How long after attempting to clean up credit should I apply for a new student loan?
Hi,
Here’s the deal,I am about to pay off a defaulted loan with sallie mae. They have offered a settlement of $2800.00 from a student loan that was originally $5000. I have accepted the settlement and should have it paid off by the end of the month and have cleared up a few other small items on my credit report. I have letters that the debts have been satisfied and I should get one from the agency once this debt with sallie mae is paid. I plan to attend film school in November and have gotten government aid but I still need a private loan to cover the remaining costs of tuition. My question is, how long should I wait to apply for a new private student loan either with sallie mae or with a bank? As I said I have letters saying that all debts have been paid off, can I take these letters to the bank and will that improve my chances of getting the loan? I need about $10,000 to $15,000 to cover everything. Please help! Thanks for all responses.
Your likely not going to get a loan, especially since your settlement is so recent. Sallie Mae will FOR SURE not give you another loan, so don’t even bother applying with them. If you filled out the FAFSA, Sallie Mae is one of the main lenders, so getting a federal loan is pretty much out of the question. Private loans are harder for students to get, so you are not likely to get that.
Sorry for the bad news. The recent settlement is going to greatly impact you.
