FP/101 WEEK 5 ASSISGNMENT
Student Loan Summary
Some of the consequences of borrowing to much is debt. You have to make sure you have money to pay the loan back but if you don’t you will go into default which you don’t want to do. When you go into default this destroys your credit. The default shows right up on your credit report as negative credit which you don’t want to have. Having negative credit on your credit report could stop you from getting future loans. I plan on repaying my student loans starting my fourth block of classes. I want to pay ahead on my loans so I will not have to deal with so much interest that builds up on the loans. I feel that if I could at least pay the interest on the loans per month I should be good by the time I graduate and have to start making a monthly payment which I will then pay more then what is required. One way that I can keep my loans under control is to always know how many loans I have and to only take out what loans I feel that I need at the time. But if I am having problems with making my payments I can also defer my payments for up to 3 years if I needed if things were that bad. You can also get forbearance on your loans it helps out for a shorter period of time but if that’s what you need then maybe forbearance will be good for you. We also have to be smart about all the loans we have to only use what we need and not what we think we need. [continues]
Student Loan Summary
Some of the consequences of borrowing to much is debt. You have to make sure you have money to pay the loan back but if you don’t you will go into default which you don’t want to do. When you go into default this destroys your credit. The default shows right up on your credit report as negative credit which you don’t want to have. Having negative credit on your credit report could stop you from getting future loans. I plan on repaying my student loans starting my fourth block of classes. I want to pay ahead on my loans so I will not have to deal with so much interest that builds up on the loans. I feel that if I could at least pay the interest on the loans per month I should be good by the time I graduate and have to start making a monthly payment which I will then pay more then what is required. One way that I can keep my loans under control is to always know how many loans I have and to only take out what loans I feel that I need at the time. But if I am having problems with making my payments I can also defer my payments for up to 3 years if I needed if things were that bad. You can also get forbearance on your loans it helps out for a shorter period of time but if that’s what you need then maybe forbearance will be good for you. We also have to be smart about all the loans we have to only use what we need and not what we think we need. [continues]
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