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Student Loan Credit Card

Tyrone Said:

what are your student loan, credit card, other debt, horror stories?

We Answered:

Don't worry about the numbers. It can be a lot to shallow, but in reality good business people deal with bigger values. You just have to get used to it, and learn to manage it. I had to go through the same thing, I made some poor choices during college and racked up huge amounts of debt.

Just to add, I really hate people like that lady who just said "None since I do not buy what I cannot afford"... wtf. Not everyone can afford college, and just because we can't afford it doesn't mean no one should go to college.

Anyway, its smart to be able to enlist in the military to help pay off debt. Serve country and get some assistance, we're only one of the few countries that do that (Many are mandatory). Its an option I'm planning to take once I graduate. On the bright side, at least you have a place to sleep and a job... think about all those people that lost their homes. Our student loans is actually more forgiving than their mortgage payments if you think about it.

I'm actually worried about my situation once I graduate... since the economy is in a downturn.

Diana Said:

Should I pay off student loan/credit card debt or continue school (masters)?

We Answered:

First thing: don't pay off your student loans before they have to be. It is good debt. Making payments on them over time will help build your history.

If you can pay off your credit cards, definitely do this.

If you are worried about paying for school if you use your money to pay off your debt, then you need to apply for grants using the site below:

Erin Said:

Will Obama discharge my credit card & student loan debt?

We Answered:

Well he did promise to spread the wealth around. You need to be sure to get a good place in line.

Becky Said:

How do you establish credit without a credit card, student loan or car loan?

We Answered:

if you have a cell phone in your name... that helps to establish credit. just always pay your bill on time

Billy Said:

Getting money for my first car? Student loan? Credit card?

We Answered:

I do not believe that you can get a student loan for a car. Even though you need a car to commute back and forth to school, it is not considered an educational expense. There are other options, like living on campus or getting an auto loan, that the student loan company to which you apply will cite as reasons for not giving you one. Additionally, most student loan payments are sent directly to your school to be applied to your tuition bill, and so you wouldn't have access to the money anyway.

As for credit, no dealership of any kind will take a credit card to buy a car from a 17-year-old kid who likely has zero credit history. I honestly doubt they'd take a credit card from your mom either. Cars are a big purchase, and the dealership wants to be sure that you have the money to pay for the term of your financing/lease plan (and paying with a credit card doesn't tell them that you have the savings or the income to make the payments). You could probably get a junker for $1400 that would at least get you to school and back. If you want something newer, you'll have to take out an auto loan with one of your parents as the co-signer (or you *might* be able to get it on your own if you apply after you turn 18).

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