I can’t afford my student loan payments – what do I do?
So you can’t afford your current student loan payments? Maybe you just graduated, maybe you lost your job – there are a myriad of reasons.
Here are your options
Consolidate! You’ve just graduated with a lot of debt and can’t afford to pay it all. You probably want to consolidate your loans. This will lengthen the repayment period, and you’ll pay more interest over the life of the loan, but it can shrink your monthly payments by quite a bit. Also, the longer repayment periods aren’t a bad thing necessarily as federal loans can be paid early with no prepayment penalty!
Deferment! Student Loan Deferment is when your loan company give you a temporary reprieve. Essentially, you are allowed to stop paying monthly payments for an agreed-upon period of time. For this, you MUST call your loan company and you must qualify for this.
For example, you’ve gone back to school, lost your job or work for the Peace Corp. Read this article from the US Department of Education to learn more.
Forbearance! Student Loan Forbearance is for those who have difficulty repaying their loans but don’t qualify for deferment, which has stricter guidelines. Payments are postponed or reduced temporarily, and interest accrues while you are in forbearance. You MUST call your loan company for this also. Read this article from the US Department of Education to learn more.
Yes, this talks a lot about calling your loan company. No, the loan company is not the enemy here. I mean, really – lets think about this logically – they don’t want your loans to go into default any more than you do as it hurts their bottom line. It’s in their best interests to help you through your time of need and keep you on a repayment schedule of some sort. If you hit the skids, call your loan company, they may be more help than you ever imagined.
And DO NOT let your loans go into default, it will haunt you for years!!!!
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Is it possible to get a Student Loan without Credit Checks?
Paying their way through college has become increasingly difficult for students in the past few years. Credit Score requirements prevent most students from accessing private student loans without the help of collateral or a cosigner. Not being able to study the career one wants to pursue can be very frustrating, fortunately there are other solutions.
Think Ahead and Get Ready
As always, it is better if you think ahead and start preparing yourself for obtaining a student loan. To do so, it is good to start establishing a credit history by opening a savings and a checking account on a bank. What you need to do is prove yourself worthy of credit by showing the bank you can put aside at least a small amount of money every month.
Bank Accounts with Pre-agreed Student Loans
Some banks offer accounts with pre-agreed loans for students. Even if you do not qualify yet, get a regular account on one of those banks as you will be able to upgrade your account later and seize the benefits of having a pre-agreed loan or line of credit.
These special accounts offer this benefit without doing credit checks. If you wonder why no credit checks are carried out, the reason is that a credit check was performed when the account was opened. Since a lender has no records of your credit behavior, a credit check is mandatory. But the bank has a history of your financial transactions carried out with your accounts and thus does not need to pull your credit report.
Student Loans or Lines of Credit
These loans come in the form of regular loans or lines of credit. Lines of credit remain open as the lender retrieves money and returns it as long as a certain limit is not reached. However, the interest rate charged is variable and thus changes along with market conditions. Pre-agreed student loans on the other hand, come with fixed interest rate, a fixed amount and preset repayment program. When paid off, these loans can be renewed, but at this stage, the bank may require a credit check.
Not a Comprehensive Solution
Pre-agreed student loans are a great way to finance extra expenses during college season. The loan amount will not be enough to finance all your way through college. However, combined with federal student loans, these loans provide relief to cash flow difficulties and emergencies. And given that there are no credit check requirements, they really come in handy under difficult financial situations.
So if you are looking to finance your everyday expenses or some extra expenses like study material, a month of rent, groceries, a new computer, etc. these loans are the right option for you and you will not have to go through stressful application processes and credit checks.
Just make sure there are no stains on your financial relationship with the bank. Avoid late payments, bouncing checks and missing payments. Otherwise you will have to resort to other lenders that will definitely check your credit report before granting you a loan.
Mary Wise, a professional consultant at Badcreditloanservices.com with twenty years in the financial field, prevents consumers from falling into the hands of fraudulent lenders.
By Mary Wise
Paying their way through college has become increasingly difficult for students in the past few years. Credit Score requirements prevent most students from accessing private student loans without the help of collateral or a cosigner. Not being able to study the career one wants to pursue can be very frustrating, fortunately there are other solutions.
Think Ahead and Get Ready
As always, it is better if you think ahead and start preparing yourself for obtaining a student loan. To do so, it is good to start establishing a credit history by opening a savings and a checking account on a bank. What you need to do is prove yourself worthy of credit by showing the bank you can put aside at least a small amount of money every month.
Bank Accounts with Pre-agreed Student Loans
Some banks offer accounts with pre-agreed loans for students. Even if you do not qualify yet, get a regular account on one of those banks as you will be able to upgrade your account later and seize the benefits of having a pre-agreed loan or line of credit.
These special accounts offer this benefit without doing credit checks. If you wonder why no credit checks are carried out, the reason is that a credit check was performed when the account was opened. Since a lender has no records of your credit behavior, a credit check is mandatory. But the bank has a history of your financial transactions carried out with your accounts and thus does not need to pull your credit report.
Student Loans or Lines of Credit
These loans come in the form of regular loans or lines of credit. Lines of credit remain open as the lender retrieves money and returns it as long as a certain limit is not reached. However, the interest rate charged is variable and thus changes along with market conditions. Pre-agreed student loans on the other hand, come with fixed interest rate, a fixed amount and preset repayment program. When paid off, these loans can be renewed, but at this stage, the bank may require a credit check.
Not a Comprehensive Solution
Pre-agreed student loans are a great way to finance extra expenses during college season. The loan amount will not be enough to finance all your way through college. However, combined with federal student loans, these loans provide relief to cash flow difficulties and emergencies. And given that there are no credit check requirements, they really come in handy under difficult financial situations.
So if you are looking to finance your everyday expenses or some extra expenses like study material, a month of rent, groceries, a new computer, etc. these loans are the right option for you and you will not have to go through stressful application processes and credit checks.
Just make sure there are no stains on your financial relationship with the bank. Avoid late payments, bouncing checks and missing payments. Otherwise you will have to resort to other lenders that will definitely check your credit report before granting you a loan.
Mary Wise, a professional consultant at Badcreditloanservices.com with twenty years in the financial field, prevents consumers from falling into the hands of fraudulent lenders.
By Mary Wise
Thursday, September 2, 2010
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