Question regarding student loans

[Anonymous]

I suppose similar questions have been asked before over and over again. I checked most of the questions in this forum but I didn't find anything that may help me. So here's my question : Will applying and receiving a student loan hurt my credit score?

It took me 5 years to pay off my first student loan and currently I'm completely debt free ( no SL, no CC, no car loans, nada!). But I'm planning on going back to school and just the tough of applying for a SL makes me sick to the stomach but I have no choice. I've been unemployed for 6 months now and I can't think of any other way to get back on my feet than going back to school. I'm taking classes at a community college and my tuition fees are waived due to the fact that I have no income. However, I'm planning to transfer to a 4-year college and pursue a BS in Business which is very expensive. I'm in my early 30s and I know that perhaps it's too late to go to college but I can't change the circumstances. It took me long time to clean up my credit history and improve my credit score. My EQ is 761 (checked it just now) and It will break my heart if getting a student loan will have a negative effect on it.

Thank you for your responses and please forgive me if my question is too silly. I wouldn't have asked if I knew the answer.

Have a blessed day.

[Anonymous]

It's definitely not too late to go to college.

Sounds like you're in great shape--in terms of your debt level and your credit score.

Look at different schools--state schools are much cheaper than private schools.  Exhaust your federal loans before you even think about private loans.  And avoid private loans if you can.

Sounds like this may be necessary debt.  But be responsible, and take out only the minimum that you need to finance this education.  Working part time while you're in school may be a good way to keep your costs down.

[Anonymous]

Thank you for your advice and encouragement

I do have a MA in Sociology and currently I'm working towards a BS in Finance and Investment. Hopefully by the time I graduate the economy will recover and I'll be able to find a job. I'm definitely considering public schools because I can't possibly afford a private one. But the problem now is that the budgets of most public schools are shrinking and they are unable to offer grants and scholarships to the students with financial needs. Some of the public schools even discriminate (though not openly, of course) against the needy students and instead accept those who have money. Sad.

Do you know whether applying for a SL will have a huge negative impact on my score? I got my first SL long time ago when I was young, stupid (when it comes to managing my finances) and didn't care much. I can't recall what was the effect of the SL on my score back then. Besides I also had some other loans and CC debts so I don't know which one contributed to ruining my score the most.

Thanks again.