As the cost of going to college continues to increase, many students make the mistake of taking on debt they can't handle. They may choose to take out prestige cards or student loans, and end up with a lifetime of bad credit. Most students in college don't have the revenue to make payments on these loans, and it is easy to default on your payments in a situation like this.
Statistics show that many college students make the mistake of occasion multiple accounts while they're still in school. Some are under the false impression that once they graduate, a high paying job will be waiting for them which will allow them to pay off their debts in a inexpensive time period. Many college students fail to perceive that these jobs may be difficult to find after they graduate, and they will have to find work in order to make their loan payments immediately after graduation.
How College Students Can Avoid Having Bad reputation
Many lending fellowships are also part of the problem. Banks and prestige card fellowships rush to loan college students money, and many of these young people are new with handling their personal finances. By giving these young people loans, many lending fellowships are manufacture the problems worse. Some of these students end up with bad credit, and may have a hard time applying for a mortgage. There are a number of reasons why lending institutions target young people more than other segments of the population.
Many lenders see college students as being time to come revenue earners, and this is true. Statistics shows that it will take students at least 10 years to pay off their student loans after graduation, and this doesn't consist of prestige cards or other types of loans. By getting these students into debt early, lending fellowships insure that they will earn residual revenue for many years to come. Many colleges add to the problem by pushing students into loans instead of offering them grants.
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