So, I recently got accepted to a new college to go onto campus. At that college I go about $1120 disbursed to me through financial aid. I went then for about 9 symesters/terms (11 classes) and each class was $960 each.
Recently we went to check my credit report incase we need to take out a private/non-federal loan and my student loans are listed on my account about 9 times, all in different dollar amounts (ranging from $600-$1120). Now, I read somewhere that student loans appear at least 2 maybe 3 times on credit, but they should be same amount and 9 times seems a bit excessive.
I’m concerned that this affects my credit score and I won’t be able to take out a student loan. Unfortunately my mom’s credit is not very good so I’m not sure she can co-sign with me. What I’m wondering is
-Is my credit report SUPPOSED to look like that?
-Will that affect my ability to get a student loan?
-Do I call my former college (SNHU) to solve this issue or someone else?
and
-If SNHU is at fault and it’s not supposed to be like that, how long will it take to correct?
Any help is appreciated, I just found this out a few moments ago.
Each time the loans were disbursed counts as a separate loan. Does the total student loans on your credit report match the total you took out?
I can’t check that at the exact moment. I’m not even really concerned about how many times theyre on there, I’m concerned I won’t be able to get a private student loan.
@CamBeersy
The ONLY thing of importance is whether the total student loans on your credit report match the amount that you have actually taken on loans.
Your total debt will be what prevents you from taking private loans…unless you have sufficient income to support having additional loans. So check that amount for accuracy.
In terms of taking private loans…if you are the student here, you won’t be able to take private loans without a qualified co-signer unless you have sufficient income and collateral to present to the lending institution yourself.
So…do you have a full time, consistent income?
If not…do you have a qualified cosigner?
Also…please clarify this:
This makes it sound like you went to this college for NINE semesters and took only 11 classes total. Is that correct?
How much TOTAL in loans did you get from this school?
They switched to a trimester schedule about 3 classes ago and for 2 symstesers I was able to pay for an extra class since my grandmother passed and left us a bit of money. Otherwise I only took 1 class a symester/trimester
That is irrelevant. It is the total of student loans that matters for your credit.
I’m very confused. You cannot get federally funded student loans if you are attending college less than half time…and re not a matriculated student.
Were you a half time student?
Did you get federally funded loans…and if so, how much?
It’s spelled ‘semester’.
Is it a for profit school?
What is your major?
SNHU is a not for profit. It’s Southern New Hampshire University, which does a lot of TV advertising, but is a not for profit.
SNHU works on an accelerated schedule. From other schools that work like that, I understand that somehow, they can group classes taken one at at time in such a way that the student is actually attending part time, term-wise. I’m not sure how it works, I’ve just heard this from other students of such unis.