To say that student loan debt can weigh people down would be an understatement. Robert Jain and other names in the world of finance will agree that while paying off said debt can be a challenge, it doesn't have to be impossible. In fact, you can go a long way by recognizing some of the myths circulating online and otherwise. Here are just a few of the myths in question that will help make repayment easier on your end.
"Student loan activity has no impact on my credit score." According to names such as Bob Jain, these concepts are actually closer than you may think. Let's say that you're late making a payment or simply fail to make one at all. In this situation, such activity can be sent to your bank, which can hurt your credit score. Among other things, this will make it difficult to obtain loans in the future, which is reason enough to make consistent payments.
"I have no choice but to hire a professional." While there are reasons to hire a professional, among them being the insight they provide, this isn't a necessity. You can make student loan payments on your own. If you're stumped on what to do, there are options at your disposal, many of which are free of charge. For instance, you have the option of consulting your campus to see if there are alternative repayment options you can take advantage of.
"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 can't repay my student loans, I can simply ignore them." This is perhaps the biggest misconception when it comes to student loans and repayment. You cannot simply ignore this debt as if it were a mildly annoying noise, as it must be repaid, no matter what. For those that feel like they cannot make the required payments, consult your financial aid office. Explain your situation and they will be able to help you navigate any and all pitfalls.
"Student loan activity has no impact on my credit score." According to names such as Bob Jain, these concepts are actually closer than you may think. Let's say that you're late making a payment or simply fail to make one at all. In this situation, such activity can be sent to your bank, which can hurt your credit score. Among other things, this will make it difficult to obtain loans in the future, which is reason enough to make consistent payments.
"I have no choice but to hire a professional." While there are reasons to hire a professional, among them being the insight they provide, this isn't a necessity. You can make student loan payments on your own. If you're stumped on what to do, there are options at your disposal, many of which are free of charge. For instance, you have the option of consulting your campus to see if there are alternative repayment options you can take advantage of.
"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 can't repay my student loans, I can simply ignore them." This is perhaps the biggest misconception when it comes to student loans and repayment. You cannot simply ignore this debt as if it were a mildly annoying noise, as it must be repaid, no matter what. For those that feel like they cannot make the required payments, consult your financial aid office. Explain your situation and they will be able to help you navigate any and all pitfalls.
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Kindly consult Bobby Jain for additional details about finance.. Unique version for reprint here: Robert Jain: The Most Common Myths Regarding Student Loan Debt.
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