You’re done school, entering a new phase of your life - ready for new challenges! Maybe you want to buy a house, or a new car, or get a line of credit. How well you handle your student loan payments will have a major impact on your ability to do any of that.
Whether you are rolling in dough or surviving on ramen, understanding student loan repayment and making good money management choices will set you up for financial success.
A Good Credit Rating is Important
Loans are a necessary part of life for most of us, and how you manage your loans will make a big difference to your financial health.
For many recent graduates, your student loan is the #1 factor in determining your credit rating. If you stay on track, your credit rating goes up. Miss payments or default and your credit rating goes down.
Make Payments on Time
Simply by paying your bills and making your loan payments on time – you will build a solid credit rating – and lenders will reward you in the future by charging a lower interest rate when you want to get other loans, like a car loan or a mortgage.
Doing this will save you thousands of dollars over your lifetime.
Make your payments on time. Your future self will thank you!