Does bad credit affect getting university student loans?
I have pretty bad credit, so i don’t think i’d be able to take out a regular loan. My parents have already taken out loans in my name for school (with my permission), so I know my social security number has passed through the system before. Would my credit affect my ability to get another student loan? What about already having some out in my name? Thanks!
Are you in default in the student loans you have out already? If so then yes you’ll have trouble getting new loans. If you just have bad credit and are getting the Stafford loans, then no. I have really crappy credit which included bankruptcy and I have student loans. Another thing to check is the limit of loans you have out. Your only allowed out a certain amount as an undergrad. I believe it is $46,000 or some where around there. If you go to grad school you can get more though.
While bad credit doesn’t affect federal student loans, such as the Stafford loans or the Family PLUS loan, it DOES affect independent loans you may try to apply for. For instance, I was required to find a cosigner for my Sallie Mae loan.
FYI: Sallie Mae will loan up to the ENTIRE cost of your education, if you have a cosigner. Without a cosigner, if your credit is good enough, you can borrow up to $15,000 per year. You can find them at http://www.salliemae.com
Yes,
Look into resolving your debt with a low interest consolidation loan. Settle your outstanding balances with your creditors.
Then, take a financial management course in your first few terms.
Depending if you’re looking for a private loan or government loan.
You shouldn’t have any troubles to get a government loan (Stafford,…)
Don’t forget to get your credit in the good path : it’s going to save you a lot of interest fees an general hassle.
Good luck !
Bad credit is one of the worst problems to have… however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is a straight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!