After the excitement of graduation, the reality of student loans sets in. Nobody likes to be in debt, but are student loans really a bed debt to have? If handled properly student loans can help you.
How can having a debt help you? When paying off loans, always keep your credit in mind. Credit to some 22 year olds may mean nothing unless they have credit cards. Even then they may not fully understand its impact. Bad credit can follow someone for a long time. It may cause them to not be able to get a car, house, or loan in the future. So, what does all this have to do with student loans?
Many college students are young and do not yet have credit. If a college graduate makes all their loan payments on time, they are building good credit. Owing thousands and thousands of dollars will never feel good, but you have an education and are building up credit, so it could be worse.
If you are a college graduate who still hasn't found a job or is going through a financial crisis there are actions to take so that you won't ruin your credit. Contact your loan company. Explain your situation and tell them that you can't make your payments don't you don't want to damage your credit. Find out if you can qualify for a loan deferment. A loan deferment will give you some time before you have to start making monthly payments again and it doesn't hurt your credit.
If you've exhausted all options and can't pay off your student loans, you could always go back to school. You will end up with some more student loan debt, but you will have a higher degree which can allow you get a higher paying salary once you get a job. Also, in a few years the economy may improve and if not, a higher degree may allow you to get hired over someone else with a lower degree.
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