Fp/101 Student Loan Research Paper
Student Loan Summary
Christine Downey
FP/101
August 15, 2010
Griselle Forte
What are some future consequences of borrowing too much debt?
Some of the most telling future consequences of borrowing too much debt would be evictions, foreclosures, declaring personal bankruptcies, wage garnishments, divorces, emotional break downs, higher than normal interest rates on loans, rejection of application for loans, ruined credibility, savings and retirement plans wiped out, and an undesirable credit report and score.
Debt affects people in different ways and has a major impact on the life of each individual. It often determines how they will be able to live their lives. There are only two ways to acquire things that you cannot afford to …show more content…
After this time, you are responsible for the regular monthly payments, which were originally agreed upon between the student and the lender.
This grace period should be used wisely. The goal of a student at this point, is to secure a job that allows him or her to reasonably manage all of their monthly bills, including their student loan. If a problem should arise where you cannot make ends meet during your grace period, immediately contact your financial advisor to aid you in modifying your repayment terms.
I have opened a separate savings account strictly for college that I contribute to each week. It is better to set some money aside to cover repayment of my student loan than to feel the full financial burden when it is due.
So much of the loan process is planning. All you do is plan when it comes to finances. You have to plan out your expenses to make sure you can afford your tuition bill. When you cannot afford tuition in its entirety, you get a student loan to cover the cost. If you are smart, while you are in college you can plan how to repay your loan. Once you graduate, you can work on getting a job that allows you to afford all of your expenses and make repaying your student loan less
Christine Downey
FP/101
August 15, 2010
Griselle Forte
What are some future consequences of borrowing too much debt?
Some of the most telling future consequences of borrowing too much debt would be evictions, foreclosures, declaring personal bankruptcies, wage garnishments, divorces, emotional break downs, higher than normal interest rates on loans, rejection of application for loans, ruined credibility, savings and retirement plans wiped out, and an undesirable credit report and score.
Debt affects people in different ways and has a major impact on the life of each individual. It often determines how they will be able to live their lives. There are only two ways to acquire things that you cannot afford to …show more content…
After this time, you are responsible for the regular monthly payments, which were originally agreed upon between the student and the lender.
This grace period should be used wisely. The goal of a student at this point, is to secure a job that allows him or her to reasonably manage all of their monthly bills, including their student loan. If a problem should arise where you cannot make ends meet during your grace period, immediately contact your financial advisor to aid you in modifying your repayment terms.
I have opened a separate savings account strictly for college that I contribute to each week. It is better to set some money aside to cover repayment of my student loan than to feel the full financial burden when it is due.
So much of the loan process is planning. All you do is plan when it comes to finances. You have to plan out your expenses to make sure you can afford your tuition bill. When you cannot afford tuition in its entirety, you get a student loan to cover the cost. If you are smart, while you are in college you can plan how to repay your loan. Once you graduate, you can work on getting a job that allows you to afford all of your expenses and make repaying your student loan less