Money Talks: Credit Scores for College Students

Posted by Joe Crosby

11/5/14 11:51 AM

Money Talks are quick hitting posts on a topic that will help your students manage their loans and finances. With links, tools, and visuals, you can easily digest and regurgitate the info so your students can one day fly from your nest financially healthy and strong.  

Very soon, thousands of student borrowers across the country will make their very first student loan payment. For some, it will be the first time they show a financial institution that they can be trusted with a loan.

And as they build a career, a life, and a financial portfolio, their loan paying ability is going to be closely coupled with their credit score. However, ordering a credit report, understanding a credit score, and staying on top of this important metric can be confusing. 

Cut through the confusion with 4 quick ways to inform your current students about the importance of credit scores. 

1. The Credit Score Quiz teaches through testing. Test your knowledge | LINK

2. Think you have just one credit score? That would be too easy. There are several. Learn through a visual  | CREDIT SESAME VISUAL

3. You know who doesn't have a credit score? Some of your students. People with no debt history will not have a credit score. If they're interested in starting from scratch, Credit Karma has an interesting article on building a credit score starting at 0. | ARTICLE

4. Give them a real world scenario that might change the way they view credit. If loans are not managed responsibly, it will lead to a below average credit score which turns into unfavorable interest rates on most loan products.