| Well, it was nice while it lasted. You got the money for | | | | than likely have to pay additional fees as well as |
| your tuition, finished that last semester, and now you | | | | interest charges, late fees, collection costs and even, if |
| have graduated, diploma in hand. However, in the not | | | | you're really bad, court costs. |
| so distant future, the glow will wear off, and you'll be | | | | That's just the beginning. If you don't pay a bad student |
| facing the repayment of all those loans. While you | | | | credit loan, or any loan for that matter, your account |
| have managed to allow your payment and credit | | | | may be referred to a national credit bureau and your |
| history to suffer while you've been focused on your | | | | credit rating can be damaged for years to come. Try |
| studies, those bad credit repayment demands on | | | | buying a car, furniture or obtaining a home |
| those loans won't go away. First year college students | | | | improvement loan with that hanging over your head. |
| usually acquire student loans without too much trouble. | | | | You may even have difficulty renting an apartment, as |
| It's the third and fourth year students who are often | | | | landlords run credit checks on prospective tenants and |
| plagued by bad credit, and then must resort to finding | | | | if they find that you are consistently late in making |
| bad credit student loans. | | | | payments or if you've defaulted on any debt, they |
| Such loans are extremely difficult to find and obtain, | | | | may deny you. Having bad credit can even affect |
| and come with astronomical interest rates. If you've | | | | future employment, so all that hard work studying may |
| defaulted on any loan, you may be faced with | | | | likely be useless if you don't take care to repay your |
| increased interest penalties, or in some cases, | | | | student loan debts on time. |
| immediate demand of repayment. Defaulting on a loan | | | | In severe cases, the IRS may garner any future |
| means that you haven't complied with repayment | | | | income tax refunds for repayment of loans, so avoid |
| terms or if you've gone way past due payment dates. | | | | missing payments or defaulting on any loan if at all |
| Defaulting on a loan, especially a bad credit student | | | | possible. Before you ask for a student loan, think about |
| loan, comes with severe repercussions. | | | | the future and repayment. If possible, start a separate |
| The first thing you may face is a letter requesting the | | | | savings account and start tucking money away in an |
| immediate repayment of the loan, and you will lose | | | | effort to get a jump on the repayment of any student |
| your option of making payments in installments, or | | | | loan, good credit or bad, so that you can avoid the |
| even deferred payments. Finding student financial aid in | | | | disaster that has met thousands of graduating |
| these circumstances will be extremely difficult, | | | | students. Don't let that college education go down the |
| especially if you're seeking any Federal funding such | | | | drain. Think ahead, play it smart and put those brains to |
| as a Perkins Loan. In addition, your account may be | | | | some good use. Plan ahead when it comes time to |
| turned over to a collection agency and you will more | | | | find, and repay, any type of student loans. |