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College Loans & Student Loan Debt Counseling

So, you’ve earned your degree. Well, congratulations! And now you get to start paying back that student loan debt or college loan debt. If that concept puts fear in your heart and makes your palms sweat, you are not alone. However, repaying a student loan debt on time is one of the most important habits for students to adopt. Repaying a college loan debt or student loan debt is a very serious obligation. When you first borrowed the money, you signed an agreement, also known as a promissory note, which makes the borrower (you) legally responsible for paying back the money according to specific terms and conditions. Paying back a student loan debt promptly and on time every month will help you earn a good credit rating which will follow you the rest of your life.

On the flip side, there are major consequences to not repaying your college or student loan debt. For example, you might not be able to qualify for additional credit to buy a car or a house. You might be turned down for a credit card. You will forfeit your tax refunds. Your employer could be ordered to garnish your wages; meaning, to withhold what you owe from your paycheck. Or even worse, you could be sued and could owe collection and attorney fees in addition to your loan payment.

If you are unable to make a student loan payment, contact the holder of your loan and explain the situation. In some instances you may be eligible for a deferment or forbearance.