Student loan repayment options...will it hurt my score?

[Beasley12]

I have approximately $60,000 in student loans. I am thinking about switching from standard repayment to extended standard repayment. This would extend the number of years it would take to repay the loans but will also decrease my monthly payment and increase the total amount of interest that I will pay. I am trying to reduce my debt to income ratio In preparation for possibly buying a house next year. My $540 payment might turn into $320...not a lot of money to most people but but it means a lot to me. I also want to add that I am currently in deferment until December and I plan to make some very large payments towards my student loans in the meantime to try and reduce the balance...or so I hope. My question is, would doing this hurt my score? I am chomping at the bit to increase my score.

[trix_r_4_kids]

Beasley:

You may get more responses if this question were posted in the "Student Loan" forum.  Changing your repayment options should not affect your Fico scores.  Missing loan payments, regardless of your repayment plan, would impact your score.  I recommend contacting the lender that is servicing your account.   Talk to them about your options.  You mentioned "loans".  Have you consolidated?  If you consolidate under the Direct Loan program and work in the public sector there are programs that would forgive or cancel your loans after a 10 year period of repayment.  There are lots of different programs out there and everyone's situation is different.  Call your lender to see what they can do that best meets your needs.