OK, I cannot agree. I have about $39,000 in student loans and before I was in repayment period my loans showed up on my credit report but showed deferred status with a date. I have now graduated and I still have a six month grace period. Your student loans are still factored into your overall credit score and they affect your credit score negatively only if they are not paid on time.AnswerNOT MUCH, AS LONG AS YOU PAY YOUR STUDENT LOANS ON-TIME AFTER YOUR GRACE PERIOD (WHILE ATTENDING COLLEGE) THEN YOU SHOULD BE FINE.
If you're still a student, student loans do not show up on a credit report at all. They only appear after you have graduated, withdrawn, dropped-out, etc. and the repayment starts.
11/01/2010 I will have to disagree with the above answer. Student loans show up on your credit report before you graduate-how do I know this?-Well because I am a student with loans and those loans have showed up on my credit report under "deferred"-they have actually helped my credit score, BUT they will HURT it if and ONLY IF, when it is time to repay I default. I agree with the 1st answer and not the 2nd. Maybe times have changed since the 2nd person answered this question or even has knowledge of the credit score system in conjunction with student loans. These are government backed up student loans that I am referring to, NOT bank student loans.
It does not affect them.
No, but is will affect your credit report.
Yes, they are like any other loan. they are listed on your credit report and affect your score.
Student loans can show up as "baddies" on your credit report if they are paid late or in default. These loans are reported similar to revolving loans or lines of credit.
Student loans through FAFSA is not credit based so no it will not. Private student loans is a diffrent story, which is based on credit.
Federal student loans do not require credit checks in order to apply and receive finical aid. Private student loans from banks and credit unions require a strong credit score to get approved or a creditworthy co-signer.
Pioneer Credit Union offers auto loans, mortgage loans, home equity loans, home equity lines of credit, student loans, personal loans and business loans.
Subsidized loans will affect your credit score negatively if you are not paying them. If you are paying them, they will have a positive effect on your score.
Whether or not a you can repay loans with a credit card depnds on the policies of you debtors. You can pay some student loans with a credit card, if you are in default. However private lenders are under no obligation to accept credit card payments.
Sallie Mae offers student loans. They do have some poor credit options. You can not clear a student loan by bankruptcy so they are more liberal than for other loans.
In the US, you can consolidate your loans even with bad credit if they are Federally Guaranteed student loans, like Stafford loans. If you want help with the consolidation of your student loans, click on the link below.
Generally a student loan does not affect your credit rating
Here is an excellent guide to outline how loans might affect your credit score. http://www.moneysavingexpert.com/loans/credit-rating-credit-score It also offers a Credit Checker tool which could prove very useful.
Sometimes private student loans can be consolidated depending on certain factors including the rules of your lender, whether you are in deferrment or default and your credit score. You cannot however, consolidate federal student loans and private student loans together.
The private student loans are the loans arranged by the student through any of the private banks at a fixed interest rate. To apply to these private student loans you need a cosigner unless your credit rating is too good and you have a source of income.
In the USA, Parent PLUS loans are based on credit. Graduate PLUS loans are not based on credit. So, if you are taking the loans out for your kids, then yes the loans are based on your credit score. If you are taking the loans out for yourself for graduate studies, then it does not matter what your credit rating is.
when you consolidate your student loans. It helps your credit score by closing the multiple loans. Your credit report will report the loans you consolidated as PAId/Consolidation. We all know paying a bill helps your credit. Now you have one large bill and as you pay on it ON TIME it will increase your credit score. Also, a rule of thumb is think of your old student loans as maxed out credit cards especially if you haven't paid on them. They don't help your credit until you pay on them on time EVERY month. We all know maxed out credit cards have a negative effect on your credit score. I consolidated my loans and I am eager to pay on them to help raise my credit score. Well, there is a second part to that first answer. If you have not yet consolidated your loans, they show up on your credit report as itemized. When you finally get them consolidated they show as one loan form one lender. This will also improve your credit score.
Actually, the default will stay on your credit indefinately until you get out of default. Student loan default on Federally Guaranteed student loans has no statute of limitation. If you consolidate your defaulted student loans, they will show up as Paid In Full on your credit report. You can get help with the consolidation of your student loans through www.defaultms.com Any default is going to stick around for about 7 years.
When looking for student loans many students choose private loans with Chase and FinAid or a local business. This varies from student to student based on personal scholarships, credit, financial aid, etc.
In the USA, if the student loan is Federal like a Stafford or Perkins loan, then yes you can cosign with bad credit. If the student loan is a private student loan, then no, you must have good credit. Keep in mind, you should never take out private student loans out until you have used up Federal loans, grants, and scholarships. Private student loans have high interest rates and no benefits.
Does "in grace" mean in deferment? Deferred student loans do affect your debt-to-income ratio. Even in deferment they are factored into how much you owe. Many current and former students do not take the responsibility to keep their loan companies notified of their enrollment status, thinking that their financer will somehow just know that they are still in school. This more than any other factor causes credit problems on student loans. Anytime you open any kind of credit account, there is generally an inquiry which CAN affect your credit score. There is also a "hit" in the risk indicator of having a new account. Those factors are overcome quickly and as long as you pay the new, consolidated, account on time and keep your status updated; it should have little affect on your credit to consolidate.