College Loan Consolidation, Federal Loan Consolidation, Private Loan Consolidation, Student Loan Consolidation

America's Top Student Loan Provider

Repaying Bad Credit Student Loans
Well, it was nice while it lasted. You got the money for your tuition, finished that last semester, and now you have graduated, diploma in hand. However, in the not so distant future, the glow will wear off, and you'll be facing the repayment of all those loans. While you have managed to allow your payment and credit history to suffer while you've been focused on your studies, those bad credit repayment demands on those loans won't go away. First year college students usually acquire student loans without too much trouble. It's the third and fourth year students who are often plagued by bad credit, and then must resort to finding bad credit student loans.

Such loans are extremely difficult to find and obtain, and come with astronomical interest rates. If you've defaulted on any loan, you may be faced with increased interest penalties, or in some cases, immediate demand of repayment. Defaulting on a loan means that you haven't complied with repayment terms or if you've gone way past due payment dates. Defaulting on a loan, especially a bad credit student loan, comes with severe repercussions.

The first thing you may face is a letter requesting the immediate repayment of the loan, and you will lose your option of making payments in installments, or even deferred payments. Finding student financial aid in these circumstances will be extremely difficult, especially if you're seeking any Federal funding such as a Perkins Loan. In addition, your account may be turned over to a collection agency and you will more than likely have to pay additional fees as well as interest charges, late fees, collection costs and even, if you're really bad, court costs.

That's just the beginning. If you don't pay a bad student credit loan, or any loan for that matter, your account may be referred to a national credit bureau and your credit rating can be damaged for years to come. Try buying a car, furniture or obtaining a home improvement loan with that hanging over your head. You may even have difficulty renting an apartment, as landlords run credit checks on prospective tenants and if they find that you are consistently late in making payments or if you've defaulted on any debt, they may deny you. Having bad credit can even affect future employment, so all that hard work studying may likely be useless if you don't take care to repay your student loan debts on time.

In severe cases, the IRS may garner any future income tax refunds for repayment of loans, so avoid missing payments or defaulting on any loan if at all possible. Before you ask for a student loan, think about the future and repayment. If possible, start a separate savings account and start tucking money away in an effort to get a jump on the repayment of any student loan, good credit or bad, so that you can avoid the disaster that has met thousands of graduating students. Don't let that college education go down the drain. Think ahead, play it smart and put those brains to some good use. Plan ahead when it comes time to find, and repay, any type of student loans.


Article Title : Repaying Bad Credit Student Loans
Comment not found for this article.

Related articles
• Essentials Of Student Loan Debt Consolidation You Need To Know
• Finding the Educational Loans You Need Now
• Finding the Right Lender for Your Student Loan
• Student Loans and Bad Credit
• What Happens When You Default On Student Loans and Credit Cards

Share this story:
  • BlinkList
  • blogmarks
  • Digg
  • Facebook
  • Google
  • Sphinn
  • MySpace
  • NewsVine
  • Simpy
  • StumbleUpon
  • Technorati
  • E-mail this story to a friend!
  • Print this article!
  • Faves
  • Furl
  • Netvouz
  • Slashdot
  • Spurl
  • Yahoo! Buzz

EdFed introduces… Awareness… Learnal
At, EdFed, we proudly introduce 'articles on student loans' and 'Learnal - the journal to learn from', our free newsletter on student loan management, which is sure to keep you informed of the latest events and happenings in the student loan market. To receive your copy of the above just use the RSS feed below and add this to your "My Yahoo", blogs, newstickers, and other similar channels accepting distributable content.
Click here to sign up for our Weekly Newswire now!

How EdFed Helped others!
Thank you, and I definitely will refer anyone that needs loan consolidation.
- Kristie B.  Los Angeles, CA
* Your Name: * Your E-mail Address:

We respect your privacy.
* Your Friend's name: * Your Friend's E-mail address:
Include a Message:
+ Privacy Policy

Student Loan Consolidation Info - How to Choose the Right Loan Company

This column is sponsored by Granted, America's top job search engine. The Career Resources column is presented by Granted, America's leading job search engine dedicated to getting people jobs.

Education is one of the most basic right of any human, but with the increase in prices and the costs involved in education this has made these rights turn into a privilege which very few can enjoy. Any normal person today in the whole of United States has to take an education loan at one point of time to pay for their education fees.

read more
Schools Will No Longer Receive Paper FAFSA Forms
(September 20, 2007)

news desk
Stafford Loan Payment Calculator
PLUS Loan Payment Calculator
Loan Consolidation Payment Calculator
Glossary of Terms
Loan Comparison Chart
Scholarship Search
If your monthly debt burden for your federal student loans collectively equals or exceeds 20% of your total monthly gross income, you likely will be eligible for forbearance on your consolidation loan.
US School Directory
Comprehensive List of Schools at which EdFed Assists Students.
EdFed is a FFELP lender with lender identification number 834241.
© Copyright 2021 EdFed. All Rights Reserved.

Home · About Us · Contact Us · News · Sitemap
Career Advice · Tell a Friend · Privacy Policy · Resume Service
Resume Distribution Service · Post Resume · Job Search Course
Sign up for the latest news on student loans.
Email Address:
+ Most Recent Newsletter
+ Newsletter Archives