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How Do Student Loans Affect Your Credit Score?

LendKey

In Managing MoneyLendKey

Student loan debt can definitely impact your financial profile, credit history, and credit score – either in a detrimental way or by improving your financial status and ability to save money. It all depends upon how you manage that student loan debt, and whether you are able to make your payments on time to fulfill your obligations as a responsible borrower. What makes up my credit score? Lenders and other creditors depend on credit reporting agencies to keep tabs on your credit history, so that when you apply for a loan they can see your track record for repayment. Banks …

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Top 5 Ways to Reduce Your Debt Burden While in College

LendKey

In Managing MoneyLendKey

CNN reports that 70 percent of college graduates leave school with debt in addition to degrees. In the best of circumstances, repaying student loans after college can take years. In the worst, monthly loan payments prove financially crippling. Fortunately, there are steps you can take to lighten your student debt load while you’re still in college. 1. Exhaust other forms of financial aid. Each year, look for additional grants and scholarships, and tell your college financial aid office about any changes in your family’s income. In some cases, a reduction in overall family income could result in increased non-loan aid. …