Understanding the impact of student loan debt
When making regular student loan payments, you have less money to set aside for other goals, like a home down payment, retirement or starting a family. Additionally, if you have high debt compared to your income, you may find it difficult to qualify for other financing, such as a car loan, a mortgage or credit cards.
Landlords and service providers (like cell phone and internet services) may also consider your loan payments when deciding whether you’ll be able to make your monthly payments to them. And if you find you can’t keep up with your student loan payments and default, that information will stay in your credit history for up to seven years.