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