Study Loan (1)

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Study Loan
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Deadly Student Loan Sins
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• We all know that higher education is expensive,
  but we also know the professional and personal
  growth it can provide. For many people, going to
  college means taking out student loans, a serious
  credit product that shouldnt be entered into
  lightly.
• Its a good idea to calculate the monthly student
  loan payments you will owe before you even take
  on the debt so you can make an informed decision
  about whether you can afford the debt. Signing on
  for student loans before fully understanding them
  is a major student loan mistake, but its not the
  only one you can make.

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Overlooking Loan Alternatives

• While student loans may seem like a necessary
  evil, there are other options to afford college.
  You can choose a cheaper school (think in-state
  or online), attend a work-based school, attend
  school part time while working, put off school
  for a year to save up or apply for scholarships
  or grants. You can even do a combination of all
  these options. Even if this doesnt completely
  eliminate your need for student loans, it can
  reduce how much you have to borrow.

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Borrowing More Than You Need

• You may be tempted to take out student loans for
  the full amount youre offered, but its a good
  idea not to borrow more than you need. Instead of
  using the money beyond tuition and room-and-board
  for parties or clothes, its important to weigh
  what you really need. Then you can avoid paying
  interest for years on that spring break trip!

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Neglecting Research

• You may think heading to the bank or another
  private student lender is the first step when it
  comes to getting a loan, but federal student
  loans typically have lower interest rates and
  more consumer protections. No matter which route
  you go (and you may have a mix of private and
  federal loans), its always a good idea to shop
  around for the best interest rates and terms. You
  also want to know who services your loans, what
  programs they provide and how to access your
  statements.

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Choosing the Wrong Repayment Strategy

• Lenders will likely offer you several repayment
  plans for your student loans. Which one you
  choose can have a significant impact on the
  length and total cost of the loan. Some may have
  you paying more each month but less overall,
  while others will keep the monthly payments low
  but youll pay more in interest over a longer
  term. Standard plans are usually paid down in 10
  years, but feature higher payments than the
  graduated or income-based plans. Its a good idea
  to think about your career projections, what you
  will realistically be able to afford and how you
  prefer to repay loans.

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Ignoring Prepayments

• Even when you are still a student, you can put a
  serious dent in your student loan payments. This
  is usually penalty-free. With just a little bit
  of cash each month, you can help reduce your
  debt. You may want to consider taking on a side
  hustle, turning your hobby into cash, finding a
  paid internship, tutoring, participating in paid
  research, freelancing your skills or looking for
  a work-study opportunity on campus in order to do
  this.

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Missing Payments

• When you take on debt, you are also taking on the
  responsibility of getting organized and keeping
  track of what you owe. Paying late or missing
  payments can put you at risk of defaulting and
  can ruin your chance of qualifying for loan
  forgiveness in the future, in addition to
  wreaking havoc on your credit score. Its
  important to plan ahead of time to ensure you pay
  in full, on time, every month. You can see how
  your student loans are impacting your credit
  scores for free on Credit.com.

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Underestimating Interest

• When you are given monthly payment options, its
  a good idea to also make sure you look at the
  total cost over the life of the Study loan, as
  well as possible tax implications. A smaller
  amount may fit more easily into your budget but
  leave you paying a lot in interest over time.
• Source http//blog.credit.com/2015/05/7-deadly-s
  tudent-loan-sins-115927/

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