If you're not a homeowner or you have very poor credit, consider debt relief instead of a mortgage.

1) Type of debt:

Credit Card Debt
Student Loan Debt
Tax Debt
Other Debt

2) What State do you live in?

 
Your Profile:     Campus • Graduate/Doctoral Degree • Traditional • Full Time     (change your profile)

Repaying Personal Loans

Many students use personal loans to supplement their scholarships, grants, and Federal loans. If you've taken out a personal loan to complete your education, you need to know how to manage loan repayment.

Loan Counseling Program
In the hectic months before you complete your graduate or doctoral degree, don't let your loan repayment information get lost in the shuffle. Meet with your lender and take advantage of the free loan counseling they're required to offer. Your financial counselor can help you understand your loan repayment options, and answer any questions you may have. Check for repayment discount options during loan counseling. For example, some lenders offer incentives for electronic payment and payments consistently paid on time. Also, be sure it's possible to repay your loan early without a penalty.

Prioritizing Your Loan Payments
Your personal loan may carry an interest rate vastly different from your Federal loans and a fluctuating market with an adjustable rate could be the reason for this difference. For high interest rate loans, consider discussing accelerated payments with your lender or a loan consolidation if you have more than one loan. By exploring all of your repayment options, you can protect your credit and your financial future.

Personal Loan Repayment Plans
Your lender may offer you a grace period of up to six months after you graduate or otherwise leave your educational program before you must start making payments on your loan. After that, you may be eligible for a variety of repayment plans and opportunities:

  • If you've borrowed over $30,000, your lender may offer you an extended repayment plan, which can stretch your repayment plan to a more reasonable timeframe.
  • Your lender may allow you to make graduated or income-sensitive payments.
  • You could receive a deferment or forbearance on your loans by meeting certain qualifications.

Personal Loans and Your Credit
If you're concerned that you may not be able to make timely loan payments, contact your lender immediately to discuss forbearance or deferment options, which may allow you to temporarily postpone or reduce your monthly payments without adversely affecting your credit. Failing to make monthly payments on time may put your loan in default, which could affect your credit and purchasing power. A default will also affect the credit rating of anyone who may have co-signed for your loan, and they may also be pursued for repayment.