There's something to be said about student loan debt and its ability to have an impact on one's financial situation. One of the reasons for this, in many cases, is that people simply don't have the right information on hand. This is where the various myths regarding said debt come into play. Needless to say, these deserve to be debunked, which the likes of Robert Jain can help with. Start with the following myths to get a hold of your student loan debt situation.
"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 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.
"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 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 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.
"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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