I am a student and I will be going back to school soon. I have FINALLY been offered this awesome financial aid package which includes grants, scholarships, and government loans. My only problem is that they require me to go to school full time. This will decrease my monthly income because I will not be able to work as much. I have having trouble making the monthly payments on my credit cards... but I am currently current. A debt settlement program says that it will mess up my credit in the short run, but that I will have better credit in the end once the balances have been paid in full. I need some way to reduce my monthly expenses... and negotiating myself means payments that I cannot afford! I just want to make sure that this would not bar me from obtaining new Stafford loans every year for school.
I am a student with serious credit card debt. Will a debt settlement pro. bar me from getting Stafford loans?mortgage rate
It will not effect your federal/Stafford loan eligiblity at all. The only thing that would prohibit you from getting federal loans is if you%26#039;ve defaulted on them in the past, and it sounds like you haven%26#039;t.
What it would affect is your ability to get private student loans, if you needed them. These are credit-based student loans, and a debt settlement with credit cards could stop you from being approved for these.
Good luck with school!
I am a student with serious credit card debt. Will a debt settlement pro. bar me from getting Stafford loans?
loan
Bad credit won%26#039;t keep you from obtaining Stafford loans but it will keep you from getting private education loans. Also, make sure you notify your financial aid office about your decrease in income. When I initially filled for financial aid, I was working full time and had to report my yearly income. Once I quit my full time job and started working part time, I was able to submit a letter explaining my change in income and I qualified for more aid. Good Luck!
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