Skip to Content
Top

Private Student Loan Borrowers May Need Stellar Credit

checking credit score on laptop
|

Many of us look back at high school, when we were just forming an idea of what we wanted to do in the future, and who we wanted to be, often shooting for the stars in terms of a future job and career prospects, and a luxurious income, enjoying planning what was really just a concept of first. Putting these dreams into motion may feel necessary, but the true process may seem extremely complicated once it becomes real.

There are many proponents of an easier educational system in the US and a free one at that—with much concern for rising students who are under such tremendous financial pressure. The reality, however, is that as tuition costs continue to rise, and current college and university expenses can be astronomical, meaning that student loans are completely necessary. Because of that, it is highly recommended that new students seek out as many scholarships and grants as possible, along with exhausting all federal funds available. This may still mean for some that a substantial amount of funds is still required in the end, and usually must be filled out with private student loans if possible.

Younger borrowers may be discouraged to find out that private student loans are not all they are cracked up to be when it comes to accessibility. Affordability is another matter down the line too as borrowers may find themselves locked into loans that are incredibly burdensome to pay back. Without cosigners, however, new students may be left in the lurch as private loan servicers may have harsh underwriting requirements. This means having an established credit report, and income, and perhaps even collateral.

The need for a co-signer will usually come into play, and while some parents may jump at the chance to help their kids by cosigning on a loan, others may be reluctant due to their knowledge of what could happen if there is a default. Some students, without such access, may simply have to wait until they can save up for tuition, or find less expensive alternatives.

Have you experienced problems with your loan service provider or student loan program, or are you in danger of defaulting on your student loan?

Speak with an attorney from Fitzgerald & Campbell, APLC as soon as possible to examine your options. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include student loan issues, bankruptcy, and other debt management processes. We are here to help! Click here to schedule a free 30-minute consultation, call us at (844) 431-3851, or email us at info@debtorprotectors.com.

Categories: 
Share To: