Call Us Today! 1-877-570-1313

will signing up with a debt negotiation company effect me apply for a loan for my son to go to college in a couple of years?

Hello, yes entering into a program with a debt negotiation company will hurt your credit score and can have a big adverse affect on your ability to get a loan for several years. Most debt negotiation programs take up to 3 years to complete and then you would need some time after that to rebuild your credit record.

On the other hand, if you already have a debt problem, then it is also unlikely that you will be able to get a loan for your son’s education unless you are able to pay down that debt. I suggest you try and speak with a financial aid counselor who is familiar with the federal aid and scholarship programs for college education. I’d imagine your son’s high school has someone you may speak with.

It is smart for you to be thinking about this now. Start planning for the future of your son’s education now so that you can get your financial situation straightened out in time for financing his school.