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Hi all, I'm new to myFico. I'm about to start with an employer where I would qualify for the PSLF (Public Servant Loan Forgiveness) program. My wife and I are also starting to consider buying a home. My question is, I know that the program once you are successfully enrolled will remove the loans from your credit report. Does this removal also boost my credit score with the three different bureaus?
@Anonymous wrote:Hi all, I'm new to myFico. I'm about to start with an employer where I would qualify for the PSLF (Public Servant Loan Forgiveness) program. My wife and I are also starting to consider buying a home. My question is, I know that the program once you are successfully enrolled will remove the loans from your credit report. Does this removal also boost my credit score with the three different bureaus?
It does not remove them from your report, it combines them all.
You may actually take a hit since the old loans are closed and new one is opened for the total amount.
Although, I think student loans are mostly passive.
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
@Anonymous wrote:
I enrolled in the program ~6 months ago. The loans are not removed from your reports, nor are they consolidated unless you consolidate them. My loans moved providers, but the dates on my CR are still the dates I pulled out the loans.
They have to be consolidated into Direct Loans or any of the payments you make towards any of them won't count towards forgiveness. So even if you have 2 direct loans and say a pell loan, then any payments you make towards the direct won't count. If you are trying to get this forgiveness then you need to consolidate them all into direct. Does not matter if they are unsub or sub, but they must be direct.