GPA, Credit Rating & Financial Aid
Your GPA has always been very important, but your credit rating is starting to take the lead.
Here’s some bad news: a great GPA won’t help you get your dream job any longer. Employers are running credit checks to see your credit score. If your debt is excessive and you have been delinquent with payments, chances are you might not stand a chance to be hired–even with a great GPA. It’s imperative to keep debt as low as possible and continue to pay on that debt.
A credit report requires your attention on a yearly basis–always order a credit report directly from the three reporting agencies, not through an ad on the internet (annualcreditreport.com). Check to see if all of the information is correct and view your score. The reporting agencies have information regarding score numbers and what is considered “poor”, “good”, or “excellent”. Always strive to be rated “excellent”.
Financial aid and loans are important in obtaining an education, but can also be a detriment to your credit rating if not handled properly. Here’s the good news: students and parents have a great resource in FindAid!, which has a wealth of information to do the process right–that’s the key. Obtaining the wrong loan to finance a college education can sink your good credit score, bogging you down in payments the rest of your life. Remember, not all loans are equal!
I’ll be posting more about financing a college education tomorrow in my blog entitled “Smart College Financial Planning”.