1. Myth #1 You Can’t Afford College without Student Loans
There are plenty of ways to get through college without debt. Start at a community college, go part time while you work, look for a job that offers tuition reimbursement, apply for tons of scholarships. Where there’s a will, there’s a way!
2. Myth #2 Your Student Loans Will Last Forever
It may feel like you’re just caught in a never ending cycle with your student loans, but never fear; as long as you are paying more than the interest that accrues each month or are on a forgiveness track, you are getting somewhere!
3. Myth #3 The more you borrow, the likelier you are to default
In fact, loan size is no indicator of default. What’s a better indicator is whether you graduated from college and the type of college you attended (for-profit versus public versus private). Don’t let the size of your loans knock you down!
4. Myth #4 Large Student Loan Balances Are Insurmountable
No matter how much you owe, you have options to make your student loans manageable. Income based repayment offers balance forgiveness after 25 years of affordable payments and Pay As You Earn after just 20 years.
5. Myth #5 Student Loans Are Easy to Figure Out
Student loan contracts are a hassle, are never clearly explained and are complicated financial instruments. You shouldn’t be embarrassed if they don’t make sense to you – they’re not intended for clarity…
6. Myth #6 Student Loans Can’t Be Discharged in Bankruptcy
Depending on your financial circumstances and whether you’ve made a good faith attempt to deal with your debt, you may be able to file an adversary proceeding with your bankruptcy petition to get rid of your college debt!
Know what else isn’t a myth? That you have to deal with student loans all by your lonesome. Tuition.io is here to help you deal with your student loan debt! Sign up for our free student loan management tool to track and optimize your debt.