Deferred Student Loan Question

[Credit_hawk]

Hey guys! I'm new here. Though it seems over said I'll say it again because it's true: this site is a great resource and thanks for your collective help! I'm a junior in college and I only have one student loan (I'd like to keep it that way) for $4,500. My loan is in deferment until 2018 but I'd like to start paying it down now. I have fairly good and growing credit for having just established it recently and I'd like it to keep progressing. The one part of advice myFICO keeps giving me besides just building more history is to pay down the principal of my installment loan- which is a good idea for other reasons as well (capitalization). 

My question is: will my loan, which is through Great Lakes, report the new balances going down each month while I'm still in deferment or is it just locked in at the original loan disbursement amount until I enter repayment status in a few years? It would seem obvious that it would report the new balance every month but they haven't at least in regards to interest accrued while in deferment.

Has anyone had experience with paying loans off in deferment and will it report the new lower balance each month while in deferment? Thanks! 

[Anonymous]

I have been paying my Great Lakes early. My loans just came out of deferrmen last month, but I have been paying on them during the grace period. On my credit report, they are not showing the little green "OK" boxes like my credit cards do, but the balance does reduce once a month and it says that account is in good standing and paid as agreed, even while in deferrment.

[Credit_hawk]

Thanks for the info, Annipoo! I just got the loan in January and I do have the green boxes on some months for some bureaus and it does say something like "pays as agreed." 

Glad to see you're being responsible as well and making payments before they're due!

[ddemari]

Making payments while they are in grace
Period is a seriously smart thing.
Ultimately u are paying down the principle, lowering your debt, allowing for less interest to be paid once they are out of deferment. And, you can get used to having these payments, so it wont put a damper on your current finacial situation once u r in repayment. Smart move!

[Credit_hawk]

Thanks, ddemari! I really appreciate the kind words!

[Anonymous]

---

@Credit_hawk wrote:

Hey guys! I'm new here. Though it seems over said I'll say it again because it's true: this site is a great resource and thanks for your collective help! I'm a junior in college and I only have one student loan (I'd like to keep it that way) for $4,500. My loan is in deferment until 2018 but I'd like to start paying it down now. I have fairly good and growing credit for having just established it recently and I'd like it to keep progressing. The one part of advice myFICO keeps giving me besides just building more history is to pay down the principal of my installment loan- which is a good idea for other reasons as well (capitalization). 

My question is: will my loan, which is through Great Lakes, report the new balances going down each month while I'm still in deferment or is it just locked in at the original loan disbursement amount until I enter repayment status in a few years? It would seem obvious that it would report the new balance every month but they haven't at least in regards to interest accrued while in deferment.

Has anyone had experience with paying loans off in deferment and will it report the new lower balance each month while in deferment? Thanks! 

---

If you don't mind, can you update the results of the reporting making payments? Did it update the balances each month? Any score increase? ha i'm just trying to paint a picture of what to expect for myself. i'm starting to pay down as much of my own as I can. If anyone else that has been paying in deferment has results to share, please do. Thank you.

[Credit_hawk]

---

@Anonymous wrote:

---

@Credit_hawk wrote:

Hey guys! I'm new here. Though it seems over said I'll say it again because it's true: this site is a great resource and thanks for your collective help! I'm a junior in college and I only have one student loan (I'd like to keep it that way) for $4,500. My loan is in deferment until 2018 but I'd like to start paying it down now. I have fairly good and growing credit for having just established it recently and I'd like it to keep progressing. The one part of advice myFICO keeps giving me besides just building more history is to pay down the principal of my installment loan- which is a good idea for other reasons as well (capitalization). 

My question is: will my loan, which is through Great Lakes, report the new balances going down each month while I'm still in deferment or is it just locked in at the original loan disbursement amount until I enter repayment status in a few years? It would seem obvious that it would report the new balance every month but they haven't at least in regards to interest accrued while in deferment.

Has anyone had experience with paying loans off in deferment and will it report the new lower balance each month while in deferment? Thanks! 

---

If you don't mind, can you update the results of the reporting making payments? Did it update the balances each month? Any score increase? ha i'm just trying to paint a picture of what to expect for myself. i'm starting to pay down as much of my own as I can. If anyone else that has been paying in deferment has results to share, please do. Thank you.

---

Wow, this is from a while ago. I sure can post the results for you. Yes, Great Lakes will update the balances and show updates to your payment of the loan. It will show the original amount and what the loan amount currently is. However, it only updates the last business day of each month. This information is only for Great Lakes as that is the only loan servicer I have experience with.

You will get credit per your FICO score for payments regardless if it's in deferment.

[Anonymous]

---

@Credit_hawk wrote:

---

@Anonymous wrote:

---

@Credit_hawk wrote:

Hey guys! I'm new here. Though it seems over said I'll say it again because it's true: this site is a great resource and thanks for your collective help! I'm a junior in college and I only have one student loan (I'd like to keep it that way) for $4,500. My loan is in deferment until 2018 but I'd like to start paying it down now. I have fairly good and growing credit for having just established it recently and I'd like it to keep progressing. The one part of advice myFICO keeps giving me besides just building more history is to pay down the principal of my installment loan- which is a good idea for other reasons as well (capitalization). 

My question is: will my loan, which is through Great Lakes, report the new balances going down each month while I'm still in deferment or is it just locked in at the original loan disbursement amount until I enter repayment status in a few years? It would seem obvious that it would report the new balance every month but they haven't at least in regards to interest accrued while in deferment.

Has anyone had experience with paying loans off in deferment and will it report the new lower balance each month while in deferment? Thanks! 

---

If you don't mind, can you update the results of the reporting making payments? Did it update the balances each month? Any score increase? ha i'm just trying to paint a picture of what to expect for myself. i'm starting to pay down as much of my own as I can. If anyone else that has been paying in deferment has results to share, please do. Thank you.

---

Wow, this is from a while ago. I sure can post the results for you. Yes, Great Lakes will update the balances and show updates to your payment of the loan. It will show the original amount and what the loan amount currently is. However, it only updates the last business day of each month. This information is only for Great Lakes as that is the only loan servicer I have experience with.

You will get credit per your FICO score for payments regardless if it's in deferment.

---

Yes it is! ha I'm glad your still a myfico user because you answered excactly what I wanted to know. Great lakes is also my servicer, so this is very helpful. Thank you for the quick response.