Student loan debt is seem as any other kind of debt, thus it can have a huge negative impact on your financial future and your credit history. Your student loan debt is seen as bad credit once it exceeds eight percent of your income. This will negatively influence the assessments of any possible future loans. That is why it is important to reduce your debt burden through student loan debt consolidation or refinancing when the interest rates drop.
The most common forms of student loans are federal loans and private loans. Federal loans are easier to obtain and have more advantages than private loans as the interest on federal loans are tax deductable. Students should know about forgiveness of student loans as well. This is an option with federal student loans for student that qualifies in particular kinds of services.