You end up being much more than you expect to pay
Students assume that they will graduate in four years, but it typically takes six years, which means you’ll end up paying a higher interest amount for two years. Do the Math, and you’ll realize that you’re paying a certain sum unnecessarily. Turn about the duration from other students who have graduated and get in touch with those who have taken student loans in the past and are regretting it today.
In this situation, things can turn out to be worse if you do not graduate even after six years. Consider the consequences and accordingly decide whether your level of dedication allows you to go for a student loan or not.
Your student loan repayment schedule will affect your decisions after graduation
Not many people realize that since they will be dragging their student loan after graduation, it will be difficult for them to make important decisions like buying a house and many other such decisions that will affect the life. The duration of the student loan might go on for a number of years after graduation, and it will only delay your plans of living a comfortable life.
In addition to the issues noted in the previous point, your financial planning will be affected major leave because you’ll be in the mortgage crisis for a long time. Some students think that consolidating student loans will help them cut down on the interest factor, which will help them cut down on the burden to a great extent. However, many do not know that consolidating loans does not necessarily help in creating savings.
Default could have serious consequences
While opting for a student loan, students to not realize that if the default, it will affect not only the present but also future. It will affect everything including the credit rating which could mean disastrous.
Default rates are already higher end it should give you an understanding that you can be on the list, which is not a thing to boast about.
Discharge of student debt is not possible
You might have heard of discharge of debt in bankruptcy that happens in cases of mortgage debt and credit card. However, your student loans do not go away and this way. Interest keeps accumulating, and late fees are added on and on. It affects your credit score, your Federal and state tax refunds might be taken away, and your social security and even social security disability benefits might be taken away to a certain extent.