Debt Consolidation and Student Loans
Date: Thu, 06/09/2011 - 13:06
We are absolutely drowning in unsecured debt. As a result of a combination of years of wreckless spending habits, crushing un-insured medical bills, the end to BIG bonuses, reliable pay raises, spiraling expenses, reduced credit+higher interest rates/minimum pays we are in a shameful position - cash poor, unable to keep it all afloat any more :( We are considering a debt management/consolidation program through a credible agency, but my question is this: Will doing a Debt Consolidation plan ruin our ability to get education loans for our college bound daughter (Sept. 2012)? We did try to build her college fund, but lost over 1/2 in the economy down turn. Please, can you give reliable advices on this matter? Thank you.
Any dings to your credit will hamper private loan qualification.
Any dings to your credit will hamper private loan qualification. However, you should not be looking at private loans....your daughter should be looking at whatever federal aid she qualifies for ...loans, grants and get good grades for scholarships. Try for parent plus loans which are federal...but you need good credit.
Start looking now at local schools....state schools. Do the first year or two at a local community college to get the gen ed courses out of the way. A lot of state schools partner with community colleges and this can be a huge savings.
