Along with collateral you will need to have a great credit report history. (creditcarddebt.org)
the borrower had certain derogatory information (e.g., default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write - off of a Title IV debt) in the credit history during the five years preceding the date of the credit report (finaid.org)
To do so, they must either make three on - time payments or agree to a payment plan in which their monthly bill is tied to their income.14 Consolidated loans can return to good standing, but borrowers» credit report history does not get erased. (americanprogress.org)