Student Loan - as I can each month with the money that I...

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o What are some future consequences of borrowing too much debt? o How do you plan on repaying your student loans? o What is one positive thing you can do to keep your student loans under control? If you borrow too much money over a period of time, more than likely you are going to default. Default means the borrower has failed to make payments on time for about 270 days consecutively. Most of the time defaulting is a result of having borrowed too much money and not having money to pay it back. Depending on the lender on who you borrowed from they may want you to pay 120 after the loan takes effect or 6 months after you graduate. When finding out when the lender wants you to start paying off your loan, then you can make a payment plan. A way I plan on paying my student loan is to pay as much
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Unformatted text preview: as I can each month with the money that I make while working. Many people use other loans to pay off their student loans, but that can cause someone to become more in debt than they are now. A positive thing that I can do to keep my student loan under control would be to pay each month before the due date and pay more than the minimum monthly payment. Paying more than the minimum payment would allow me to pay off my student loan faster, and not have to worry about paying more interest. The longer you take to pay off a loan the more interest you are going to have to end up paying....
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This note was uploaded on 01/23/2011 for the course FP 101 taught by Professor Unknown during the Spring '10 term at University of Phoenix.

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