Student loans on credit

Discussion in 'Buying & Selling Real Estate' started by Rosyrain, Aug 29, 2015.

  1. Rosyrain

    Rosyrain Senior Investor

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    So I had some issues with student loans that were not getting paid and I know those things are looked at when you go to buy a house. I was able to get all of that worked out with my student loan lenders and got an affordable payment plan. Will this workin my favor to get a home loan?
     
  2. Corzhens

    Corzhens Senior Investor

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    Student loans are not common here unlike there in American where high school graduates would enter college thru a student loan to finance the tuition fee. But for the credit background, having an outstanding loan with arrears, much more if unpaid and seeming to be abandoned, would be a blackeye to the credit profile of the borrower. Banks here in particular are so strict with the credit investigation such that even a hundred pesos that is unpaid would be questioned and a written explanation is required of the borrower.
     
  3. Rosyrain

    Rosyrain Senior Investor

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    Thanks for the info. Unfortunately here in the US it is almost necessary for students to have some form of student loans unless they are fortunate enough to have parents who can foot the bill. I contacted my lender and looked on my credit report and the loans are showing up as deferred at the moment because I worked out a new payment plan that takes effect in a month. Hopefully it is enough to satisfy lenders.
     
  4. Corzhens

    Corzhens Senior Investor

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    My husband has a nephew by his cousin who studied Information Technology course to get a good job in Canada. He had taken a student loan that saw him through his 4 years of studies. When he visited us last month after staying and working in Canada for more than 10 years, he is quite rich now. But he still related to us his hardships of paying his student loan for the first 5 years of his employment. Yes, education there is very expensive.
     

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