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I'm your co-host, Destiny White, and I'm so excited to guide you through this new chapter of Credit Chat Live. Let's get into the episode. Welcome, everyone, to Credit Chat Live. I'm Destiny White. Joining me today are Rod Griffin, Senior Director of Consumer Education and Advocacy at Experian, and our special guest, Jeff Richardson, who is the Senior Vice President of Marketing and Communications at VantageScore. And today, we're just going to be diving into student loans and answering some frequently asked questions that borrowers may have. And I, myself, am a senior vice president of Marketing and Communications at VantageScore. And today, we're just going to be diving into student loans and answering some frequently asked questions that borrowers may have. And I, myself, am a senior vice president of Marketing and Communications at VantageScore. And today, we're just going to be diving into student loans and answering some frequently asked questions that borrowers may have. And I, myself, am a student loan borrower, and I have quite a few questions. And with that being said, I am so looking forward to this chat. And I'm so glad to be able to have both of you experts on with me to just unpack this topic. So thank you both for joining me. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. I don't know if you had any other comments to add. Yeah. I was just going to say, another way to think about the payments and whether or not they're delinquent is when you talk about the payments that are due, you have a certain number of payments you have to make to complete that loan agreement, right? So, if you are 30 days late, you missed one of those payments. If you're 60 days late, you've missed two in a row. If you're 90 days late, you've missed three in a row. And so, the challenge is if you miss three payments in a row, you're missing three payments. So, you're 90 days late. Now, you make a payment on the fourth month, you're still 90 days late. You still have three payments you didn't make. And so, you need to catch up on those payments because over the course of that loan, you know, if you have it for simple math for me, if you have a loan that's a year, it's 12 months. So, you need to make 12 payments in that time if it's due. So, if you miss three, you're still 90 days late. So, in order to catch up, you have to make that fourth payment plus three more in order to be current again. And so, that's the challenge. So, you would still be 90 days late. If along the way, you make a payment and then you miss another payment, now you have four payments that are late that you didn't make. And so, you know, it becomes further delinquent. And so, that's kind of the way to think about it. So, it's better to not fall behind in the first place because it's harder to catch up once you fall behind. You know, how can you think of it that way? The one add to that would be with this grace period, you won't be expected to make kind of like 12 months of payments, you know, this time next year. You'll be expected to catch up on probably the last three. So, you know, don't think like you need to save up a year of payments, like a big balloon payment. It won't be like that. Right. Yeah, student loans are out that way. But just generally thinking about debts, you know, student loans being like installment loans. It's, you know, think about how many payments you need to make to fulfill the terms. And that's, you know, 30 days late means you didn't make a payment for that payment period. Right. And again, eventually, it's going to roll back around. And, you know, with the student loan, you need to make those payments on time every time if you can because that's what shows lenders that you're a reliable borrower and that's what will be reflected in scores. And it's that time that's so important. The way you manage your credit over time is what really drives credit scores. And, you know, so consistency is key. I've been, you know, our PR team at Experian hates it when I say this, but, you know, lenders boring and dull and consistent and having absolutely no spontaneity is incredibly sexy to lenders. They don't like surprises. So be consistent and dull, make those payments on time, and even student loans are going to help improve your credit. Yeah. But just, you know, being consistent over and over and over again. That's good. So that's still going to apply at some point in the future. There's programs that can help you get a handle on the student loan debt and control that so that you can do that. So take advantage of them. Yeah, that's really good advice from both of you. So thank you both so much for just going into detail and giving our listeners a clear picture of what it's going to look like making those payments on time, how they're, you know, going to affect how it would affect, you know, their process of paying back the loans and just things that they should keep in mind. That's awesome. And I do have a question that either of you can answer. So what are some best practices? With all that being said, best practices for managing your credit scores, managing your credit while you're paying off your student loans? So I just mentioned the importance of monitoring your credit report and score. I'll also just tack on to that. Don't apply for credit you don't need, particularly if you're going to take advantage of this grace period. Understand that that's not just, you know, a grace period that's going to last forever. So understand, like, if you do apply for credit, you know, that has the potential to put you into what we call a debt spiral because all of a sudden now instead of just having a student loan due, you've got a personal loan due or a credit card loan due. So really be careful and mindful about applying for additional credit, you know, as you're starting to make these payments or be expected to make these payments on your student loan. Take advantage of auto pay. You know, I think it's really easy to get busy. I know we're all busy. We've got kids that need to be shuttled around and some people don't even look what's in their mailbox anymore. So being able to put payments on auto pay is really beneficial. And sometimes the loan servicers or the lenders actually provide you some incentive to do it. Sometimes the terms are a little bit better if you'll do that. There's also the opportunity if you are, you've got a lot of different loans and, you know, you're making just too many payments to make, you can get a consolidation loan and consolidate those into a payment, particularly if you've got a lot of outstanding debt where the interest rates are really high and we know that rates have increased significantly over the past 12 months. Sometimes a debt consolidation loan could be a good option so that you're only making one payment, perhaps at a lower interest rate. Again, the same caveat I would mention is if you do do that, understand, yeah, you know, you may have moved the balance of your credit card over to this debt consolidation and it to go out and use that credit card. But be disciplined and don't put yourself in a worse position as a result of consolidating that debt. And I guess maybe I'd just reinforce just take action. Don't let things happen to you. There are a lot of plans out there to take advantage of. And this could be also sort of a changing situation. You know, I think the administration and a lot of politicians really are focused on this issue and there's a lot of ideas still being discussed to try to provide additional programs or benefits. So pay attention to what's being rolled out and don't feel like you can't ask questions. Those loan servicers, that's their job. Absolutely. And I'll just kind of reiterate a couple things and maybe another couple of suggestions. So when it comes to managing a report, Jeff's exactly right. You have to make those payments on time. Use those tools that are available to you. Enroll in a free monitoring service. Experian has them, of course. You can go to Experian.com and monitor your credit report. You can get your credit report once a week at AnnualCreditReport.com from each of the bureaus. And I'm not sure you need to check it quite that often, but you can. Your reports typically are updated by your lenders once a month for each account. So it can happen throughout the month. Things can change. You can check it as often as you like. And know that checking your own report will not affect your credit scores. It won't affect lending decisions. So don't be afraid to do that. The other thing to think about is if you're working to improve your credit scores or adding information that will help you along the way manage them, things like Experian has a new service called the Experian Smart Money Digital Checking Account and Debit Card. So talking about automating your payments, you can make payments to the checking account. It embeds our boost program or boost service that lets you have your positive cell phone payments, your positive utility payments, your positive streaming service payments, even potentially your rent if you're paying your rent through one of about 1,500 property management companies that we work with or an online service that we're working with, to add your positive rent payments to your report. That can help improve your scores as well. And typically that's not reported. Vantage Score recognizes those payments and is really innovative in looking at what we think of as additional FCRA data or new FCRA data, FCRA being the Fair Credit Reporting Act, so it can be part of a credit report. And those tools now are available to help empower you to overcome some of those barriers to financial inclusion, to help you manage the debt you have, to be able to qualify for better credit tools and resources at lower rates. So, you know, when you're thinking about your student loans, take advantage of the programs that are there. Take advantage of the new tools and resources that are in the marketplace that weren't just a few years ago to help you stay on top of it. Don't be afraid to get your credit report. You know what's in it and then you can do something about it. And until then, you know, it just seems mysterious and it shouldn't. So it's pretty simple to say, kind of hard to do sometimes. Make those payments on time every single time. Yeah, that's really good. And I like how Jeff said, you know, he threw out the auto pay feature. It's really, really useful. I highly recommend. And, yeah, definitely just staying on top of your credit report. Knowledge is power. And also, you know, not opening up too many credit cards, not having to worry about so many different payments. It can be very overwhelming. You might not be able to financially keep up with that and you don't want one missed payment or one super high payment to impact other payments and you have missed payments on your report and then your score goes down. There's just so many things to keep in mind on a monthly basis, especially when you're a student loan borrower and things just feel like they're catching up to you and getting overwhelming. So I just wanted to thank you both for those spectacular tips. And with that being said, I do have a quick question. What should someone do if they previously defaulted on a student loan? I know we kind of already touched on this, but what would be like the first step when they realize, oh, no, I have a missed payment on my credit report? Yeah, I think the first step would be to Google Fresh Start Department of Education. And more than likely what will come up is a link to how you can apply for the Fresh Start program, learn more about it, and take action because, in particular, it's those borrowers that the program is designed for and, indeed, you can get a fresh start. So take advantage of that. Wonderful. Wonderful. So I think I have one final question. What other advice could you share with college students who are going to graduate with student loan debt? Yeah. Understand that it's not free money. This was a loan. And it can and will be reported to the credit bureau. So make that information work for you and not against you. The other piece of advice is, like, you know, for some of us, we didn't get jobs right out of college. And so there are programs that will kind of give you some leeway in terms of when you have to make that first payment or when those payments start for you. And I guess the other thing is, you know, a lot of times, you know, there's the temptation to, after you get your first job, you get your credit card, you get your fancy car, and, you know, all of a sudden, six months later, you're underwater, you're feeling the pressure. Try to resist those temptations. Talk to credit counselors if you need to. They're oftentimes free. If they are charging you, you know, you're talking to the wrong person. Talk to the people that do it for free. Don't pay for credit counseling advice oftentimes. Those are credit repair companies that don't have your best interest in mind. And take it slow. I think, you know, you've got a loan that's being reported. You know, you're probably not going to be in the position to automatically apply for a mortgage loan. So slow and steady wins the race, and in no time, you will be ready to make an application for a home loan, if that's something you want to do, and save up money for that down payment. So for all of us, that was a process, and it took some level of discipline. And, you know, it's a wonderful thing to find yourself in a position where, you know, you've got a healthy credit report, healthy credit score, and you don't feel like you need to go to sort of what I call lenders of last resort. You want to be the power. Take control of your finances. You know, Experian Boost is a terrific product because it really puts the power back into the consumer's hands. And, you know, just be empowered and be educated and take it a little slower than maybe you thought you might. Yeah, it seems like things are going so fast, but you have time when you're young. Take it from somebody who's not as young as I once was. But I would add, too, if you are not graduating yet and you're thinking about taking student loans on or you need to, be aware that you don't necessarily have to accept every penny that's offered to you. So think about how much student loan you need to take on, and if you're offered a loan for more than you need, perhaps you say, I don't want all of it, so that you reduce your debt before you take it on. And I didn't know that. The bank gave me a loan and said, here's your loan for the semester. I went, yay, and took every penny. And then I got out of college and I went, oh, shoot. I wish I had known then. Isn't that right? You know, so it comes at you. But take your time. And, you know, Jeff apparently knows me and is reading my life story because I bought that car. It was awesome. I loved it. I had a Chrysler Sebring. It was awesome. And way too expensive for the start of my career. And, you know, so think about where your expenses are. Think of a student loan. One of the ways that I've kind of started describing it into my kids is think of a student loan as sort of two parts. It's an investment in your education. So think about a student loan in terms of repaying it like a car loan. The average student loan today is something like $27,000 or $30,000. The median is like $36,000. That's just about the average new car loan amount. And so, you know, people never tell me that they're frustrated they can't pay off their car loan because it's too much when it's five years. But your student loan is like a mortgage in terms of an investment in your future and your career. If you have a degree, all of the studies show that you'll likely earn as much as a million dollars more over the course of your career. So think of it like a mortgage investment in terms of what it's going to do for you. But think of it in terms of repayment like a car loan. In a way, which maybe you don't need that fancy new car. You can get a less expensive used car and, you know, treat that student loan as the priority. And it'll go away faster than you think. And then free up so that you can have that, you know, higher-end car later, which would have been a better choice for me. But it worked out. So and now I drive a Hyundai. So what are you going to do? And a Honda. So I learned over time. But, you know, it's – you think of that student loan as an investment in your future. It seems like a lot and it seems like it's going to take forever. But, you know, if you look at the payment amount as it relates to what people are paying for new cars now, for most people, not everyone. And, you know, you have to acknowledge that it's a crisis. There are young people with enormous student loans. For the average borrower, it's somewhere like a new car loan in terms of the amount they owe. So kind of approach it maybe as a way to help with the way you think about it and repaying that debt. Yeah. I definitely would see, you know, borrowing and – sorry, borrowing and having student loans as an investment in yourself. And also it's very important on another note for listeners as we wrap up to understand that credit is a very useful financial tool. And having student loans is credit and it does not have to be daunting. And it is a tool to give you important resources that you'll need in your future. As Rod said, you could think of it as a – what did you say? A vehicle loan? Yeah. So think of it as, you know, the payments – you know, if your student loans are like the average car payment of a car loan amount today, think about repaying it like you would the car loan. So kind of treat it that way. Right. But then, you know, also think of the difference with a car loan, which is, you know, it's a product that depreciates and goes away and you'll get a new one at some point. Your education never goes away. Exactly. And it will be there to work for you. So it's more like, you know, buying a house. It's, you know, a 30-year investment. Buying a house. But your education is that lifetime investment for a lot of people. Right. You know, it seems like a burden, but when you compare it to new car loan amounts today, you know, the average new car loan is something like $40,000, somewhere in that range. And the new car payments are like $700 a month. And most people's student loan payments aren't that much anymore. No. You know, so it seems like a huge burden, but if you kind of prioritize, it might be able to help you. So just trying to, you know, I play mind games with myself all the time to make things easier to approach, right? And what's the plan? So, you know, that's kind of what I tell my kids, too. Think of it as a long-term investment, but treat it like a shorter-term one. Right. And if you're listening, please, you know, I hope this encourages you to look into what your loan payment is and to make sure that you're on time, you're current, because credit's really important. It will unlock possibly a vehicle with a good interest rate, a home with a good interest rate. It will unlock so many doors for you to have good credit and to be on top of things. So that's why this conversation is very crucial for maybe those who might be in the dark about student loans and might have misconceptions surrounding paying back their loans. So I really hope this was helpful for anybody listening. And as we wrap up, I just want to say thank you both so much for your really crucial insights today, and I'm sure this chat's going to help so many borrowers out there, especially those who are making payments for the first time. But either of you had any closing remarks or a final tip before we end the conversation? I always learn and, you know, I always love to have conversations with Jeff and, you know, what's happening with Vantage Score because it's an incredibly innovative company, and it's always been focused on the consumer as well and making it easier to understand. So, you know, credit scores can be very confusing. Vantage Score will help you as an individual better understand what goes into a score, how it works, and they've always been focused on that kind of aspect, you know, helping businesses make better decisions but also helping people better understand how the process works and how to use it to their advantage. I just really appreciate those comments, Rod, and appreciate the opportunity to share with you guys some insights. And happy to come back, and if there are folks who want a little bit more information, go to VantageScore.com, and there's a consumer tab, and there's a ton of student loan information as well as tips for other loan types as well. Thank you for listening to this episode of Credit Chat Live. I'm Destiny White, your co-host, signing off for now. Don't forget to subscribe and stay tuned for more. Bye. Credits
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