Four Tips for Budding Entrepreneurs To Manage Student Loan Debt by Tisa Silver Canady
Concerned about student loans blocking you from building a business? Student loan debt does not have to be a dealbreaker. Every individual is different but here are four general tips to consider when you need to manage student loan debt and you want to build a business. 1. Stay current - It is critical for you to remain up to date with your payments. Student loan payments are reported to credit bureaus and late or missed payments will have a negative impact on your credit score. Poor credit will subject you to higher interest rates or flat out rejection when applying for other loans. High interest debt will rob you of cash you could be pumping into your business. Staying current is a tip that applies to any debt but it is important to remember that federal student loans are not just any debt. The penalties for going into default are far-reaching, including seizing your tax refund and federal benefit payments, and having your wages garnished. 2. Consider consolidation – Conso