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| *Loan,banking and credit>>>auto loan |
What effects could voluntary auto repo have on student loans chances? |
I am considering a voluntary auto reposession, but my only concern is what would that have on my chances to get student loans? I had really crappy credit and was able to get a student loan. Student loans aren't the same as bank loans, you fill them out along with your federal grant application and they base the award on factors like what year you are in, if you've progressed since the last loan (so you can't be a freshman for five years), if you're making acceptable grades (C average) and your need. Sign up for everything, grants, work study and loans so the loans will be the smallest award since the others will cover the rest of it - and you will have less debt in the end. And turn your car in and cut your losses. Student loans have nothing to do with how good or bad your credit is. The only way that it would make a difference would be if you try to get private school loans from a bank. However, if you get Financial Aid through the government, your credit doesn't matter. As long as you're 18, a citizen, have no student loans in default, have never put a student loan into a bankruptcy, and if you're male, you have to have signed up for selective service. |
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