Question

State three consequences of students accumulating tuition debt during their period of study

Answer 1

Answer:

• Lower Credit Score

Having a high amount of student loans and tuition debt means that your FICO score will reflect this amount of debt and if it is defaulted on even once or timely payments are not made, your credit score will suffer which will make life so much harder in a country like the U.S.

• Unable to buy a house

For a long time after college, you will probably be unable to buy a house unless you find a really good job that will help you pay off the student loan. This is because the loan already means that you have a high debt burden and then keeping up with both those payments and mortgage payments can be difficult.

• Forgoing your dream career

A lot of the time, people are forced to give up the life they wanted in order to pursue another job that will enable them pay off their student loans especially in cases where their dream careers don't pay much or will take some time to pay off.