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BigD67 · Sep 28, 2007, 11:59 AM

Hello Every and Anyone that could answer this question.

I am currently a fulltime student that need more money for classes. I qualify for the Grants that my school had to offer, but that still leave me with needing more money for my classes. The question that I need to know is, "What would happen if I default on a Private Student Loan?"

Emland · Sep 28, 2007, 12:01 PM

It would go into collections and would negatively affect your credit score. It would most likely prevent you from getting any other student loans, too.

BigD67 · Sep 28, 2007, 12:09 PM

Originally Posted by Emland

It would go into collections and would negatively affect your credit score. It would most likely prevent you from getting any other student loans, too.

Thank you for your time and your answer. That is nice to know, because I was offered $40,000 per sem. For college. When I ask about the repayment amount, I wasn't given a straight answer. I don't think that I could afford to pay back over $40,000 x 4 sem. which would be at least $16,000. I know that instrest would be add and them some. My credit is still being repaired from someone using it without my permission so I don't need anything else on it.

Once again, Thanks for the answer and your time for posting it.

Emland · Sep 28, 2007, 12:13 PM

Financial aid loans generally run about 20 years. They are almost as long as mortgages.

40k a semester is a lot. That is Ivy League kind of money. Mine ran closer to 3k a semester - I attended an online college.

Your college or university should be able to tell you how much you will need.

ScottGem · Sep 28, 2007, 12:40 PM

Are you sure that's $40K per semester? As Emland says that's Ivy League tuition. And that's AFTER grants?

BigD67 · Sep 29, 2007, 12:13 PM

Yes it is $40,000 per semester yr.

ScottGem · Oct 1, 2007, 06:37 AM

So, transfer to a less expensive school. $40K a semester even before grants is $240K for a BA degree