Nitro Knowledge. Your Guide to Paying for College.
Once again, women find themselves on unequal footing. This time, it’s student loan debt.
A recent report, Deeper in Debt: Women and Student Loans, by the American Association of University Women (AAUW), found that student loans are burdening women disproportionately. Women of color, low-income women, and female students who drop out before getting their degree suffered to an even greater extent.
You put a lot of energy into getting a solid education. And yes, you racked up significant student loan debt at the same time. Now you’re ready to take some big financial steps, and you’re wondering whether that debt load will be a barrier.
Your student loan debt is part of the total debt picture lenders will look at when they’re determining your creditworthiness—whether you’re applying for a credit card, a car, or a mortgage.
So how can student loans raise or lower your credit score? Let’s take a closer look.
Have you recently been contacted by Premier Student Loan Center? If so, you should know that online reviews suggest that Premier Student Loan Center is not a reputable company.
This is a company that bills itself as a solution to your student loan debt problems. They say they can lower your student loan payments and generally help you with student loan services—for a fee. These promises can sound enticing. After all, many borrowers struggle not only understanding student loan concepts like interest capitalization, but also with basic services like managing monthly payments.
If you're a recent dental school graduate, you probably don't need us to tell you that dentists' student loan debt rivals that of doctors and lawyers.
According to American Dental Education Association (ADA), dental school graduates with student loan debt have an average of $287,331 to repay, and more than 30% of indebted graduates' loans amount to more than $300,000.
Student loan debt can push back your timetable for moving forward—like getting an apartment and finally living on your own. It could make you settle for a job you don’t like, or that isn’t in your field, just because you have that loan to pay back.
It’s understandable that you may be so anxious about saying goodbye to your debt that you’ll consider doing so by any means necessary. That desperation, though, could lead you down the wrong path. You might even talk yourself into taking money out of your 401(k) to pay off your loans.
But is it a good idea? Usually no.
Before we headed off to college, most us heard how our college years would be the best years of our lives. And yes, they were great, but they were also pretty expensive.
As we try to get the hang of this adulting thing—showing up for work on time and paying our bills—our college education can start to take on a different hue. If you've ever spent any time wondering about how you could've done things differently, you're not alone according to our recent survey.