23 January 2012

Previous articles on this site have referred frequently to credit because of its importance. Your credit—and your use of credit—can and should have a positive impact on your health sciences career, not just on how you pay for school. 

Strong credit can help you to do the following:

• Control the cost of attendance at a health sciences school through not dealing with credit card bills and other consumer obligations that, while they must be met in a timely way, cannot be paid for with student financial aid
• Ensure not only approval for private loans needed for school but also for getting the best terms and conditions—such as lower interest rates and fees on private loans needed after first exhausting eligibility for federal student loans  
• Minimize the impact of borrowing on any future plans to pursue another health sciences degree, such as dentistry or medicine
• Budget after graduation as you start your health sciences career—especially important should you apply for a mortgage or other similar type of financing at some point in your career

Yes, strong credit is important. The unfortunate reality is that, for some, credit cannot only derail plans for getting a health sciences degree but can also adversely impact career plans both during and after students complete their health sciences education.   

Don’t let this happen to you—plenty of help is available.

Resources to Help With Credit

Credit Education

There are lots of ways to learn about credit, including what makes up your credit score and how to protect your credit while ensuring it remains strong.  Consider visiting www.myfico.com/crediteducation and www.bankrate.com for more information (click on the Debt Management tab at the top of the page for free and objective information on credit).

Credit Score Disclosures

Beginning July 21, 2011, new rules went into effect involving notifications to consumers who have been denied credit. Visit www.scoreinfo.org for more information on what to do if you are ever denied credit.   

This article was written by Paul S. Garrard, President and Founder of PGPresents, LLC; a 27 year veteran of student financial aid and higher education.