Student Loans

Your student loan is also a debt shown outstanding in your credit. This can pose risk when you are looking for some new credit in the future. It can make a huge affect in your credit ratings since it determines how much you are allowed to borrow for years to come. Your financial future depends upon your present credit history.

The credit report reflects the debts that you presently have their repayment history. The key factor to a good credit history is to make regular and timely payments on all the existing debts including the student loans. Your credit turns good faster if you are quicker in your payments. With careful planning and financial responsibility, no one will feel overwhelmed by their student loans. Debts can be effectively managed by using the following tips. Perhaps, most people know about this:
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Well, my bankruptcy was discharged in April '06. I just recently got a new cell phone through Cingular with no deposit needing to be made. I found this odd, because before my bankruptcy was discharged they told me I had to make a $150 deposit. I am just looking at ways to rebuild my credit. Currently, I make interest payments on my student loans. I've made some major corrections on all three of my credit reports. I didn't think student loans could hurt you, long as they aren't in default status. Thanks though.

Sounds like there have been some plan upgrades with Cingular. Have you signed any slip that says that you won't be held liable for any charges later? (If kept hidden now). When I got a similar offer with the card company, I was asked to sign a document that clearly mentioned that there won't be any annual charges in the later period.

You'd be surprised. When I collected student loans that were deafulted, I saw some defaulters who still had good enough credit to be able to refinance their homes and pay balances in full. If your loans are in deferrment or forebearance, you don't have to worry about it wrecking your score.

I have a question about student loans that are in default. I went into default with mine but they are being paid on through my Chpt 13, which is about to be discharged because I've completed it. I will still owe the balance on my student loans. I contacted Direct Loans and they told me I could consolidate with them after my bankruptcy even though they defaulted prior to my Chpt 13. That's what I want to do if that's true, I would save some money every month.

I received the application today, and I'm just waiting for my discharge to be official to apply if I can do that.

Get it in writing!

Good, you got it in writing. Make a photocopy of the filled application to keep for your records.

Yes. I've learned to copy everything for my own records. People tend to lose important documents and claim they don't exist!

Exactly. It's up to you to do everything you can possibly think of to protect yourself and cover your bases completely. You can never fully trust others to hold up their end, no matter what kind of business they are in.

BuildingWealth: The only form I signed was the one stating that I would pay $175 for early temination and about the 30 day cancellation policy. That's the only form I signed. There are no other "hidden" fees.