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.
"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 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.
"You will have to carry student loan debt for your entire life." It might seem like student loan debt will be a consistent aspect of your life, but this simply isn't true. Many people are able to pay off their loans sooner, though there are a few variables to consider. For example, if you attend a school that's cheaper than others, your chances of paying off your debt sooner will be greater. Regardless, to say that this debt sticks around your entire life would be false.
"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.
"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 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.
"You will have to carry student loan debt for your entire life." It might seem like student loan debt will be a consistent aspect of your life, but this simply isn't true. Many people are able to pay off their loans sooner, though there are a few variables to consider. For example, if you attend a school that's cheaper than others, your chances of paying off your debt sooner will be greater. Regardless, to say that this debt sticks around your entire life would be false.
"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.
