topic Re: Student Loan Problem in General Credit Topics

Student Loan Problem

Anonymous — Fri, 22 Jun 2007 19:17:13 GMT

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?

Re: Student Loan Problem

Anonymous — Fri, 22 Jun 2007 19:20:48 GMT

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.

Re: Student Loan Problem

Anonymous — Fri, 22 Jun 2007 19:24:38 GMT

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.

Re: Student Loan Problem

fused — Fri, 22 Jun 2007 19:31:22 GMT

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.

Re: Student Loan Problem

Anonymous — Wed, 27 Jun 2007 21:00:57 GMT

150,000K... Hope your a doctor... J/K

Re: Student Loan Problem

Anonymous — Wed, 27 Jun 2007 22:56:33 GMT

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.

Re: Student Loan Problem

Anonymous — Thu, 28 Jun 2007 00:04:32 GMT

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

Re: Student Loan Problem

Anonymous — Thu, 28 Jun 2007 00:38:12 GMT

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

Re: Student Loan Problem

Anonymous — Thu, 28 Jun 2007 01:07:08 GMT

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.

Re: Student Loan Problem

Anonymous — Thu, 28 Jun 2007 01:07:31 GMT

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

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

Re: Student Loan Problem

Anonymous — Thu, 28 Jun 2007 01:09:48 GMT

9k left on mine.

Required Payment is $61 a month for the next 2 years. Paying 150.

I am gonna pay it off if I ever refi-

Re: Student Loan Problem

Anonymous — Thu, 28 Jun 2007 01:20:09 GMT

my payment is 54 dollars but I pay 200 per month I should just pay it off just thought that paying it out would look better not sure either way

Re: Student Loan Problem

2anewu — Thu, 28 Jun 2007 01:38:19 GMT

I have 24000 and have to consolidate by the 1st to keep the old interest rate. How do you all feel about consolidation? I am doing it with college loans direct. I just hope they are good.