Student loan questiion

[Anonymous]

I have student loan which i suppose to pay later when i graduate, But it seems like bureaus calculate my student loan along with my debts. My question, do my student loan affect my score?, and what if i paid it off would that increase my score?

[Tuscani]

Yes and Yes.

[Anonymous]

ok...but i am trying to buy a car and my scores are TU 723, Ex 631, and EQ 655 so, i am wondering if it will be a good idea to use my down payment for my car to pay off my student loan so that my credit score will increase (in order to get a better % rate for my car loan). ANy ideas?

[smallfry]

I would imagine you could get a 6-7% loan on a new car. I believe the rate on your student loans is less than that. Close to a wash to me.

[Tuscani]

Yea, that is a wash. Plus, paying down installement debt won't increase your scores like revolving will!

[Anonymous]

 a student loan is considered a good debt unlike credit cards. I havebeen paying my student loan for years and I am down to the last thousand dollars. I paid it off but slowly and have a great credit history on that account. It's up to you if you want to pay it off immediately or not. You need to look at your overall credit history.

[Anonymous]

I have unsub and subsid loans at 2%, and I owe $30,000.  My payment is 8 months ahead of time, and my payment is $111.00, and I pay $150.00 s month.  How do you figure out how long it will take to pay this debt, and is it worth paying more.  Am I making a debt in the principal by doing this, or is it going to take me even longer to pay my debt off.  agnesnethel