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When students take out student loans, is it normal to pay for your residence with your loan money?

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If I don't pay back my financial aid, how much will it affect my credit score?


All depends: could be just arrears that u may pay back after 1-2-3 month and you will be always beyond(unless you can manage to pay this in one go.. then if you still don't pay the creditor start to contact you to see if you can afford to repay this arrears if you still ignore or don't pay the creditors pass your account ( mean your loan, mortgage,credit card) to legal actioner to try to settle your debts so if you still avoid this step your account go in default and at this stage your credit score go down a lot and to improve your credit score will be so hard and will be long term ( I believe that a default will disappear from your credit score after 5-6 year so at this point as a says if you need help financially most lender will decline your application.

Jan 04, 2017 | Financial aid

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