Referral Needed

[Community Development Banking List]

Original message from: chavard@ubalt.edu

A colleague has asked me the following question

"Is there any non-profit that works with people without much income who have exorbitant interest accumulated on student loans to renegotiate some of the terms?"

Off-list replies are fine.

Thanks so much.

Cassandra


Cassandra Jones Havard
University of Baltimore School of Law
1420 N. Charles Street
Baltimore, MD 21201
410 837-5038 (o)
410 837-4492 (f)
chavard@ubalt.edu <mailto:chavard@ubalt.edu>

[Community Development Banking List]

Original message from: John_Murphy@chric.org

I'd like to watch the responses on-line as many LMI clients face this
challenge.
John Murphy/CHRIC

Original Message:
-----------------
From: Cassandra Havard chavard@ubalt.edu
Date: Wed, 19 Nov 2008 10:54:42 -0500
To: communitydevelopmentbanking-l@cornell.edu
Subject: Referral Needed


A colleague has asked me the following question

"Is there any non-profit that works with people without much income who
have exorbitant interest accumulated on student loans to renegotiate some
of the terms?"

Off-list replies are fine.

Thanks so much.

Cassandra


Cassandra Jones Havard
University of Baltimore School of Law
1420 N. Charles Street
Baltimore, MD 21201
410 837-5038 (o)
410 837-4492 (f)
chavard@ubalt.edu <mailto:chavard@ubalt.edu>





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[Community Development Banking List]

Original message from: Greg.deGiere@asm.ca.gov

The Project on Student Debt in Berkeley

Gregory deGiere
Senior Consultant
Office of Assembly Speaker Pro Tempore Sally J. Lieber
State Capitol, Room 3013
Sacramento, CA 95814
916-319-2022
916-319-2122 (fax)


-----Original Message-----
From: bounce-3314539-8092475@list.cornell.edu
[mailto:bounce-3314539-8092475@list.cornell.edu] On Behalf Of
John_Murphy@chric.org
Sent: Wednesday, November 19, 2008 12:04 PM
To: chavard@ubalt.edu; communitydevelopmentbanking-l@cornell.edu
Subject: RE: Referral Needed


I'd like to watch the responses on-line as many LMI clients face this
challenge.
John Murphy/CHRIC

Original Message:
-----------------
From: Cassandra Havard chavard@ubalt.edu
Date: Wed, 19 Nov 2008 10:54:42 -0500
To: communitydevelopmentbanking-l@cornell.edu
Subject: Referral Needed


A colleague has asked me the following question

"Is there any non-profit that works with people without much income who
have exorbitant interest accumulated on student loans to renegotiate
some of the terms?"

Off-list replies are fine.

Thanks so much.

Cassandra


Cassandra Jones Havard
University of Baltimore School of Law
1420 N. Charles Street
Baltimore, MD 21201
410 837-5038 (o)
410 837-4492 (f)
chavard@ubalt.edu <mailto:chavard@ubalt.edu>





--------------------------------------------------------------------
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[Community Development Banking List]

Original message from: karenwestmont@yahoo.com

Posting to list as requested by another reader, a slightly edited version of what I'd sent C.Harvard: :



Except for my comparisons to the offered mortgage workouts, I answer anecdotally from my personal knowledge:

both the private loans administered by Sallie Mae* and the direct loans by Dept of Education offer 'workouts' and forbearances and deferments. The workouts appear to extend the payback period, but not reduce the principle, much like most mortgage workouts until now. workouts are matched to your ability to pay each month Under all three arrangements, as far as I know, Interest probably continues to accrue except for the 'subsidized' DOE loans. A borrower has at least 18 months (check this!) of defer/forbear for low or no income.
In sum, a borrower probably doesn't need help from the over-worked non-profits. To do: read everything on-line for these two sources, then call your DOE or Sall. Ask questions. Read what they send you. Use POWERPAY website to see what you should be paying off first.
http://www.extension.iastate.edu/finances/personal/creditdebt/PowerPay.htm ('http://www.extension.iastate.edu/finances/personal/creditdebt/PowerPay.htm')

Probably some interference from Congress is in order on the interest rate and on that in the * below.

Karen


*my interpretation of that relationship. Fortune magazine did have a blistering set of articles in 2004-5 or 06 criticizing the money made under the Bush congresses with SallieMae by private lenders. I can find those if needed.


________________________________
From: Cassandra Havard <chavard@ubalt.edu>
To: communitydevelopmentbanking-l@cornell.edu
Sent: Wednesday, November 19, 2008 10:54:42 AM
Subject: Referral Needed

A colleague has asked me the following question

"Is there any non-profit that works with people without much income who have exorbitant interest accumulated on student loans to renegotiate some of the terms?"

Off-list replies are fine.

Thanks so much.

Cassandra


Cassandra Jones Havard
University of Baltimore School of Law
1420 N. Charles Street
Baltimore, MD 21201
410 837-5038 (o)
410 837-4492 (f)
chavard@ubalt.edu <mailto:chavard@ubalt.edu>

[Community Development Banking List]

Original message from: strategicexec@aol.com


I am interested in responses to this question as well.? As an advanced-degreed?professional, I and most of my graduate-degreed colleagues face significant student loan debt.? Isn't it interesting that student loan debt repayment that adds to or creates economic hardship is not something that gets discussed as a major issue for middle-class families.? Yet it is a huge issue.? The accruing interest can be disastrous if the loan continues to go unpaid due to forbearance.? In addition, the current federal tax credit for student loan interest doesn't scratch the surface of significant debt over $100,000.00? Where's the student loan debt reform??

I would love to hear from others with significant student loan debt.

Felice


-----Original Message-----
From: Cassandra Havard <chavard@ubalt.edu>
To: communitydevelopmentbanking-l@cornell.edu
Sent: Wed, 19 Nov 2008 10:54 am
Subject: Referral Needed



A colleague has asked me the following question

"Is there any non-profit that works with people without much income who have
exorbitant interest accumulated on student loans to renegotiate some of the
terms?"

Off-list replies are fine.

Thanks so much.

Cassandra


Cassandra Jones Havard
University of Baltimore School of Law
1420 N. Charles Street
Baltimore, MD 21201
410 837-5038 (o)
410 837-4492 (f)
chavard@ubalt.edu <mailto:chavard@ubalt.edu>

[Community Development Banking List]

Original message from: pdruhan@cadcom.org

While I agree that non-profits are often over-worked, many do have
credit counseling programs. I would refer you to your local Community
Action Agency for details and local availability. You can find one at
this link.
http://www.communityactionpartnership.com/index.php?option=com_spreadshe ('http://www.communityactionpartnership.com/index.php?option=com_spreadshe')
ets&view=search&spreadsheet=cap&Itemid=188


Patrick Druhan

Director, Food Resource Center

CADCOM

113 East Main Street

Norristown PA 19401

Ph: 610.277.6363 x21

Fax: 610.277.7399



Community Action

"Helping People. Changing Lives"






________________________________

From: bounce-3319077-8121008@list.cornell.edu
[mailto:bounce-3319077-8121008@list.cornell.edu] On Behalf Of Karen
Westmont
Sent: Thursday, November 20, 2008 1:23 PM
To: COMMUNITYDEVELOPMENTBANKING-L@cornell.edu
Subject: Fw: Referral Needed


Posting to list as requested by another reader, a slightly edited
version of what I'd sent C.Harvard: :



Except for my comparisons to the offered mortgage workouts, I answer
anecdotally from my personal knowledge:

both the private loans administered by Sallie Mae* and the direct loans
by Dept of Education offer 'workouts' and forbearances and deferments.
The workouts appear to extend the payback period, but not reduce the
principle, much like most mortgage workouts until now. workouts are
matched to your ability to pay each month Under all three
arrangements, as far as I know, Interest probably continues to accrue
except for the 'subsidized' DOE loans. A borrower has at least 18
months (check this!) of defer/forbear for low or no income.
In sum, a borrower probably doesn't need help from the over-worked
non-profits. To do: read everything on-line for these two sources,
then call your DOE or Sall. Ask questions. Read what they send you.
Use POWERPAY website to see what you should be paying off first.
http://www.extension.iastate.edu/finances/personal/creditdebt/PowerPay.h ('http://www.extension.iastate.edu/finances/personal/creditdebt/PowerPay.h')
tm

Probably some interference from Congress is in order on the interest
rate and on that in the * below.

Karen


*my interpretation of that relationship. Fortune magazine did have a
blistering set of articles in 2004-5 or 06 criticizing the money made
under the Bush congresses with SallieMae by private lenders. I can find
those if needed.

________________________________

From: Cassandra Havard <chavard@ubalt.edu>
To: communitydevelopmentbanking-l@cornell.edu
Sent: Wednesday, November 19, 2008 10:54:42 AM
Subject: Referral Needed

A colleague has asked me the following question

"Is there any non-profit that works with people without much income who
have exorbitant interest accumulated on student loans to renegotiate
some of the terms?"

Off-list replies are fine.

Thanks so much.

Cassandra


Cassandra Jones Havard
University of Baltimore School of Law
1420 N. Charles Street
Baltimore, MD 21201
410 837-5038 (o)
410 837-4492 (f)
chavard@ubalt.edu <mailto:chavard@ubalt.edu>






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