{"id":23595,"date":"2023-10-01T13:28:35","date_gmt":"2023-10-01T13:28:35","guid":{"rendered":"https:\/\/microloannexus.com\/personal-finance\/bummed-by-student-loan-payments-here-are-four-ways-to-avoid-adverse-credit-ratings\/"},"modified":"2023-10-01T13:28:36","modified_gmt":"2023-10-01T13:28:36","slug":"bummed-by-student-loan-payments-here-are-four-ways-to-avoid-adverse-credit-ratings","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=23595","title":{"rendered":"Bummed By Student Loan Payments? Here Are Four Ways To Avoid Adverse Credit Ratings"},"content":{"rendered":"
\n

With the resumption of college loan payments, borrowers are understandably bummed. Extra monthly debts are always burdensome, especially when you\u2019ve had a break during the COVID repayment \u201cpause.\u201d<\/p>\n

Can you still get on track without hurting your credit score, which determines how much you will pay for borrowing? There are some specific steps to take, according to Monique White of Self Financial.<\/p>\n

    \n
  1. Check your credit report – <\/strong>Verify your balance, status, and who holds your student loan. Not sure who to contact to start your payments? Your credit report will list your lender as well as their contact information. Also note – your student loan shows as an \u201cinstallment loan\u201d on your credit report. And although your balance does not directly affect your score, you want to make sure any previous payments you have made were correctly applied to your balance. Double check to see if there are any late payments listed under your account. Payment history makes up 35% of your score and a late payment can negatively impact your credit score.<\/li>\n
  2. Add positive payment history to your credit report –<\/strong> Sign up to have your rent and utility bills\u2013 which you already pay for each month\u2013 reported to the credit bureaus so that you have positive payment history on your credit report. On-time payments account for about 35% of your score.<\/li>\n
  3. Keep up communication with your lenders. <\/strong>If you have a financial hardship and can no longer make your payment, let your provider know. They can give you options to either pause payments or reduce the minimum payment for a while. With payment history making up 35% of your credit score, this can be especially important so you aren\u2019t hit with any late payments.<\/li>\n
  4. Make extra payments. <\/strong>If your budget allows, make extra payments to your student loans. Your student loans charge you interest on the amount you owe. Applying more than the required payment can reduce the interest and the total loan cost. You can use a student loan calculator to see how long it will take you to pay off the loan.<\/li>\n<\/ol>\n

    Are you a teacher, government employee, non-profit worker or disabled? You may qualify for forgiveness under a federal program call \u201cPublic Service Loan Forgiveness.\u201d<\/p>\n

    According to the U.S. Department of Education, \u201cin certain situations, you can have your federal student loans forgiven, canceled, or discharged. That means you won\u2019t have to pay back some or all of your loan(s). The terms \u201cforgiveness,\u201d \u201ccancellation,\u201d and \u201cdischarge\u201d mean essentially the same thing if you qualify for this program. To see if you qualify, click here.<\/p>\n

    <\/fbs-ad><\/p>\n

    The bottom line is to explore all of your options, keep your credit record clean and stay current with payments. Do your homework and you won\u2019t get burned. Contact your loan servicer for details on how you save money.<\/p>\n<\/div>\n

    Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    With the resumption of college loan payments, borrowers are understandably bummed. Extra monthly debts are always burdensome, especially when you\u2019ve had a break during the COVID repayment \u201cpause.\u201d Can you still get on track without hurting your credit score, which determines how much you will pay for borrowing? There are some specific steps to take,<\/p>\n","protected":false},"author":1,"featured_media":23596,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[],"class_list":{"0":"post-23595","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance"},"yoast_head":"\nBummed By Student Loan Payments? Here Are Four Ways To Avoid Adverse Credit Ratings | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"With the resumption of college loan payments, borrowers are understandably bummed. Extra monthly debts are always burdensome, especially when you\u2019ve had a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/microloannexus.com\/?p=23595\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bummed By Student Loan Payments? Here Are Four Ways To Avoid Adverse Credit Ratings | Micro Loan Nexus\" \/>\n<meta property=\"og:description\" content=\"With the resumption of college loan payments, borrowers are understandably bummed. Extra monthly debts are always burdensome, especially when you\u2019ve had a\" \/>\n<meta property=\"og:url\" content=\"https:\/\/microloannexus.com\/?p=23595\" \/>\n<meta property=\"og:site_name\" content=\"Micro Loan Nexus\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-01T13:28:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-01T13:28:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/10\/1696166916_0x0.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"797\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/microloannexus.com\/?p=23595#article\",\"isPartOf\":{\"@id\":\"https:\/\/microloannexus.com\/?p=23595\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/person\/e2d3b62d35ac325be68540d68dc6660a\"},\"headline\":\"Bummed By Student Loan Payments? Here Are Four Ways To Avoid Adverse Credit Ratings\",\"datePublished\":\"2023-10-01T13:28:35+00:00\",\"dateModified\":\"2023-10-01T13:28:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/microloannexus.com\/?p=23595\"},\"wordCount\":490,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/microloannexus.com\/#organization\"},\"articleSection\":[\"Personal Finance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/microloannexus.com\/?p=23595#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/microloannexus.com\/?p=23595\",\"url\":\"https:\/\/microloannexus.com\/?p=23595\",\"name\":\"Bummed By Student Loan Payments? Here Are Four Ways To Avoid Adverse Credit Ratings | Micro Loan Nexus\",\"isPartOf\":{\"@id\":\"https:\/\/microloannexus.com\/#website\"},\"datePublished\":\"2023-10-01T13:28:35+00:00\",\"dateModified\":\"2023-10-01T13:28:36+00:00\",\"description\":\"With the resumption of college loan payments, borrowers are understandably bummed. Extra monthly debts are always burdensome, especially when you\u2019ve had a\",\"breadcrumb\":{\"@id\":\"https:\/\/microloannexus.com\/?p=23595#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/microloannexus.com\/?p=23595\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/microloannexus.com\/?p=23595#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/microloannexus.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Bummed By Student Loan Payments? Here Are Four Ways To Avoid Adverse Credit Ratings\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/microloannexus.com\/#website\",\"url\":\"https:\/\/microloannexus.com\/\",\"name\":\"Solutions For Real\",\"description\":\"Latest Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/microloannexus.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/microloannexus.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/microloannexus.com\/#organization\",\"name\":\"Solutions For Real\",\"url\":\"https:\/\/microloannexus.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"contentUrl\":\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"width\":690,\"height\":64,\"caption\":\"Solutions For Real\"},\"image\":{\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/person\/e2d3b62d35ac325be68540d68dc6660a\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"contentUrl\":\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/microloannexus.com\"],\"url\":\"https:\/\/microloannexus.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Bummed By Student Loan Payments? Here Are Four Ways To Avoid Adverse Credit Ratings | Micro Loan Nexus","description":"With the resumption of college loan payments, borrowers are understandably bummed. Extra monthly debts are always burdensome, especially when you\u2019ve had a","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/microloannexus.com\/?p=23595","og_locale":"en_US","og_type":"article","og_title":"Bummed By Student Loan Payments? Here Are Four Ways To Avoid Adverse Credit Ratings | Micro Loan Nexus","og_description":"With the resumption of college loan payments, borrowers are understandably bummed. Extra monthly debts are always burdensome, especially when you\u2019ve had a","og_url":"https:\/\/microloannexus.com\/?p=23595","og_site_name":"Micro Loan Nexus","article_published_time":"2023-10-01T13:28:35+00:00","article_modified_time":"2023-10-01T13:28:36+00:00","og_image":[{"width":1200,"height":797,"url":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/10\/1696166916_0x0.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/microloannexus.com\/?p=23595#article","isPartOf":{"@id":"https:\/\/microloannexus.com\/?p=23595"},"author":{"name":"News Room","@id":"https:\/\/microloannexus.com\/#\/schema\/person\/e2d3b62d35ac325be68540d68dc6660a"},"headline":"Bummed By Student Loan Payments? Here Are Four Ways To Avoid Adverse Credit Ratings","datePublished":"2023-10-01T13:28:35+00:00","dateModified":"2023-10-01T13:28:36+00:00","mainEntityOfPage":{"@id":"https:\/\/microloannexus.com\/?p=23595"},"wordCount":490,"commentCount":0,"publisher":{"@id":"https:\/\/microloannexus.com\/#organization"},"articleSection":["Personal Finance"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/microloannexus.com\/?p=23595#respond"]}]},{"@type":"WebPage","@id":"https:\/\/microloannexus.com\/?p=23595","url":"https:\/\/microloannexus.com\/?p=23595","name":"Bummed By Student Loan Payments? Here Are Four Ways To Avoid Adverse Credit Ratings | Micro Loan Nexus","isPartOf":{"@id":"https:\/\/microloannexus.com\/#website"},"datePublished":"2023-10-01T13:28:35+00:00","dateModified":"2023-10-01T13:28:36+00:00","description":"With the resumption of college loan payments, borrowers are understandably bummed. Extra monthly debts are always burdensome, especially when you\u2019ve had a","breadcrumb":{"@id":"https:\/\/microloannexus.com\/?p=23595#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/microloannexus.com\/?p=23595"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/microloannexus.com\/?p=23595#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/microloannexus.com\/"},{"@type":"ListItem","position":2,"name":"Bummed By Student Loan Payments? Here Are Four Ways To Avoid Adverse Credit Ratings"}]},{"@type":"WebSite","@id":"https:\/\/microloannexus.com\/#website","url":"https:\/\/microloannexus.com\/","name":"Solutions For Real","description":"Latest Finance News and Updates","publisher":{"@id":"https:\/\/microloannexus.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/microloannexus.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/microloannexus.com\/#organization","name":"Solutions For Real","url":"https:\/\/microloannexus.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/microloannexus.com\/#\/schema\/logo\/image\/","url":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","contentUrl":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","width":690,"height":64,"caption":"Solutions For Real"},"image":{"@id":"https:\/\/microloannexus.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/microloannexus.com\/#\/schema\/person\/e2d3b62d35ac325be68540d68dc6660a","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/microloannexus.com\/#\/schema\/person\/image\/","url":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","contentUrl":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","caption":"News Room"},"sameAs":["https:\/\/microloannexus.com"],"url":"https:\/\/microloannexus.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/posts\/23595","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23595"}],"version-history":[{"count":1,"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/posts\/23595\/revisions"}],"predecessor-version":[{"id":23597,"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/posts\/23595\/revisions\/23597"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/media\/23596"}],"wp:attachment":[{"href":"https:\/\/microloannexus.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}