Hi there, I'm looking to rebuild my credit after making a whoopsie right out of college... and I need help.
I graduated with $24,500 debt from four different federal student loans but was not able to secure a job before repayments were set to begin. When repayments did begin, I paid the minimum amount on time for three of those loans for a total of 3 months. I stupidly did not realize that my fourth loan was through a separate provider, so I have two months of delinquent payments. I was able to get my "forgotten" loan in forbearance and now all four are in deferment since I'm in graduate school.
I haven't taken any additional loans out for graduate school and I am now half-way done with my degree. I have been working full-time for the past year and paying tuition out-of-pocket, which I had planned to continue doing for this next year. My parents have generously been paying a small amount towards the "forgotten" loan since it has the highest interest rate out of my loans, but my total debt right now is still $24,896.23 and my credit score/history is in rough shape.
The only factor going into my credit history is my student loans since I have never had a credit card or taken out any other kind of loan. I can continue paying for tuition out-of-pocket, but I am not able to do that AND payback my loans in any substantial way. I have also been denied by Chase for a credit card, and I am weary about applying again. I submitted my FAFSA for this upcoming school year, and it seems as though I will be offered another federal student loan, which I am thinking of accepting and paying back immediately given I have the funds for school? Again, I'm just really unsure of what would be best from here.
I'm feeling very vulnerable and incredibly aware of how naive I have been/am about my finances, so any guidance would be greatly appreciated. Thank you!