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Student Loan Problem

Frequent Contributor

Student Loan Problem

How much impact will student loans have on your credit?  I have about $150,000 worth of student loans.  I will not be able to pay them off for a while.  In reading this forum, I noticed many people are paying off their student loans in order to improve their credit.  I only hope to make enough money to pay mine off in 10 years.  Am I screwed?
12 REPLIES
Frequent Contributor

Re: Student Loan Problem

i dont have that much in student loans i have about 18,000.  I called and asked my loan company how often do they report to the CRA's but they dont seem to be doing so.  I checked my recent credit report and they have not updated my information with them for a few months.

Starting Score: 643
Current Score: 657
Goal Score: 700


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Valued Contributor

Re: Student Loan Problem

No you're not screwed.   See if you can defer them as long as you can until you get your feet on the ground.  Under a manual review student loans are considered good debt.
 
  Just don't default on them what ever you do,  DON'T DEFAULT.   That will destroy your credit report.
Moderator Emeritus

Re: Student Loan Problem



monro411 wrote:
How much impact will student loans have on your credit?  I have about $150,000 worth of student loans.  I will not be able to pay them off for a while.  In reading this forum, I noticed many people are paying off their student loans in order to improve their credit.  I only hope to make enough money to pay mine off in 10 years.  Am I screwed?


The actual debt (though 150K is not chump change) will not have a major impact on your scores.  It's an installment TL (tradeline).  The most important thing to do is PAY ON TIME.  NEVER be late.  Defaulting or paying late on an SL (student loan) will drop your scores and requesting to remove the negative information they report to the CRAs is nearly impossible.  Just pay on time and you will not be scr*wed.Smiley Wink
Regular Contributor

Re: Student Loan Problem

150,000K... Hope your a doctor...  Smiley Very Happy  J/K 
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Established Contributor

Re: Student Loan Problem

my tax law professor used to say "whaddya do with your student loans?......ya die with 'em!" 
 
i say forbear 'em, defer 'em, do whatever ya want to 'em as long as you keep 'em in good standing.  they look good on your report, and paying them off early doesnt mean a hill of beans, in my opinion.
Frequent Contributor

Re: Student Loan Problem

im glad i stopped when i did because mine where getting up there, im at like 18,000 now student loans are FOREVER!!!!!!!!! lol

Starting Score: 643
Current Score: 657
Goal Score: 700


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Valued Member

Re: Student Loan Problem

man i thought mine were  bad i only have a total of 1700
Frequent Contributor

Re: Student Loan Problem

yea i thought i was in bad shape at 18000 and some change but man that 150,000. Law or medical school? or just a real expensive school? im wishing i sent those refund checks back now hahaha.

Starting Score: 643
Current Score: 657
Goal Score: 700


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Frequent Contributor

Re: Student Loan Problem



OneMortgageGuy wrote:
150,000K... Hope your a doctor...  Smiley Very Happy  J/K 



No,  just received my MBA at a top 20 school.