Some people believe that student loans are a piece of cake. Though student loans enable you to pay your college fees and let you have an uninterrupted higher education, they usually come with a price. What makes this process tougher are the widespread misconceptions about the procedure. Before applying for a loan, you must know what you are getting yourself into. In order to do that, you must distinguish between facts and myths. Listed below are four common student loan myths you must know about.

The loan will affect your credit score

The fact that you have taken a student loan will NOT affect your loans. Though it will be officially documented, the loaning agency cannot mention it in any report without your authorization. So do not worry about applying for a business loan or credit card in the future since your student loan history will not be mentioned ? that is unless if it is very badly managed or is overdue.

You need to hire a professional for assistance

There is absolutely no need to seek help from a loan consolidation agency. Of course, they can help you with the paperwork and provide you with useful contacts, but there are other ways in which you can get these done for free. For instance, there are many tools in the internet such as the ?Online Student Loan Data System? that can help you to figure out the procedure on your own. If you wish to have a one-to-one consultation, you can talk to your college?s financial aid department or to your loan servicer. A consumer protection attorney who is familiar with student loan law is also a wise alternative.

There are no exemptions for student loan repayments

This is not true in some cases. If you are seeking a government or service oriented career path, you can be relieved from this financial burden. Students who enter military or legal work will be exempted from their student loans through the forgiveness program. This is a financial program that cancels the loan repayment entirely or at least some part of it. Applicants who are pursuing careers in teaching or medical fields are also eligible for this exemption program.

The loan terms cannot be changed

Despite what you may think, loaning agencies are not totally heartless. During an emergency, the agency will adjust their loan repayment policies according to your situation. It is also possible to change your contract terms if your credit value or employment has improved after your graduation. In such a situation, you will be given the liberty to reduce your monthly payment or request for a lower interest rate.

There are many more rumors about student loans apart from these that prevent students from applying for loans. Thus, it is important to do your research to understand your choices since learning the truth about the loan procedure will help you to save money on the long-term.