College Credit
College loans come in many forms, and unfortunately, some student loans are good and will only accumulate a small amount of student debt after one graduates from college, and some are plain old bad, resulting in huge amounts to be paid by the college student after they graduate. Also, there are college student credit cards that are good and bad as well, and a college student should really read the fine print before signing on for one.
For example, does the APR sound too good to be true? Read on, becuase it very well may be one that increases to the liking of the extending company right after the intro period is up. Say you see this in writing : prime plus 5.75 percent after introductory period. This may be acceptable, but what if the terms are vague, and they can increase it as high over the prime rate as they’d like? Just read carefully, and make sure that when the intro period is up, you won’t be in for a big surprise.
As a college student, you want to be careful about your credit cards because credit is often looked at as largely unestablished, and you may be paying a premium for the simple fact that you have not had enough years of credit establishment as older people have, and the credit card companies charge you accordingly because to them you are viewed as a larger risk for paying late payments and possibly defaulting on either a student loan of some sort or a credit card.
They may not offer you the same terms as a credit card for bad credit, but it can be close if some companies have their guidelines to look at it this way. Just shop around, as with everything else, your student loans and college student credit cards are going to offer different rates and deals, and you have to be aware to read the fine print, and most importantly, to see what their guidelines are for increasing rates on you whenever they want.
