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What roles do credit lenders play in the financial life of a student?

I want to know the exact roles credit lenders play when it comes to students finance. How exactly do they assist students in carrying out their credit responsibilities? Why and how do I obtain the best credit for students specifically college students? Do I require a huge amount as a student or is it free? I would also like to know how a student cashback works as well as its benefits to me as a college student. I just want to clarify certain things before I embark on my financial journey. Thanks!

Carlton Burgess

in Student Loans

1 answer

1 answer

Jennifer Patterson on June 27, 2018

Wow! So many questions to be answered but I can help you. I believe credit lenders are life savers. They exist to help students with poor financial footing.

The major role of credit-lenders is the authorization, evaluation, recommendation, and approval of loans to students. So students need credit to settle a lot of expenses while in school such as rent, books, and other essential needs.

To better address your question, I think it would be convenient for me to explain the reasons why students need or require loans. One of such reasons is that most college or university students do not have sufficient income and hence, have no credit history and that is the reason why you need someone with sufficient income, for example, your parents to co-sign you for a loan. Sometimes as a student, you find out that if you need a loan or credit for school, credit lenders find it very difficult to issue the loan to you simply because you have no credit history hence, the need for a co-signer who would take responsibility for the loan.

To obtain the best student credit card for students with bad credit or no credit at all, you need to ask yourself first of all if you will be capable of dealing with the terms and conditions. If yes then, you can keep reading this. Based on my observations, one of the greatest or perhaps the greatest advantage of obtaining and using a student credit card is the improvement of the student’s credit score. Having a very high score is feasible only if the card is properly utilized. Believe me, excessive spending is the last thing you want as a student because you just might be jeopardizing your score. I usually tell students that having no credit score is at all is better than having a bad credit score. Remember, it is how financially responsible you are that the credit agencies are looking out for and not how often you make use of your credit card. So, once you give them a negative impression about your financial responsibility, it’s definitely going to affect your report and future credits. Other benefits include: you get to avoid unnecessary fees; this however varies from one card to the other which is why you have check through the features of each card thoroughly before choosing. Some credit cards come with low interest rates for students subject to full payment of bills. Students’ credit cards are also accompanied by rewards; so when applying for a card you need to look out for the above features. Here’s how to select the best credit for students:

Student cash-back also works together with credit cards in that once you purchase an item with your dedicated credit card, you get a certain percentage of the total amount paid. You can also read more about cash back for students here: . 

Leigh Mann2 years ago

I think not so much was said about the student cashback in the answer. Students’ cashback can be better understood once you have an idea about general cashback. So, cashback is simply the return money you get after shopping. It provides smarter and easy ways of spending money through the use of cash-back credit cards. For some cards, you get a 0% annual fee and you can as well buy whatever you need in college. Students’ cashbacks are great for building credits since they come with cash rewards. Credit cards come with flexible reward redemption options, including free access to credit education and equipment. The most common form of cash-back is the online cash-back which can only be obtained by shopping online using cash-back sites. Examples of this site include quido, TopCashBack, etc. cash-backs are really beneficial to students.   

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