Understanding Federal Student Loans. Can student loans hurt my credit score?

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Understanding Federal Student Loans. Can student loans hurt my credit score?

Understanding Federal Student Loans. Can student loans hurt my credit score?

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Yes, but it can also help your credit. Paying your student loan back on time will benefit your score. Alternatively, missing these payments can cause some significant damage to your credit profile. If that sounds like you, or if you’ve missed other payments as a result of your student loans, it may be time to look into credit repair.

In the federal loan arena, the two major loan offers are the Stafford and the Perkins. With these, students are given a period of time after graduation to find a job before repayments become due. The Stafford loan offers a couple of options. You can begin paying back the loan on a schedule lasting up to ten years, with the payments gradually increasing, or you can pick a plan which adjusts to the amount of money you earn in the job market.

It’s highly encouraged that students look into the scholarships available to them. Most colleges highly value diversity and are looking to increase the diversity of their schools. Encourage the students and prospective students you know to use their heritage to their advantage and research the scholarships offered by the schools they are considering. Some colleges will actually help pay the costs of bringing in students from different areas of the country.

Higher SAT or ACT scores can also mean the difference between no grant, a grant, and an even larger grant. The higher your score, the more money you could be offered. It may be worth it to take entrance exams more than once, if doing so could increase the student’s score significantly. The costs of taking the test now could be offset in the future.

It’s obvious that all these options take careful planning, research, sacrifice, time, money and knowledge. Getting a child through college can be a fulltime job in itself.

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