Recently a friend graduated from law school after 4 years of hard work. It did not take him long to find employment with the local States Attorneys Office. It is a good entry level job and he was thrilled to get it. After about 3 weeks on the job he started getting letters from the assorted banks that were holding his student loans informing him it was time to start production payments.
The four loan packages he had used to get his law doctorate amounted to a small more than 0,000.00. Each loan container had a separate cost date and each had a separate interest rate. Two were 15 year loans and two were 10 years. It was not long before the enormity of his student loan debt hit home. He was worried that he might miss a cost and truly wished the cost date was the same for each loan.
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When he went to the local car dealership to purchase a good used car he was surprised to find that his prestige score was too low to general interest car loan. The four student loans combined to lower his prestige score to 610. He would only qualify for the high interest High risk loan. He also had no selection but to pass on his car purchase. He like many college students do not comprehend the impact of several loans and a small employment description could have on a prestige score.
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