What is credit?

Credit is the ability to obtain goods or services before payment — based on trust that payment will be made in the future.

For an aspiring student, this means pursuing educational opportunities without immediate financial pressure. In the case of a student loan, this can cover tuition, accommodations and essential study materials.

Why is it important?

Credit allows you to access what you need now as opposed to saving up and paying cash. Being smart with your money doesn’t mean avoiding credit. It’s about meeting your obligations timeously to maintain a positive credit history. When you do this, you access opportunities for more credit at better interest rates and move toward reaching your major goals.