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Any loan that has to do with furthering education is never a bad debt. The only bad thing is if you do not pay back your debt.
It does count against your credit score negatively however a loan officer may find that its a good debt when you have paid on time over a long period of time. The opposite can be taken into consideration be the loan officer or credit score provider. If you slow pay or are late all the time and behind on student loans than it can have a negative impact. In that case you need student loan modification to get you caught up so that its not a"bad debt".
What else can I help you with?
Can someone with bad credit get student loans?
Student loans are decided upon the income of the student and their parents and also the college course for which they are applying. Debt is not normally considered so even someone with bad debt would possibly be able to get a student loan.
What if you don't have a student loan?
That is a good thing. Loans, as a debt obligation, are a bad thing.
What is the difference between bad debt and good debt?
Good debt refers to investments such as home mortgages or student loans provided you can manage the monthly payments. Bad debt is debt incurred for purchases that you don't need or cannot afford.
What kind of debt loans are available?
There are many types of debt loans available. A loan in it self is by definition a debt. Some of the types include but are not limited to: Student Loans, Debt Consolidation Loans, Home Loans, Personal Loans, and even the smaller end loans such as Pay Day Loans.
How can you get assistance from your school to pay off debt from student loans?
There are many ways to pay off the debt from student loans. Unfortuneately, I am unaware of any ways for you to get help from your school in paying off these loans. There are some websites that can help you with paying off your student loans.
What is the recommended debt-to-income ratio for individuals with student loans?
The recommended debt-to-income ratio for individuals with student loans is typically around 10-15. This means that your total monthly debt payments, including student loans, should not exceed 10-15 of your monthly income.
Can one get debt consolidation loans with a bad credit?
Getting debt consolidation loans with bad credit is possible, but extremely difficult. One would have to find multiple offerings for debt consolidation loans and see which of them offer them to people with bad credit.
What is included in the unsecured loans list?
Unsecured loans are loans that are not backed by collateral. They include personal loans, credit card debt, and student loans.
How can student loan debt be consolidated?
Student loans can be consolidated after graduation or dropping out of school by filing with the government to consolidate all federal student loans. Remember that non-federal loans cannot be consolidated.
What is the average debt of a student loan?
Not sure of average individual student loan, but the average student with student loans has $28,000.
Is 50k in student loans considered a significant amount?
Yes, 50,000 in student loans is generally considered a significant amount of debt for most individuals.
Your father died and you have student loans outstanding Can you be relieved of this debt?
Let me start by sending my condolences for the loss of your father. If the student loans were taken out by your father as PLUS loans, then the loans will be forgiven by the government. If you took out the student loans under your SS#, then you still have to pay on the loans, even if your father cosigned on them.
