When I was 18, I wasn%26#039;t living with my parents, and as such I racked up about 鎷?000 worth of credit card debts to allow me to pay for rent. I couldn%26#039;t afford to pay it back, and it%26#039;s since gone up to about 鎷?000. I%26#039;ve been offered a place to study at Cambridge university next year, which is a very expensive place to study! I%26#039;m hoping to begin small repayments of my debts in the next few months, but they won%26#039;t be cleared by the time I begin university. Does anyone know if these debts will affect my ability to receive student loans?
Do credit card debts affect student loans?
Usually when you don%26#039;t make payments to a debt such as a credit card, this is recorded on your credit reference, which is used by credit companies to determine whether it%26#039;s safe for them to lend you money. However, because student loans are non-profit (the amount you pay back only goes up in line with inflation) loans designed to be there to help people, not make money out of them, and because they%26#039;re government funded I don%26#039;t think the same set of assessments are used.
I was concerned this year that my loan wouldn%26#039;t be approved because I%26#039;ve had some serious problems over the summer and defaulted on a personal loan, credit card and overdraft, but it all went through ok. I can%26#039;t envisage you having any problems, but would certainly advise you to contact www.nationaldebtline.co.uk- they%26#039;ll give you free professional advice and would be able to give you peace of mind on this matter.
Do credit card debts affect student loans?
Sure, if you have prior bad credit, who in their right mind would lend to you?
Do credit card debts affect student loans?
Its impossible to answer for sure because each lender of a loan has their own point scoring system...so it depends on who you apply to
BUT
i thought student loans were available from the depart. of education ???....and therefore if i am correct then i doubt if it will be as difficult to obtain as opposed to applying at a bank
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