Student Loan Summary Essay Example for Free

Student Loan Summary Essay Some future consequences of borrowing too much debt can consist of having trouble paying your bills to receiving dunning notices from your creditors due to late or no payments. This will cause your accounts to than be turned over to debt collectors. You can then be at risk of losing some of your personal assets such as a car, or home. If you find yourself going through these things this can be considered a financial crises. Before it is time to start repaying any debts back you should develop a strategic plan, say for instance, I need to plan on how I will repay my student loan. The first thing I will do is to shop for a reputable Credit Counseling Organization that can advise me on money managing and my debts. Help me in creating and developing a budget that will help me to successfully repay any unsecured loans (student loans) I have acquired. One positive thing to do to keep students loans under control. Student loans are loans that pay for higher Education there are two types of way that helps you pay your tuition, books food and housing. With loans and grants, subsidized and unsubsidized loans. A subsidized loan is based on the students needs and do not require payments or repayments of interest until six months after graduation. An unsubsidized loan builds interest upon the time it is a worded, And one positive way to keep my student loan under control. According to the student loan characteristics if I receive a disbursement of a subsidized loan and I am an independent student my first Year loan of 2,625 payments don’t start until six months after graduation and interest rates at 8. 25% for one year is 4. 06% after graduation. And an unsubsidized loan will build and you pay interest rates during the life of the loan with interest rates of 8. 25% for one year is 6. 8% six months after graduation. I think knowing the steps to managing your finances and loans will help you stay out of debt.