week 5 student loans

week 5 student loans - back my loans. Since I was sent a...

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Write a short summary (at least 200 -300 words) addressing the following questions: o What are some future consequences of borrowing too much money? 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? After reviewing the videos, the future consequences of borrowing to much money is defaulting on your loans, not being able to borrow money again, and having major financial debt. The video says and I quote, “Default will trash your credit rating for years.” If your credit rating is trashed due to major money being owed then you won’t be approved for any more loans, worse off you will never be able to get any financial aid. I have several strategies implemented to help me pay my student loans on time. One of my strategies is to have a saving account were every week when I deposit my check they automatically take 20$ away, so I won’t even notice the money missing. Another strategy I have implemented is using the financial aid money to pay
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Unformatted text preview: back my loans. Since I was sent a substantial amount of money like 2 month ago from financial aid I applied it towards my loans. One of my plans is as soon as I can get myself a second job (part time) to pay for my student loans. If I fall under any hardship as many people do my plan is to ask for a loan from my mother or grandmother who will gladly help me. I think one of the positive things you can do to keep student loans under control would be to pay them now and not wait till later to have to pay them. If the interest rates are low on the loans as it is one thing I can do is pay those interest rates now. My last interest rate was 58$ I think, it would be a great idea to pay them now and not wait till later. Another positive thing would be not to take out to may student loans, concentrating on the ones I have now and thats it....
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This note was uploaded on 04/01/2011 for the course FP 101 taught by Professor Unknown during the Spring '10 term at University of Phoenix.

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