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 student loans and credit score don't affect each other." When it comes to student loan debt myths, this is one of the most common. Despite the differences between student loans and credit scores, they are related in the sense that they can impact one another. This is particularly true if you're late or fail to make a payment. In this situation - and names like Bob Jain will agree - your credit score will take a hit. This is just one of the many reasons to make your payments on time.
"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.
"Student loans will be with you throughout your life." One of the biggest fears that students have, as far as this debt is concerned, is that it will be with them throughout their entire lives. However, to make this claim would be utterly false. After all, many people have been able to pay off their debts in a timely fashion. As a result, they are able to make better financial decisions for themselves. Provided the work is put in, the debt in question can be said off in due time.
"I can ignore my student loans if I can't repay them." There are a few reasons why this isn't the way to go. One of the biggest is the possibility of debt collectors getting in contact with you. Even if you feel like you can't repay your debt, it's possible that other options exist. Student loan forgiveness has become popular for this reason, so get in touch with your financial aid office. Even in the worst-case scenario, options exist.
"My student loans and credit score don't affect each other." When it comes to student loan debt myths, this is one of the most common. Despite the differences between student loans and credit scores, they are related in the sense that they can impact one another. This is particularly true if you're late or fail to make a payment. In this situation - and names like Bob Jain will agree - your credit score will take a hit. This is just one of the many reasons to make your payments on time.
"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.
"Student loans will be with you throughout your life." One of the biggest fears that students have, as far as this debt is concerned, is that it will be with them throughout their entire lives. However, to make this claim would be utterly false. After all, many people have been able to pay off their debts in a timely fashion. As a result, they are able to make better financial decisions for themselves. Provided the work is put in, the debt in question can be said off in due time.
"I can ignore my student loans if I can't repay them." There are a few reasons why this isn't the way to go. One of the biggest is the possibility of debt collectors getting in contact with you. Even if you feel like you can't repay your debt, it's possible that other options exist. Student loan forgiveness has become popular for this reason, so get in touch with your financial aid office. Even in the worst-case scenario, options exist.
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Kindly contact Bobby Jain for more details regarding finance.. Free reprint available from: Student Loan Debt And Myths Debunked By Robert Jain.
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