Shilpa was over the moon when she got admission in a premier institute of technology. She dropped to the ground when she learnt that the fees (running into lakhs) had to be deposited within days or she risked losing her seat to the next best candidate. With her dad’s humble earnings, she had only one option left – a student loan.
Flash forward, a few years later. While that loan was able to ditch her out in the nick of time, she now struggled to deal with it. The least she wanted was the loan to go away and never raise its ugly hood again.
Student loans can easily go from ‘being the boon’ to ‘being the bane’. As unlikely as it might sound, companies are checking credit reports of employees as part of t heir background analysis. People have been fired for having poor scores. Here are some ways by which your higher education loan can make you quit your job:
Before We Sign Off
A credit report is meant to display a person’s credibility. There is quite a bit of information which the employer draws from a credit report. Items like overdue debts make a wrong impression on employers and they begin to doubt the employee’s integrity. No company wants to hire someone with a blemished credit record.
Don’t struggle under the weight of hefty student loans. Make it a priority to manage your funds well and streamline your repayments. Don’t forget, those who pay their education loans do struggle to pay for their rents, grocery and other bills. But the sacrifice is made today in the interest of a better future.
Whether your employer enquired into your credit report or your lender sent them a mail, make sure your score isn’t the reason you get fired today.
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