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If you’re struggling to make your student loan payments, you may have wondered if forbearance is a good idea.

While it’s true that forbearance can offer you some temporary relief from student loan payments, that relief can come at a significant cost—and can make paying off your student loans even harder. 

Let’s talk about what forbearance is, and if it’s the right option for you.

The numbers can be discouraging. 

It takes most four-year degree holders an average of 21 years to pay off their student loans. With the average monthly payment nearly 55% higher than it was a decade ago, it’s not surprising that you might feel like you want to do anything to get the student loan debt monkey off your back. 

Is a personal loan to do just that a good option? 

Across the country, many millennials share a common goal: Paying down their debt as swiftly and smartly as they can. No generation has invested more heavily in its future through student loans, with millions of millennials making hefty payments each month. If you’re one of these young Americans working hard to address your debt, you’ll want the confidence of knowing you’re doing it right.

That’s where this guide’s actionable insights can help...

Sometimes life throws curveballs that wreak havoc with our finances. When that happens, it’s tempting to ignore statements—or set your email to send payment reminders right to the spam folder. 

But really, the easiest way to avoid defaulting on student loans is to face the problem head-on. 

You put a lot of energy into getting a solid education. And yes, you racked up significant student loan debt at the same time. Now you’re ready to take some big financial steps, and you’re wondering whether that debt load will be a barrier.

Your student loan debt is part of the total debt picture lenders will look at when they’re determining your creditworthiness—whether you’re applying for a credit card, a car, or a mortgage.

So how can student loans raise or lower your credit score? Let’s take a closer look.