To avoid locking in a mortgage now that you are always student loans?

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I go to school and you need a loan, but we pulled (like many people) when we bought our apartment and can no longer afford. Otherwise, we’re perfect credit. My request is denied for a student loan?

  1. Reply
    May 3, 2011 at 2:24 am

    Well, you don’t have perfect credit, you have a foreclosure on your credit, so your credit is tanked, and this will haunt you for the next 7-10 years.

    But, student loans are need based, so as long as schools have funds and you meet the fund guidelines, you should be able to get student loans. Its the private lines of credit that you would likely be denied.

  2. Reply
    May 3, 2011 at 3:14 am

    well banks look at student loans more like an investment loan for the future. If they loan you the money you will be going to school to get a job to pay back the loan. With that said, your mortgage foreclosure will affect your credit score and they do take that into much consideration when going over your loan. if you were applying for a mortgage i would say def no, but they do look a little differently on student loans which is good for you. good luck

  3. Reply
    Meg D
    May 3, 2011 at 3:46 am

    First, find out what your credit score is. Your credit report has information that affects whether you can get a loan — and how much you will have to pay to borrow money. Lenders including student loan lenders go by the credit score.

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