costs and expenses happening year after year, most students are having a difficult time financing their college education. Of course, those with bad credit histories are having a much harder time finding financial sources.

Good thing, there are private student loan programs for those with bad credit record. For these students, such type of loan is their last resort.

Where can student avail of this type of private college loan? It can be acquired from commercial banks and other private individuals and money lending groups.

However, you have to be warned that such private student loan has a corresponding high rate of interest. Still, many seem to not care anyway, and still avail of this private loan because of sheer need to finance their education.

Aside from those with not so nice credit history, students with no history at all will also have a difficult time getting for themselves a private loan. This is because you have no credit score to speak of, which is a gauge of most lending companies on whether you have the capacity to pay or not.

In order to acquire private student loans with better interest rates, you better try to reestablish your history by performing and maintaining good credit activities, like for example paying up your debts on time and without fail. Surely, this will bring marked improvement on your report. And if you do not have any history at all, you might as start having and maintaining one.

Private Student Loans: Becoming More and More Popular

It has become apparent lately that more and more students are turning to private student loan programs for their financial needs. And because of this development, many loan experts predict that within the next 10 years, the volume of private college loan will become much more than that of the federal or government student loan.

Such trends are said to become regular and on a continuous basis and so there indeed is a possibility that private college loans will become the most important and utilized means of financial aid among college students in the years to come.

Because of this, prospective borrowers must become more choosy when it comes to using the right private loans for students. There are presently hundreds of loan companies that are competing for the huge private student loan market. And because of the stiff competition, all of them want to entice students into getting their services by offering all kinds of loan benefits and incentives.

Hence, it is up to the students to select the best loan company by trying to compare different loan companies and the products that they offer. Go for the company who offers the best yet realistic loan programs.

Surely, if you choose the right private loans for college, you will have no problem in dealing with your financial responsibilities on your pursuit of college education.

Consolidation of Private Student Loans

As soon as you begin focusing on your repayment of private student loan, there is a great deal of stress that it causes to many of us.

However, private college loan repayment need not be a major financial problem.

All that you may do to make repayment easier is by consolidating your private student loan accounts. To consolidate college loans will definitely relieve us of the multiple repayments that we have to face every month.

Likewise, consolidating student loans gives you the chance to lower down the student loan consolidation interest rates.

For me, the best feature of the consolidation of private college loan is the convenience that it provides to student-borrowers. Since college loan consolidation means you have a new single debt created out of the multiple ones, this automatically lessens your repayment responsibility by having just one schedule of debt repayment every month.

Other option regarding the consolidation of private student loans is that you can request for a fixed payment during extended loan duration. This duration can be from 12 to as long as 30 years.

Indeed with student debt consolidation loans, you have more convenient options to settle easily your private debts.

Private Student Loans: More Facts and Trivia

Here are more information and facts about private student loan programs:

As a prospective student-borrower, there is no need anymore to accomplish the FAFSA

Do you know that with your private college loan funds can be provided directly to you? No need to be coursed through your school.

Of course, you already know that private student loan funds are also called alternative or complimentary loans because they cover the rest of the expenses that were not covered by your government loans.

You definitely have a say (read: decision) when it comes to the interest rates and loan fees of your fund. Also, your loan is dependent on the status of your credit history and report, if you have a good credit report then your application for the private college loan will most definitely be approved in a breeze.

Lastly, you are given the option to defer loan payment six months after you graduate from college.

Indeed, private loans for students are a great alternative to government loans that we already acquired but were still not able to fully cover our education expenses.

Denver Metro Bond Announced for First Time Home Buyers


I am pleased to announce that we are once again participating in the Denver Metro Bond 2007 B&C Program, which enables us to offer a 4% Down Payment Assistance Grant to borrowers who qualify; please note that this is bond (not a mortgage) and the funds DO NOT require repayment. In addition, the 30 year fixed rate mortgage provided as part of the program is offered at a preferred interest rate of 6.59%.

Following are specific details associated with the program:

6.59% with 4% Down Payment Assistance Grant

We believe that this 6.59% interest rate (30-year fixed rate, 1.00% origination fee/0.00% discount) is an excellent rate in the current market! Moreover, it will provide a tremendous benefit to the low- and moderate-income first-time homebuyer families throughout Denver and the surrounding participating cities.

Here are the basic program requirements for eligible mortgagors:

Eligible Loan Area: Mortgage loans under the program may be made to qualifying borrowers in the City and County of Denver, as well as in the following jurisdictions of the Metro Mayors Caucus that have chosen to participate in the 2007B&C program to date: Arvada, Aurora, Bennett, Brighton, Broomfield, Centennial, Dacono, Edgewater, Erie, Federal Heights, Frederick, Golden, Greenwood Village, Lafayette, Littleton, Lone Tree, Longmont, Louisville, Northglenn, Sheridan, Superior, and Westminster.

First-time Homebuyers: Borrowers cannot have owned a home in the past 3 years (except if purchasing homes in "Targeted Areas"). Targeted Areas are census tracts designated by IRS and will be specifically identified in the Agreement. In addition, qualifying Veterans need not be first-time homebuyers in this 2007B&C program.

Maximum Family Income: Non-Targeted Targeted
Families of 2 or fewer $71,700 $86,040
Families of 3 or more 82,455 100,380

Maximum Acquisition Cost: 1 Family Residence $365,175 $446,325

Additional Mortgage Loan Terms: Mortgage Loan Term – 360 months


Rate – 6.59%
Origination Fee – 1.00%
Discount Fee – 0.00%


The funds will be allocated on a "First Come, First Served" basis and I have created a very simple process for you to refer your clients, have them apply, reserve their funds and submit their documents.

Five Steps to Loan Approval

Here are the steps:

1. Direct your borrowers to http://www.privatemortgagebanking.net/ where they can read the program guidelines.

2. Have them follow the "Apply On Line" link found on the upper right corner of my home page. Have your clients complete the "Complete - Full Application," here is a direct link to the form - https://rwstools.com/loan-app/startloan.asp?PVLID=5351&refer=&ACCTID=307458

3. Have you clients fax 1.) A pay stub covering a 30 day period for each of their employers. 2.) Copies of their 2007, 2006, 2005 1040 Federal Tax Return with ALL schedules. 3.) The most recent two months bank statements for all checking and savings accounts, and the most recent quarterly statements for all IRA, 401K and investment accounts.

4. Name address and contact information for their landlord. THE FAX NUMBER IS 303-468-8445

5. Mail a check in the amount of $25.00 payable to Cherry Creek Mortgage Company to pay for their credit reports. The $25.00 fee will be credited to the borrowers HUD Statement at closing.

6. Once we receive the borrowers application and credit report we will obtain automated underwriting approval and issue pre-liminary loan approval.

Please feel free to contact me with any questions you may have and please keep in mind the reservation is in the name of the borrower, not the property address.
I hope that you are able to take advantage of this fantastic program. We were fortunate to close a number of transactions with the 2006A and 2007A programs and the borrowers were very pleased with the outcome.


Mr. James A. Holmes, CML, CMPS Certified Mortgage Planning Specialist
Private Mortgage BankingCherry Creek Mortgage Company, Inc.The James Holmes Lending Team Office: 303.840.2319 Fax: 303.468.8445

Integrity. Expertise. Exceptional Value.