Jan. 30, 2011
-- Lately I've been sharing everything I can with my students about student loans going into college. I've recently determined my students how no idea what a credit report or credit score are.
I simply explained to them that credit is built through properly using your financial funds. They seemed confused. So I noted if they have a credit card & pay every month on time the full amount their credit score will remain in good shape. If they pay late or only pay the bare minimum I noted their credit score may be negatively impacted.
I then was asked what credit score & credit reports had to do with loans. I explained they are of the utmost importance. I noted most students their age haven't actually developed enough credit to be approved for a student loan on their own, so I made them aware of cosigners for loans. I mentioned usually these are adults will good to great credit how can be used to get them a loan. I noted failing to pay on time will then negatively impact both their & their cosigner's credit report & scores.
I then posted a scenario for them at http://studentloandebtsolution.com/loan-help/student-loan...
in order for them to full understand what I was talking about. It seems as though a few of the students now grasp what I meant.
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