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Deferred Student Loans

New Member

Deferred Student Loans

Navient miscalculated my income and increased my monthly student loan payments by $300.00 per month as a result.

They are currently processing a recalculation. They placed my loan in a "deferred" status during this period.

The deferred status just hit my credit reports. My scores dropped by 70 points?????!!!!!!! I have never witnessed anything like this. How can I get these points back??!!
Message 1 of 6
5 REPLIES
Frequent Contributor

Re: Deferred Student Loans

Did you get any late payments during this? All my student loans bounce in and out of deferment for being in school and I've never seen a drop like that, or any drop/ gain in points when they go back and forth.

Starting Score-(01/2017): FICO ||EX:575--EQ:549--TU:588||
Current Score--(04/2018): FICO ||EX:686--EQ:697--TU:715||




Message 2 of 6
New Member

Re: Deferred Student Loans

No. I was paying on time every month. They just processed the deferment for the March payment, and the score dropped 70 points.
Message 3 of 6
Frequent Contributor

Re: Deferred Student Loans

Are you looking at fico scores? I don't think I noticed any changes in vantage or plus scores either when it happened but maybe they score differently.

Starting Score-(01/2017): FICO ||EX:575--EQ:549--TU:588||
Current Score--(04/2018): FICO ||EX:686--EQ:697--TU:715||




Message 4 of 6
Frequent Contributor

Re: Deferred Student Loans

Also, were you making full payments each month or just the amount that you thought it should be, that could make it a partial payment and could eventually hurt your scores.

 

Thats all I can think of but paid on time and in full student loans should not have an impact on your fico scores. The accounts are still there, they just show has having no payment due. I applied for a mortgage when I started school a couple years ago and it had no impact with my scores and actually helped my DTI because no payment was due for 2 years.


Starting Score-(01/2017): FICO ||EX:575--EQ:549--TU:588||
Current Score--(04/2018): FICO ||EX:686--EQ:697--TU:715||




Message 5 of 6
Regular Contributor

Re: Deferred Student Loans

If it’s not a late payment then what I would likely think it was since there was no payment for March which means interest maturing and increasing the loan or loans balances; would be that your loan balance or balances may have exceed the 100% threshold or gotten higher than the original loan balance in short.
FICO 8
Starting Score:
10/15/2016
562
583
534
Current Score:
05/11/2018
628
(+66)
690
(+107)
649
(+115)
Goal Score:
10/15/2018
700
(+72)
700
(+10)
700
(+51)


Message 6 of 6