Should I get a student loan?

[Anonymous]

I am being offered a subsidized and an subsidized federal loan at my college. I don't need it because I got enough scholarships, but I was wondering if it would make sense to get it just to build credit. I don't want to pay any interest (and I think I could avoid it if I take out a subsidized loan and pay it off within a certain timeframe)

1) Should I take out a loan?
2) Can I take it out and immediately pay it off and how would it affect my score? Or for how long should I keep it open to maximize the score?
3) Does it matter if the loan amount is small or large for the purposes of credit building?

I have 3 credit cards but I know that loans are a different type of credit so it should help the score in theory..

Thanks!!

[Anonymous]

I would say no. You can build credit in other more sensible ways. Student loan debt is a tricky and senseless credit vehicle that you should not get into if you don't need to. There are far better ways to build your credit out there than taking on student loan debt. You can look up alliant credit union on here and see the loan system that users here recommend if you want a loan on your credit report. Pay your credit cards on time and keep doing what youre doing and your credit will build. S

[Anonymous]

+1  If you can avoid student loans, do so.  The problem with student loans is once you sign up you are obligated for life to pay it back.  You can not discharge student loans with a BK unless you are 100% disabled.  If you are unable for whatever reason not to pay it off immediately after graduation you are stuck.  Student loans are charged interest under most circumstances and are capitalized annually.  So avoid this unnecessary debt anchor.

You can improve your credit score using other means then this. 

[Anonymous]

I took one of the unsubsidized loans. I was hoping it would hurt my credit less than just doing a bunch of BTs for the 3% fee for 0% APR which is less than my loan interest rate (not by much though). I'm going to be making payments on it even though none are required until 6 months after graduation or i go to less than 6 credits. I'm assuming that since it's going to take 6 years to graduate with this light of a load to graduate so technically I don't have to start paying for years

I'm really just trying to float the debt until I pass my class and work reimburses me. It will also be helpful should I not pass a class and thus not get reimbursed. Are there any real downsides to going through student loan if the interest rate is lower than a CC? I

[Anonymous]

I think it's fine if you don't mind paying the interest. It's just kind of unnecessary.