I have been in forbearance or hardship with no payments on student loans for 6+ years. It shows that my starting loan is lower than my current loan amount. So this seems to be negative on my credit score.
If I am able to get the $20k for loan forgiveness this will cut my loan by more than half.
Will this help my credit score? I assume it will help but I can't be sure because I am still getting my credit in order.
@720orBust wrote:I have been in forbearance or hardship with no payments on student loans for 6+ years. It shows that my starting loan is lower than my current loan amount. So this seems to be negative on my credit score.
If I am able to get the $20k for loan forgiveness this will cut my loan by more than half.
Will this help my credit score? I assume it will help but I can't be sure because I am still getting my credit in order.
There will probably be a relatively small gain from going from >100% installment percentage to below 50%.
For me, it was 5 to perhaps 10-15 points at most?
Depends on your profile and especially if you have other loans.
