It’s no surprise that many people are struggling with the enormous amount of student loan debt. According to a recent report, the cumulative U.S student loan is now close to reaching $1.2 trillion with over 7 million American in default. The vast majority of people with student loan debt and are unable or unwilling to make timely payments has resulted in lots of damaged credit scores. With bad credit scores, many lenders won’t by any chance take a risk of extending any loan no matter how small it is. This is a major problem for all aspiring entrepreneurs who aren’t diligent about paying their student loans; they are stuck between attempting to seek entrepreneurial opportunities and at the same time attempting to hold collective agents at bay. That’s why there is every need to find a way to stop student loans from destroying your entrepreneurial dreams before it’s too late.
Student Loan Repayment Options
First you need to work around your loan to give your start up a chance. The best way to go about this is to talk to your lender about repayment options or look for student loan forgiveness program. Your lender may advise you to consolidate your student loan, which means you will be able to restructure everything in order and pay only one payment in a month. Forbearance or deferment is another option you may consider but going for this option has its disadvantages, in the long run, which shouldn’t be overlooked. If you keenly consider these three options, you may be able to keep your entrepreneurial dream alive.
You can also take an advantage of automatic payments. If you set up an automatic payment, you can be able to cut your interest rates by a small percentage. It might not seem a lot but, in the long run, you will see that its worth a lot. You will also improve your credit score hence a chance for more chance of getting start-up finances.
Get A Low Student Loan
If you haven’t graduated yet, it is important that you keep your student loan as low as possible. You can do that by assessing whether the cost of your degree and the starting salary you expect make economic sense. If you want to get a degree for your own business consider going for a cheap college if all you need is a basic skill rather than going for a pricey degree just to get the same skills.
Student’s loan can be overwhelming, but do not forget that the degree is there to help you accomplish your goal. Do not lose sight of this fact, but remember you may also be forced to work a little harder to get you business from the ground but with determination you can be able to stop student loans from destroying your entrepreneurial dreams!
It will take forever for you to learn all the lessons that other people learn through being a business owner. Take a shortcut and study from a successful person that starts their own business, so you do not have to repeat all the same mistakes that they did and focus on what is the right thing to do. Read the article at GFK to know more about the business strategy that can lead you to a bright future.
Once you get in the corporate life and economy, you will find out that it’s all about networking. Actually, anything in life is about making connections with other people. After all, humans are social creatures, and we use our social skills to survive. Always attend any event that you are invited to because you will never know who you will meet there, and try to keep a good relationship with people around you because they can always be your future business partner.