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The Impact of Student Loans on Your Credit Rating

Oct 12, 2007
Student Loans can make an impact on your credit rating, but only after you are through will college. You are given a six month period after you are done with school where you don't have to pay a bill and then when you are required to start making payments on your student loan then you will see it show up on your credit history. This is fine because if you are punctual with your payments then you have absolutely nothing to worry about.

Now what is nice is that you get options on how to repay your student loans. You can have a conditional income payment where you pay based on your previous yearly earnings, a seasonal payment plan where you have a seasonal job and you make payments during the periods you work, a standard fixed rate, or a graduated payment option that increases as the years move by. There are plenty of options here for you to choose from and allow for you to find out what would fit you the best.

There are ways to defer your payments, but always make sure that you are in good standing with your lender. Make sure to contact them if you have an emergency come up and you can look at options like forbearance to help ease the pain of these monthly payments. No matter how long it takes you to pay back your student loans, take longer if it means it will save your credit.

Remember that credit is the greatest leveraging power you will have and it simply is the way to find out if companies can trust you financially. It can help you to get into many doors that otherwise you might not be able to get into. Even though credit isn't an issue for a lot of student loans, it is still worth having good credit because you don't know what opportunities you may have with private student loans or other options.

You are in default with a student loan after 180 days of not paying and not notifying your lender about your circumstance. Remember just notifying them can create leniency and help postpone some payments or make monthly payments in smaller amounts. Either way it is better then spending the next 12 months of making on time payments to get out of default.

So avoid late payments and use your loans wisely so that you don't find yourself stuck deep in debt because of lavish spending when you should be sparse with your money. This type of restraint will save you a lot of pain down the road when you have to deal with a family.
About the Author
Court provides information about student loan consolidation and helps people refine their strategic internet marketing.
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