To put it simply, student loans can place a burden on anyone. This is especially true for younger men and women, since it's likely that they are the ones who know the least about financial stability. While this doesn't necessarily mean that they are incapable of saving money or making frugal decisions, it's likely that they can benefit from greater levels of information. If you would like to know about the common student loan mistakes to avoid, here is a list of 4 that Bob Jain can tell you about.
1. MarketWatch posted an article on the matter and one of the first mistakes listed was being under the impression that loans absolutely must be attained. Around 60% of all students, according to the Chronicle of Higher Education, borrow money but what does it say about the other 40% or so that do not? It is easy to assume that they have been able to pay off their tuition's in other ways. Perhaps there is a more inexpensive campus that they decided to go to with more affordable rates.
2. Bob Jain may instruct students to not take everything that is offered in student loans on an annual basis. What this means is that if you are given a certain amount of money, year by year, it's possible that you do not have to use all of it in order to pay for school. This is where a certain level of cautions should be seen; if there is money left over, it's easy for said money to be used for purposes outside of school. As authorities along the lines of Jain will tell you, accept only the necessary funds.
3. Some students may not take the initiative when it comes to keeping track of debt. From what I have seen, students struggle with staying organized and the fact that they have other needs and goals to look to means that time isn't the most flexible asset. In order to better understand your level of debt and when to focus on it, try to keep physical records on hand. If you are able to do this, chances are that referencing your older records, for one reason or another, will not be as taxing.
4. There seems to be a bit of confusion, amongst students, in regards to what both private and federal loans entail. MarketWatch focused on the matter and it seems like federal loans, in general, are more relaxed in terms of flexibility and their generally lower interest rates do not hurt matters. Does this necessarily mean that private loans should be ignored? Seeing as how there are students who prefer these, it's easy to see that there are perks. It's just a matter of determining if they are worth the investment or not.
1. MarketWatch posted an article on the matter and one of the first mistakes listed was being under the impression that loans absolutely must be attained. Around 60% of all students, according to the Chronicle of Higher Education, borrow money but what does it say about the other 40% or so that do not? It is easy to assume that they have been able to pay off their tuition's in other ways. Perhaps there is a more inexpensive campus that they decided to go to with more affordable rates.
2. Bob Jain may instruct students to not take everything that is offered in student loans on an annual basis. What this means is that if you are given a certain amount of money, year by year, it's possible that you do not have to use all of it in order to pay for school. This is where a certain level of cautions should be seen; if there is money left over, it's easy for said money to be used for purposes outside of school. As authorities along the lines of Jain will tell you, accept only the necessary funds.
3. Some students may not take the initiative when it comes to keeping track of debt. From what I have seen, students struggle with staying organized and the fact that they have other needs and goals to look to means that time isn't the most flexible asset. In order to better understand your level of debt and when to focus on it, try to keep physical records on hand. If you are able to do this, chances are that referencing your older records, for one reason or another, will not be as taxing.
4. There seems to be a bit of confusion, amongst students, in regards to what both private and federal loans entail. MarketWatch focused on the matter and it seems like federal loans, in general, are more relaxed in terms of flexibility and their generally lower interest rates do not hurt matters. Does this necessarily mean that private loans should be ignored? Seeing as how there are students who prefer these, it's easy to see that there are perks. It's just a matter of determining if they are worth the investment or not.
About the Author:
Contact Bob Jain Credit Suisse if you're seeking some additional information about Bobby Jain.. Check here for free reprint license: Bob Jain & Outlining Four Student Loan Mistakes.
No comments:
Post a Comment