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How can i get back into college if I've defaulted on my student loans and the balances are on my credit report?
Wiki User
∙ 14y ago
There are only 2 ways to get out of default on your Federally Guaranteed student loans.
- Contact your collection company or student loan servicer and request to enter the rehabilitation program. Most people qualify, but I have seen some refused when the default is over 10 years old. In the rehabilitation program, you will need to make 9-12 on-time payments in addition to your garnishment. After the 9-12 on-time payments, they should stop the garnishment, but you will stay in a default status until your Rehabed loans are sold to a new lender. In the past, that was an easy process, but in these turbulent financial times, other lenders are not buying rehabed loans. So, with this option your loans will stay in a Default status for the forseeable future.
- The second way you can get out of default and have your garnishment lifted is to consolidate your loans. These days very few Federal lenders will consolidate defaulted loans and your lender will probably not release the loan for consolidation while in a garnishment stage. The good news is, there are a few companies out there that will help you get a garnishment lifted and find a Federal lender to consolidate the loans. One good example is Default Management Services, Inc. They are the cheapest I have seen and give a 100% money back guarantee on their services. You can Google the company name to get the phone #. Ask for Doug.
Wiki User
∙ 14y ago
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Your daughter is 18 and has no credit yet She needs a co-signer for college loans but her dad and my credit is bad what can she do?
If she's going to an accredited college or university then she can get federal student loans. They don't run your credit for these. She only needs to have not defaulted on any other federal loan.
Why isn't my defaulted student loan on my free credit report?
Some lenders report to one or two credit agencies, others report to all three. Have you checked all three reports? If you need help with your defaulted student loans, this company can help you: www.defaultms.com
Could you get a conventional house loan even if you defaulted on your student loans?
Depends on your credit rating, how long ago you defaulted, and how much of a down payment you plan to make. A default will stick with the credit score for 7 years.
What debts stay on your credit report longer than 7 years?
Bankruptcy. Defaulted federal student loans.
Is the average number of credit cards a college student has?
No I am sure that college students do not have the average number of credit cards.
What is the right age to get a student credit card?
Whenever you start university (or, in America, college), is the correct age to get a student credit card.
Can you get a student loan default off credit?
Actually, the default will stay on your credit indefinately until you get out of default. Student loan default on Federally Guaranteed student loans has no statute of limitation. If you consolidate your defaulted student loans, they will show up as Paid In Full on your credit report. You can get help with the consolidation of your student loans through www.defaultms.com Any default is going to stick around for about 7 years.
What would be the best thing for a college student in credit card debt to do?
The best thing for a college student in credit card debt to do is to contact a debt consolidation company to help workout a payment plan that the student can afford.
If you have frightening credit can you still qualify for a student loan?
Eligibility for Federal Stafford loans are not based on your credit so yes, it is possible to get a student loan even with "frightening" credit. The exception to that is if you have previously defaulted or are significantly past due on a previous student loan. Even in this case, there are options to clear this up pretty quickly, so you may continue your schooling. Finally, most private student loans are credit-based so for those, you will at the very least need a co-signer. Federal loans limits are too low. The "non-credit" based loans like Stafford need to raise their limits to approx. $10,000-$15,000 per year. Then a student has a chance to fully fund their own college tuition at a State College without help from parents. It is every child's right to go to at least a State college of their choice.
If you accept a settlement offered for less than the total balance of your defaulted student loan will it reflect negatively on your credit report?
YES BUT CAN IMPROVE YOUR DEBT TO INCOME RATIO
Where can one find more information about the trends of college student credit card debt?
There are several places that one can find information about the trends of college student credit card debt. Two such websites would be Total Bankruptcy as well as Credit.
What balances have debit or credit balances?
Assets, Expenses and Losses have native debit balances. Liabilities, Stockholders' equity, Revenues, and Gains have native credit balances.
