Avoiding a bad situation
To avoid the evils that come with loan ownership (like eligibility for future loans/affecting your credit score), there are some things that every student should do:
- Don’t borrow more than you need! (It is possible to take less than what is offered)
- Make yourself comfortable with the payment plan that you choose after graduation.
- Always make payments. One time. Every month.
- Paying extra is never a bad idea
- Research advantages such as rate reductions
- Always communicate to your servicer (bank/whoever is in charge of your loan) for situations such as having trouble making payments.
Student loans are most definitely intimidating, but once a person knows how to personalize them to their needs, then they are much easier to deal with. A lot of stress can be taken off someone once they understand the wacky world of Student Loans.