I always believed in making my own mistakes and not learning from others’ mistake. This thing has been beneficial on several occasions. With a new lesson every day, I turned a new leaf with an understanding of several things.
However, over the years, one big thing I have learnt is how important others’ experiences are. It is not always worth making your own mistakes, as often they can cost you huge losses - like in my student loan debt case. Given below are 10 life lessons that I’ve learned from student loan debt.
If you are about to finish school and plan on starting college, you might already be worried about accumulating finances. Education these days isn’t easy. One incurs heavy college bills that are very hard to pay, given the limited income. In such a scenario, loan is the only option that people are left with. Nothing against loans – I took some too – but they should be planned carefully.
Don’t go to the first bank that comes your way. Get quotes from several lending institutions and choose the one that offers the best deal.
Don’t Ask Too Much
When I went to the bank, I expected to get a royal treatment. I’d thought they’d be a little lenient with students; however, that only turned out to be a ‘thought’ as banks were as strict with me as others, or maybe even stricter. You will be required to prove that you are worth the loan and have the capability in you to make it good when required.
Your old degrees and/or certificates can be asked for. Remember, when you are going for a loan, it’s not you who asks all the questions.
But Do Ask
Not asking too much does not mean one completely stops asking questions. It is important to ask all the relevant questions that come to your mind when applying for student loan debt. Most problems arise when people fail to get their queries answered, which leads to misunderstandings and problems. It is highly recommended to read the contract properly, understand all the terms and ask questions, if anything is unclear, before signing on the dotted lines.
Have it All
As mentioned above, you will be required to submit certain documents. It is important to have all the documents for the loan to be approved on time. I have been through this problem when I wasn’t able to produce the required documents on time, which resulted in a delay in my loan application getting approved.
When you apply for student loan, you must understand what it is all about. The loan is to support your education and not expeditions. The amount you receive must only be utilized to support your education. You must value the money and give your education your hundred percent to come out with flying colors.
Good Debt Settlement
Debt settlement advice is required when you have problems in paying back the debt. Consolidated Credit debt settlement services can be hired so that you have the right help regarding debt settlement, in case such a situation arises.
Pay Back Time
Remember, you will have to pay back the loan with interest. Do not overlook this fact and apply for the loan keeping it in mind. Only apply if you are sure that you will be able to make the loan good, as otherwise it will only cause you trouble. Debt settlement is a big problem that many people face when they are not able to articulate things properly and have trouble paying back the loan.
Remember, the impact that the loan has on your life is huge. It will impact your credit score that stays with you all your life. Take the loan with proper knowledge and the impact that it can have on you. Quite often, people even go in depression due to the pressure of paying back the loan. Gauge your condition and the possible impacts properly before signing up for the loan. You can get Consolidated Credit debt settlement services to help you come out of tough times.
What I have learnt is that the best option is to save. Open a bank account and deposit all the extra money that you have to use for the rainy days. This is the only option that can save you from facing trouble with student loan.
Last but not the least; take help from friends or relatives regarding sponsorship. Someone might be interested in sponsoring your education. Certain institutions also give interest-free loans to students who have potential. Avail this option if it is available, as it will save you from big troubles. Unfortunately, I wasn’t aware of this option, but now that you are – make good use of it.