With tuition fees soaring, one can hardly complete higher education without taking out loans. Student loans now form a significant part of ‘The American Dream’. Therefore, it’s not an exaggeration to say that understanding student loans and their repayment options can shape the financial future of young America.
The Impact On Your Credit Score
Student loans can both positively and negatively affect your credit score. Regular, timely payments can build a favorable credit history, yet late or missed payments can damage your credit score. Therefore, understanding and planning your repayment strategies are as crucial as choosing the loan and the curriculum back in school.
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