Payoff College--2 Daughters
| Loan Information |
| Loan Status:
| Current |
Origination Date:
| 2006-06-05 |
EricsCC ROI:
| 9% |
| Status History |
| Jul 12, 2006 |
Current |
| Sep 21, 2007 |
Late |
| Oct 03, 2007 |
Current |
I have two daughters that are graduation from college this year. I need to pay off the outstanding balances at the schools in order for them to receive their diploma's in the mail. I also want to help one daughter get settled and started with her career in Advertising and Public Relations. The other daughter is going on to get her Master's degree in Finance and will need $8,000 immediately (after scholarships) to enroll for summer school and the fall to secure her place and complete the graduate program. (She graduated Magna Cum Laude --3.7 GPA). Both daughters went through college with scholarships which supplemented what I and my husband were able to pay.
My husband is beginning new employment next month which is expected to increase our income by 30%. We had owned a retail business (decorating home products) until 2000 which was located in a small city in a heavy energy segment of the U.S. In 1999 when oil went down to $9.00 per barrel and most energy companies (expecially the independents in our area) were struggling our business fell off 70%. Our retail busines experienced severe financial difficulties due to the slumping energy economy and we elected to sell in December 1999. We didn't feel that we could survive the downturn in the surrounding area. We have spent the last five (5) years starting over, paying off residual business debts and putting two daughters through college. Now of course, the area is booming with oil at $70 per barrel.
My husband has worked in accounting (he has a Master's degree) and recently was doing consulting work. We simply do not have the immediately available resources to finish the tuition and college bills for two daughters. Additionally, we need to enroll the one daughter in the graduate program she has been accepted in. We have good earning potential. Our repayment ability is very good. In addition to the extra income that we will soon have, we expect to receive a lump sum payment for consulting work already completed that should result in us putting $20,000 in savings. We anticipate retaining the savings for emergency needs and paying this loan off over the 36 month term. |
| Borrower's Other Listings |
| 10873 |
Payoff college--two daughters |
B |
$15,000 @ 15% |
May 03, 2006 |
Expired |
| 13089 |
College Bill--2 Daughters |
B |
$12,000 @ 14% |
May 12, 2006 |
Withdrawn |
|
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