1Zeta1

I have an extra $1K I can use to pay down debt. My student loans are $40K, credit card debt is $15K. Any suggestions?

Is there No way I can decide how much of my payment goes to which loan (part is subsidized, part is unsubsidized). It just seems like I'm not seeing a decline in the balance. Now, I want to start making bigger payments, but I want to pay off the smaller part first (while still paying minimum on bigger loan) so that I can "see" the difference -- maybe help me to stay motivated. Any ideas? AES tells me they apply the payment the way they see fit

Thanks! However, I did not get any notification e-mail from FAFSA. I found out only when I asked the school why we did not qualify for any Pell grants.

No, the $42K would be how much we made after figuring in the combat pay, @ $24K. So we had a gross income of $42K, and our EFC for college, according to the school, is $4k. I asked them if they used the same formula as the FAFSA - which told us we had $0 EFC after we filled it out. This is a North Carolina School.

I didn't realize that. When my husband deployed for the better part of a year, the IRS did not count his combat pay as income, so FAFSA filled out online said EFC was $0. School went back in and COUNTED combat pay and now are saying we owe $4k -- family of 6 on less than $42K total income, so now we are not eligible for Pell Grants or other grants. What is the threshold for a family of 6 with $42K income? $4K EFC seems steep!

My daughter's has not yet been processed. Financial Aid office is saying it's the lenders who haven't yet made payment. She also has some scholarships that have been deposited, but not paid. Don't know what that means, but that's what they're telling us ...

Ooops, I meant to say that I asked for validation and they sent me verification. I asked for validation, and they sent me a letter saying "here is the verification you asked for. They simply sent me the name of the original creditor. How do I respond to this? Also, do I give them my new overseas address when I mail my response letter? Thanks for your QUICK and precise responses. I need to handle this quickly.

About two years ago, Household Bank discharged a credit card. They sold it to Atlantic Credit. When Atlantic Credit tried to collect on it, I kept asking for verification, and they eventually went away. Recently, I got a letter from an attorney in Redondo Beach, CA regarding the debt. Again, I DV'd them asking for validation according to the FDCPA. They sent me a letter stating: In response to your request for verification of the debt, the original creditor was: Household Credit Services (HSBC). Well, I did not ask for verification. I asked for validation. Do I DV again, or leave it alone? What do I say?

I asked for verification from Atlantic credit who bought an account from Household bank after Household bank wrote the debt off (credit card). Atlantic credit sends it to an attorney. Attorney sends me a letter threatening suit. I asked for verification. They sent me a letter with nothing on it except for who the original creditor was. Is this verification? I am moving out of the country. How do I proceed?

I need some relief on this 8K loan. Any ideas?

Bump. I have a similar question, so if someone can answer this, it would help me out, too!

I have two loans with AES owned by Deutsche Bank. One is for 6K, and the other is for 34K -- both at 5.5%. I usually just make a one time payment and allow AES to credit the payment how they see fit. However, if I go to their website, they give me the option to make a payment on either. For example, I can pay $100 on the one for $6K, and I can pay $200 on the one for 34K. However, the fine print says that if I pay ahead, then AES has the option to redistribute the money however they see fit. I guess my problem is that it doesn't seem like I'm making a dent in the principal. Is there a way I could just work on paying down the $6K loan to $0 over the next year while just making a little more than interest on the other one? I don't feel like I'm getting anywhere and I worn only part-time (military spouse in the process of PCSing, so working more is not an option right now). Thanks!

What does this mean? Balance transfers are treated as cash advances, therefore finance charges accrue from the date the transfer is posted to your account. Will my APY still be 2.99% overall?

I have about $8K on an NFCU rewards visa with an 11.9% rate. Penfed is offering 2.9% Balance transfer. Here is the fine print. I have never done a balance transfer, and I want to make sure I'm not missing anything before I take the plunge. Is this a good deal? I will not be charging anything else. I've learned my lesson. BTW, what does "Certain restrictions apply" mean? Balance transfers will have an Annual Percentage Rate of 2.99%; monthly periodic rate of 0.249%. Rate shall remain in effect on the transferred balance(s) until it is paid in full—if you are in default at any time the 2.99% APR will revert to your regular APR. Payments will be applied to the account balance in the order determined by Pentagon Federal Credit Union in its sole discretion. The regular APR applicable for purchases or cash advances (revolving balances) and the APR for prior promotional balances remains unchanged. Balance transfers are treated as cash advances, therefore finance charges accrue from the date the transfer is posted to your account. Balance transfers of other Pentagon Federal Credit Union loans are not eligible for this promotion. This promotion is subject to change or termination at any time and without prior notice. Credit card rates for purchases: Visa Platinum Travel/Cash Rewards–13.99% APR; Visa Gold–10.99% APR; Visa Classic–13.99% APR.Certain restrictions may apply. A balance transfer fee of 1% (min. $10-max. $100) applies to this transaction. You agree to allow 30 days to process your request, pay the amount(s) authorized and transfer the balance(s) to your Pentagon Federal credit card account. You may transfer up to your Pentagon Federal available credit, not to exceed your credit limit authorized by Pentagon Federal Credit Union. Please continue to make minimum payments on your other credit card(s) until the balance(s) have been transferred. All overpayments must be refunded by the other institution. Payment of the amount(s) authorized by you may or may not satisfy any outstanding balance(s) on the designated account(s). Pentagon Federal is not responsible for any remaining balance(s) or additional charges with regard to such accounts, nor for any charges resulting in any delay in the payment and transfer of balances. Pentagon Federal reserves the right to refuse multiple transfers from the same credit card. Transferred balances do not qualify for cash rewards or air-travel points under the Visa Platinum Rewards Program. All rates and offers subject to change.

Nationwide is awful... I hope this dude absolutely gets a judgement. http://news.yahoo.com/s/ap/20080202/ap_on_...0d3Jl_pZ8AuQE4F