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 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.
"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 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.
"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.
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