credit Archives - Student Debt Diaries

Using Student Loan Money for Other Purposes

December 13, 2021December 13, 2021 Jordan RothmanRepayment Strategies

Obviously, when people borrow student debt, the reason they are loaned money is to pay for educational expenses. However, students are usually allowed to borrow money in order to pay for living expenses, and this can sometimes be a significant sum of cash. Students can decide to use this part of their student loans for purposes other than paying for housing, food, and related expenses. However, student debt borrowers should keep some things in mind… Continue Reading Using Student Loan Money for Other Purposes

Repairing Your Credit

November 29, 2021November 29, 2021 Jordan RothmanRepayment Strategies

Student debt borrowers may take a hit on their credit score at one point or another during their student debt repayment saga. This usually occurs if a borrower is late in making payment or if it looks like a borrower may not be a solid credit risk in the future. Credit is important to achieving numerous financial goals such as buying a car, purchasing a home, or pursuing other accomplishments. However, repairing your credit can… Continue Reading Repairing Your Credit

Biggest Goals After Repaying Student Debt

October 18, 2021 Jordan RothmanSaving Money

Repaying student loans is usually one of the biggest financial goals that recent graduates have. Student debt can seem like a millstone around the necks of student debt borrowers, and many people view repaying such loans as their primary financial aspiration after they graduate from school. However, after student loans are paid off, individuals may work toward other financial aspirations, and the biggest goals after repaying student debt fall into a few categories. Buy a… Continue Reading Biggest Goals After Repaying Student Debt

Defaulting on Student Loans Can Be Advantageous

August 30, 2021August 30, 2021 Jordan RothmanRepayment Strategies

If you have read prior articles on this website, you probably know that I typically suggest paying off your student loans and staying current on student debt at all costs. Indeed, making late payments on your student loans or no payments at all can jeopardize your credit and your financial future. However, in certain situations, defaulting on student loans can be advantageous. Although, it usually does not make sense to purposefully default on student loans,… Continue Reading Defaulting on Student Loans Can Be Advantageous

Car Loans Are Different From Student Loans

August 23, 2021 Jordan RothmanRepayment Strategies

After borrowing student debt, I did not want to borrow money for anything else I needed in life. I was able to overcome this aversion to debt when buying a home, and I took out a mortgage to purchase a condo several years ago. More recently, I purchased a car, and I had an extreme aversion to borrowing money to purchase this vehicle. However, car loans are different from student loans, and student debt borrowers… Continue Reading Car Loans Are Different From Student Loans

Thoughts on Another Student Loan Pause

August 16, 2021 Jordan RothmanRepayment Strategies

Anyone who has been following the student loan industry in the past few years should know that federal student loan payments have currently been paused due to the COVID-19 pandemic. Policymakers understand that student debt borrowers may have difficulty making student loan payments if they are dealing with the fallout from the COVID-19 pandemic. Originally, the federal student loan pause was due to expire in September, but this date was recently extended to January. I… Continue Reading Thoughts on Another Student Loan Pause

Student Loans Should Not Impact Relationships

August 9, 2021August 12, 2021 Jordan RothmanRepayment Strategies

Student loans can have a substantial impact on many major life decisions. Indeed, student loans can impact when and if individuals choose to buy a home, a car, or make other financial choices. However, student loans should not impact relationships, and individuals should not let their own student loans, or the debt of a partner, impact their connection with someone else. During my student debt repayment saga, I was afraid that my student debt would… Continue Reading Student Loans Should Not Impact Relationships

Self-Employment and Student Loans

July 12, 2021 Jordan RothmanRepayment Strategies

During my student debt repayment saga, I always had a main job working for other people. As mentioned in numerous prior articles on this website, I also had several part-time jobs that allowed me to generally work at my own pace and not deal with bosses and the other challenges of working for someone else (however, my main job always involved working for other folks). Years after I paid off my student loans, I decided… Continue Reading Self-Employment and Student Loans

Minimizing the Impact of Transferring Schools

May 17, 2021 Jordan RothmanChoosing Schools

This website has previously discussed how transferring schools can impact your educational costs and student debt burden. Indeed, some schools offer financial aid to transfer students, and the cost of attending a new school may be significantly less than attending the school which a student originally attended. In addition, a new school may have a lower cost of living, which can impact your bottom line. Even though transferring schools can be a major life decision,… Continue Reading Minimizing the Impact of Transferring Schools

Getting More Comfortable with Investing

April 5, 2021 Jordan RothmanEarning Extra Money

Investing can be a daunting proposition for many people. Individuals may be scared of investing because they may think that they might make the wrong decisions and end up losing money. People may also not be too informed about the tools they can use to properly invest their money. However, investing is important to student loan borrowers because it is critical to make any money you have, whether it be in an emergency fund or… Continue Reading Getting More Comfortable with Investing