Skyla Credit Union Blog

Thinking about applying for a student loan, but unsure if you qualify on your own? This is normal. In fact, 90.30% of undergraduate private student loans were co-signed in the academic year to date 2022/23, according to the Enterval Private Student Loan Report. That’s because many students don’t yet have the credit history, income, or financial track record lenders are looking for. That’s where a co-signer steps in.

When it comes to paying for college, student loans might be the answer - but not all loans are created equal. The big question is: should you choose federal or private student loans? Each has its pros and cons, and understanding the differences can save you money and stress down the road. Don’t worry, As a borrower with federal and private student loans, I'm happy to break it all down so you can decide what works best for you! VIA GIPHY

What's up, future scholars! Let’s face it—student loans can feel like that one complicated game where no one bothers to read the instructions. But don’t sweat it—we’ve got your back. Whether you’re starting to apply for college, filling out financial aid forms, or just wondering if student loans are the right move for you, we’re here to break it down in a way that actually makes sense—no boring lecture vibes, we promise! Getting the basics down now can save you a ton of headaches later.

Credit. It's a scary topic. Mainly because so many things can surprisingly ruin your credit scores, such as late or missed payments, applying for more credit cards, carrying high credit card balances, ignoring your credit report, and more.

Credit card debt just sucks - plain as that!

If you're searching for a credit card offering a 0% APR*, there are some things you need to know before you sign up and get one. I know it's tempting to see credit cards offering zero interest for up to 6- to 21 months from account opening, but that doesn't mean you can start spending like a Kardashian instead of someone with a modest bank account...

It’s understandable to be concerned about your credit score being affected when opening a new credit account. In your research, you probably want to weigh your options to not only compare which account will get you the lowest interest rate for loans (for highest return on savings), but also if opening the account will affect your credit score.

So you’re ready to establish or build your credit score and are looking for ways to do it? In your credit building research, you’ve probably come across the recommendation to open a credit card. On one hand, credit cards can help you build credit, earn rewards and access exclusive benefits, and provide you with extra cash flow when you don’t have the money at your disposal. On the other hand, a credit card could hurt your credit score, your credit history, and your wallet if you used too much of your limit, carry a balance and rack up interest charges, or miss a payment. Since this financial tool comes across as a blessing if used properly and a curse if misused, you may want to avoid credit cards altogether.

Some people don't realize a problem with their credit score until it's time to apply for a loan. Then, the most recommended way to increase your score is to take out more loans to prove to lenders you’re responsible. But what if you just can't afford to get another loan - then what?