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 will need the help of a professional." Granted, there are a few benefits to hiring a professional, such as having guidance on hand at all times. This doesn't mean that this is necessary, as you will be able to pay off your debt on your own. It's a simple matter of how much research you're willing to put in. With a number of resources available to you, especially online, you may not need to consult a professional as much as you think.
"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.
"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 will need the help of a professional." Granted, there are a few benefits to hiring a professional, such as having guidance on hand at all times. This doesn't mean that this is necessary, as you will be able to pay off your debt on your own. It's a simple matter of how much research you're willing to put in. With a number of resources available to you, especially online, you may not need to consult a professional as much as you think.
"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.
"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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