College and Credit Consequences of Student Debt

You’re in college to get that degree to get that dream job. And like millions of Americans, you probably had to get a student loan to help pay for tuition, books, and living expenses. That means when you graduate, you’ll have student debt.

Unfortunately, student debt is having long-term effects on the daily lives of young adults just like you. As a result, you may find yourself delaying important life decisions, such as finding a place to live on you own, buying or leasing a car, and saving for retirement.

If you’re not careful, your student debt can quickly accumulate – and it’s understandable why, as life of a college student means you’re busy going to class, getting good grades, and spending time with friends. Paying back student loans is probably not high on the priority list.

Before you graduate, make sure you view your loan dashboard to make a payment plan. For example, do you know if your loans are subsidized or un-subsidized? Also, if you are using credit cards and are paying only the minimum each month, do you know your cards’ interest rates?

By following these simple steps, you don’t have to get buried by student debt:

  • Pay small amounts of your student loans to reduce principal
  • Pay more than the minimum of your credit cards so that you’ll owe less in total interest
  • Join solutions like RentReporters to report your rent payments and start improving your credit score before you graduate

For more information on RentReporters, visit here.

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