Consolidating student loans and forbearance
Your credit worthiness is gauged by your overall “credit score.” Simply put, a number is assigned to you based on the results of every credit interaction you have ever had.If your credit behavior has been responsible, and reflects a long history of paying your bills on time, the number will be high.FCRA and FACTA protect you from institutional bias, by standardizing the ways in which your credit information is used. As a college aged person, you are likely free of home mortgages and other long-term credit obligations.If you have a car loan, it is probably your first one.
College expenses accumulate quickly, so there is a good chance you will require some help paying for your education.
The most important first step toward securing financial aid is to complete the Free Application for Federal Student Aid (FAFSA).
The standardized application for student aid computes your need for financial assistance during college.
To assign high credit scores, credit bureaus want to see long histories of meeting a variety of debt responsibilities.
Experian, Equifax, and Transunion acknowledge three distinct types of credit: Your short credit history might not be well-established enough, or contain enough diversity to convince a lender that you are a good credit risk.