Okay...So I posted about the $1300 in student loans that I have to pay back in 45 days. I didn't think there was any way to do this. But looking at things, I can get pretty darn close with my next paycheck. But it would drain the $500 I have managed to save. I would be starting from 0 again. I like having money in the savings account as a cushion. I am torn. Should I just pay a portion of the amount due or try to pay it all? After 45 days they report it to some committee that will probably try to collect it. I am just worried that they will report it to a collections agency and it will show up on my credit report, which I am trying very hard to prevent anything bad from showing up.
So my questions is what would you do?
Question...what would you do
March 31st, 2011 at 01:09 am
March 31st, 2011 at 01:53 am 1301536395
If not, I might opt for just tapping resources to pay it off. Late student loans, I believe, do end up on your credit report if sent to collections, and that would not be good.
March 31st, 2011 at 02:08 am 1301537321
March 31st, 2011 at 02:18 am 1301537908
If it would keep something off my credit report, I would tap ALL resources of available cash first. This might mean I sell something, return something and I would use the $500 you have saved...but only if it is going to hit your credit report.
March 31st, 2011 at 02:46 am 1301539565
March 31st, 2011 at 04:22 am 1301545327
But---one thing that concerns me is that if you took out this loan as a student loan and then did not use it for student purposes (tuition, books, & such) then maybe there is a possibility that you could be pursued for fraud. I don't know. But the idea would scare me. That would be worse than getting a bad note in your credit report. =