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MYTHS ON STUDENT LOANS

Does student loan get you down? Never ever, be afraid! A lot of the fear concerning student loans takes birth from misconceptions that surround them. You can always call your student loan services or advisors with any questions to help clear up confusion.

Student Loans Cannot Effect Credit Score:

If anyone thought this, it is wrong. The activity on your student loans will affect credit score. Missing payments, making late payments, or stop paying altogether, credit score will be negatively impacted. Keeping credit score up is important for many reasons. For instance, credit score will affect the interest rates received on future debt, can hurt employment chances, and cause insurance premiums to spike.

Students Have To Pay Back All Of Their Loans:

This depends upon the profession and the types of loans you accepted. There are student loan forgiveness programs that can help to pay back a portion or all of your student loans. To qualify, generally people need to take a government job in an area of high need. However, people who join the military may also qualify for some student loan forgiveness. They can check out student loan forgiveness by state.

Is Paying Back Loans Mandatory If A Student Do Not Have Any Job?

Students have to pay back loans whether they find a job or not. Some programs can help if they find themselves in this situation. To inquire about help call your student loan services. There should be repayment plans that fit your budget.

You Need To Pay Someone To Help You With Your Student Loans:

Students should never have to pay someone to get help with your student loans. In fact, if they are already deep in debt and not able to pay back your loans, this is last thing they should do. When they pay someone, they are generally making phone calls on their behalf and getting the same applications that they can get themselves. If they are struggling to pay off their loans, be proactive – they should make the calls themselves and refrain from hiring someone else to do it for them.

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