Now that you've graduated from school, you might have your sights set on the future. While searching for jobs or even pursuing another degree, you have to account for student loan debt. Prior to this, you might have been given information that, simply put, doesn't hold water. When it comes to student loan debt myths, here are some of the biggest that Robert Jain can both draw attention to and provide more accurate insight.
"My credit score and student loans are entirely different entities." While these can be classified as their own entities, they are related in certain ways. Let's say that, for the sake of argument, that you fail to make a monthly payment. This is seen as delinquent activity that, among other things, can lower your credit score. To say that these entities don't impact each other would be an oversight, which reputable names in finance like Bob Jain can attest.
"I'll have to pay a professional to help." This is another student loan debt myth that deserves to be debunked. Keep in mind that while a professional can provide insight and even help you organize your personal details, their assistance isn't necessary for debt repayment. In fact, you will be able to take care of this on your own. By utilizing the resources you find online and at your campus, consulting a professional may not be necessary.
"You will have to carry student loan debt for your entire life." It might seem like student loan debt will be a consistent aspect of your life, but this simply isn't true. Many people are able to pay off their loans sooner, though there are a few variables to consider. For example, if you attend a school that's cheaper than others, your chances of paying off your debt sooner will be greater. Regardless, to say that this debt sticks around your entire life would be false.
"If I ignore my student loan debt, eventually it will disappear." You cannot ignore your student loan debt as if it were an annoying cough or sneezing fit. If you attempt to do so, it can have disastrous results, not only in the financial sense but in life as a whole. To prevent these, get in touch with your school's financial aid department. Even if your standard repayment option isn't possible, there might be alternatives you can take advantage of, student loan forgiveness being one of the most common.
"My credit score and student loans are entirely different entities." While these can be classified as their own entities, they are related in certain ways. Let's say that, for the sake of argument, that you fail to make a monthly payment. This is seen as delinquent activity that, among other things, can lower your credit score. To say that these entities don't impact each other would be an oversight, which reputable names in finance like Bob Jain can attest.
"I'll have to pay a professional to help." This is another student loan debt myth that deserves to be debunked. Keep in mind that while a professional can provide insight and even help you organize your personal details, their assistance isn't necessary for debt repayment. In fact, you will be able to take care of this on your own. By utilizing the resources you find online and at your campus, consulting a professional may not be necessary.
"You will have to carry student loan debt for your entire life." It might seem like student loan debt will be a consistent aspect of your life, but this simply isn't true. Many people are able to pay off their loans sooner, though there are a few variables to consider. For example, if you attend a school that's cheaper than others, your chances of paying off your debt sooner will be greater. Regardless, to say that this debt sticks around your entire life would be false.
"If I ignore my student loan debt, eventually it will disappear." You cannot ignore your student loan debt as if it were an annoying cough or sneezing fit. If you attempt to do so, it can have disastrous results, not only in the financial sense but in life as a whole. To prevent these, get in touch with your school's financial aid department. Even if your standard repayment option isn't possible, there might be alternatives you can take advantage of, student loan forgiveness being one of the most common.
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