Common Mistakes to Avoid When Taking Out Student Loans
Taking out student loans is a significant financial commitment, and avoiding common mistakes can prevent long-term issues. One key mistake is borrowing more than necessary. Calculate exact costs and only borrow what you truly need for tuition, housing, and essentials
Another common error is ignoring interest rates and repayment terms. Always understand whether your loan has fixed or variable rates, and read the fine print. Don’t overlook repayment options—know what plans are available and which align with your post-graduation income. Lastly, avoid missing deadlines, as late payments can harm your credit score. Being informed and strategic ensures financial stability post-graduation.
