5 student loan myths that could be costing you a ton of money

Don’t believe everything you hear about student loans. Relax. Here are myths about student loans that are pure fiction.

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Interest Rates Are Super High

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For most people, student loan payments aren’t sky high. The key is choosing the right repayment plan.

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Student Loans Kill Your Credit

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Nope. In fact, federal student loans are typically a better deal for borrowers than private loans.

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5 student loan myths that could be costing you a ton of money

Don’t believe everything you hear about student loans. Relax. Here are myths about student loans that are pure fiction.

Interest Rates Are Super High

It’s true that federal student loan interest rates can be higher than auto loan rates. But that doesn’t make student loans a bad deal.

For most people, student loan payments aren’t sky high. The key is choosing the right repayment plan.

Saving Money Is Impossible With Student Loans

Student Loans Kill Your Credit

As long as you make your payments on time, student loans may build your credit history and boost your score over the long run.

Nope. In fact, federal student loans are typically a better deal for borrowers than private loans.

Student Loans Are All the Same

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Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

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