Does being in a CCCS plan affect your chances of getting private school loans? I know lenders consider those programs to be the same as a bankruptcy but are they more lenient when assessing eligibility for school loans? I know a few people applying for grad school at this moment with similar problems. Personally, I am applying for medical school and I may need to get school loans in in addition to the government subsidized maximum amounts. At the same time I need to get out from under some debt. I currently have 20,000 in credit card debt because I have been out of work longer than I expected. All my accounts are now closed except for a $2,000 account which remains open. I only have about two late payments on my credit report but my monthly payments are sky high due to many lates (less than 30 days) that did not show up on my credit report. I used to have incredible credit before this. Would a CCCS program affect my chances of getting student loans? Would I be better off paying the sky high monthly payments and interest rates while I go through school for four years?
Considering student loans?? - STOP!!! Whatever you do, stay away from student loans if you are trying to lower your debt!! Student loans are such a corrupt business right now - especially private lenders. Your total amount of debt can double what you actually borrowed in a very short time. What is the worst risk, is that student loans are NOT covered by consumer credit laws. That means that any dispute or amount issues are impossible to rectify. Lenders charge interest & fees at will without any oversight or regulation to prevent you from getting overcharged. There are absolutely no protections for borrowers whatsoever against errors. Lenders are exploiting this loophole at the expense of many borrower's future livelyhoods & credit standing. Yet, Student loans are not dischargeable in bankruptcy. Your wages and SSI can be garnished without a court hearing. Your IRS refunds can be seized. Even when you are making payments - if the lender increases your minimum payments, you have no recourse or opportunity to dispute any errors! Think very carefully about taking ANY student loans - they were originally intended to be "good debt" however, they have turned into nightmares for many students since they have been taken over by greedy private lenders & debt collectors who intentionally make it nearly impossible to avoid default! This is because they are reimbursed by the US Gov. for defaults & unfortunately this benefit has been a windfall for greedy student lenders/ Please, at least read up on this issue first at the studentloanjustice com website I personally, would advise anyone to delay taking any student loans until the Obama administraton restores consumer protection laws to student loans. It's the difference between perhaps 100K in loans & 300K! - Even a second mortgage is a better deal -really ANYTHING is better than student loans right now..
