If I wreck my credit score or go debt relief agency will I still be able to get student loans?
Will the rate be horrible?
I ask because I am $4000.00 in debt and I really can’t make that go anywhere because I drive a newer car (though nothing fancy) and make kind of large monthly payments on that. I will get way less than what I owe on the car so I cannot sell it. I only make 9.15 an hour and go to school part time. I can’t seem to make this debt go anywhere though I am pretty frugal nowadays.
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Do not ever consider a debt relief company.
They take your money and do nothing for you execpt line their pockets.
Get a book at the library or book store on debt relief.
The library has oodles of these - very good ones too.
Not sure about student loans - just wanted to make sure you did not make a life long mistake of dealing with one of those relief companies.
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No you will be ineligible for student loans with a poor credit rating. You need to find another part time job and get that 4k paid off
Try doing some tutoring, house cleaning. Do something but do not miss any payments
File a FAFSA and find out. Go to http://www.fafsa.ed.gov/. You will need your most recent tax return and the balances of all your checking and savings accounts. You will also need that information from your parents if you are under 23, even if you do not live with them and they do not claim you as a dependent. Once you file, you will get a financial aid report from each school you list on the FAFSA telling you how much money you can receive in loans, grants, etc.
If you have financial need, you will qualify for a Stafford loan. The government guarantees these loans, so they are entirely need-based. Your credit score does not figure into it, although you will not be able to get a loan if you have ever been convicted of selling drugs. The current rate is 6.8%, and you will not have to pay until you leave school or drop below part-time status (as defined by your school). See the link below for further information.
Disclaimer: The information above does not constitute professional financial advice. Seek the advice of a qualified professional before making any financial decisions. The reader holds the author harmless for actions taken as a result of this information.