Well, it was nice while it lasted. You got the money for your tuition, finished that last semester, and now you have graduated, diploma in hand. However, in the not so distant future, the glow will wear off, and you’ll be facing the repayment of all those loans. While you have managed to allow your payment and credit history to suffer while you’ve been focused on your studies, those bad credit repayment demands on those loans won’t go away. First year college students usually acquire student loans without too much trouble. It’s the third and fourth year students who are often plagued by bad credit, and then must resort to finding bad credit student loans.
Such loans are extremely difficult to find and obtain, and come with astronomical interest rates. If you’ve defaulted on any loan, you may be faced with increased interest penalties, or in some cases, immediate demand of repayment. Defaulting on a loan means that you haven’t complied with repayment terms or if you’ve gone way past due payment dates. Defaulting on a loan, especially a bad credit student loan, comes with severe repercussions.
The first thing you may face is...
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