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Before delving into the concept of “good debt” associated with student loans, it is essential to understand what student loans are and how they work. In simple terms, student loans are funds borrowed by individuals to finance their education expenses, primarily college or university tuition fees...
Good and Bad News for Student LoansOrchowski, Margaret
"Student loans can help you build a better credit score if you make every required payment on time, by the due date. Whatever you do, don’t default and don’t be late with a payment or skip a payment. This can ruin an otherwise good credit score. Sign up for autopay, where the ...
meaning your interest costs could change over time. Private student loans may be a good idea if you have a high credit score so that you can potentially receive a higher loan amount or lower APR. However, you may still get approved for a private student loan if you have bad credit, sinc...
Eligible students have the opportunity of accessing federal student loans in spite of past financial hardships or bad credit. Students can also access private student loans through various financial institutions based on particular criteria, such as grade point average and financial need. Student borrower...
However, private student loan rates can run high for borrowers with bad credit. Usually no origination fees. Many private student loan lenders don't charge origination fees, although they may charge prepayment penalties or late fees. On the other hand, federal student loans have loan fees, ...
Is student loan forbearance bad? Student loan forbearance isn’t bad if the alternative is having your wages garnished or losing your tax refund because of a defaulted loan. But forbearance can be expensive. Most often when you put loans in forbearance, interest continues to accrue on your bal...
If you have bad credit, you may be motivated to refinance your student loans to lower monthly payments. However, many lenders require a minimum credit score in the mid-to-high 600s. You will likely need a cosigner on the loan application to qualify. Shopping around and comparing rates may...
while “bad debt” leads to credit problems. Student loans are typically considered good debt because a higher education can lead to the career or income you want.