What happens if i do not use my federal student loan?
I took out a federal loan for the Spring semester but they gave me a loan for spring and summer. I was debating about going in the summer, but I changed my mind at the last minute. The loan was for my books and I had applied for a pell grant for my tuition,but the college said that they were not giving grants for the summer. The adviser told me I still had my loan for the summer though. The semester is starting in a few days and the classes I wanted to take anyway are either full or not being given in the summer, so I am not attending. What happens to the loan? Could I possibly tell them to go it to the fall semester or do I have to fill out another attention?If you have already been apporoved for your loan in the summer and you already accepted it, you should inform your fin aid office and let them know you want to cancel the amount you received for the summer only. You would probably have to reapply to get a loan for the fall since you haven’t previously done so.
Filed bankruptcy three weeks ago, now my college is saying block on student loans?
its the middle of the night, so i cant call,. im worreid sick. it saying i cant reigester for summer for a block on “FEDERAL LOAN” . i filed for chatper 7 a few weeks ago. could it be related?If you are defaulted on a federal student loan or owe on a federal Pell grant or other aid (like you dropped, withdrew, or stopped attending classes for a semester you got aid for) then you will not be able to get any kind of financial aid and your school. Filing for bankruptcy doesn’t have anything to do with it because even if you did file for bankruptcy you still have to pay back student loans. (Student loans can’t be discharged in bankruptcy).
Will student loans/car loan negatively affect credit score?
I’ve recently finished my undergrad studies and will be starting grad school in August. I have paid for undergrad entirely through scholarships and income from summer jobs/internships. I have several credit cards but pay them off in full each month, and I have no debt at all; my credit scores from the 3 bureaus are 757, 735, and 761. To pay for grad school I will have to take out approximately $ 16,000 in Federal Student Loans; I also plot on taking out a car loan for about $ 9,000 soon. Will these loans negatively affect my credit score? I’m VERY concerned about getting a excellent rate on a mortgage when I graduate and start working. Thanks!Taking out new loans does have a small negative impact, but by the time you’ve been working long enough to save a down payment for a house, the loans will no longer be new. Also, you will have been paying on them for many months by then, which will have a positive impact on your credit score. I reckon you’ll be fine, and you are to be commended for your responsible use of credit (especially at your young age).
No, it’s your debt to income ratio that would impact your score; if it becomes unbalanced due to you housing too much debt then it can adversly affect your score.
As long as you make your loan payments on time, the loans shouldn’t be a negative. In fact, having credit where you are making all payments on time (as long as you don’t overextend yourself) should be favorable. You just don’t want to get your debt ratio too high. As long as you are making your student loan payments, I’m not sure if they report to the credit bureau. I’m sure if they get behind, they will be reported.
More Federal Student Loans For Summer
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Having debt that you make timely payments on will not negatively affect your credit, but can boost it. The problems that can arise are the debt-to-income ratio. It’s not just about the debt you have, but the debt you have access to. If you have a $ 5,000 limit on a credit card, but only owe $ 100- they can count the full $ 5,000 as debt. The rationale is you could go out tomorrow and charge it all up. I would recommend cutting down on the number of cards you have at least 6 months before you apply for a mortgage.
Keep in mind, you also need to have a stable work history in your field prior to getting the mortgage. Most places require 2 years or more in the same field. With your credit score, it may be neglible, but be prepared to not be able to buy right out of school.
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