FP101-Student Loan Summary

FP101-Student Loan Summary - contact my lender immediately...

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Future consequences of borrowing too much debt include poor credit rating, not being able to get a job, unable to obtain insurance, and not being able to obtain housing. All of these items are necessary for normal living. It would put a strain on any family to have insurmountable debt and not being able to meet its basic needs. Currently, I am saving money towards paying my student loans. I have been in default once with student loans, and choose to never have to rehabilitate a student loan again. I will make my monthly payment, and use savings if I experience a financial hardship. I will also pay ahead every month that I have surplus funds after bills and savings are met. If there comes a time where making a payment is financially impossible, I will
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Unformatted text preview: contact my lender immediately to discuss my options. This could include a deferment or forbearance. One positive thing that I can do to keep my student loans under control is to borrow as little as possible. Many of my colleagues use surplus funds from student loans to supplement their incomes. I will choose to not do this so that the loan is as small as possible. I have also discussed with my financial counselor the practicality of making payments now towards the interest that is accruing compared to waiting until six months after I stop my education. The interest would be more manageable, and my monthly payment may potentially be smaller....
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