- Do student loans affect your FICO score? Are they considered extra debt like credit cards? They factor into your AAoA, but they do not factor into utilization % as they are not revolving. They do not play a huge role in affecting your score. However, if you are planning to buy a house, they will be factored into your DTI if they are not deferred more than 12 months out (in most cases).
- Anyone with experience in taking out student loans, are you able to borrow extra for expenses while attending school? If these are government guaranteed loans (ie, Stafford) there is a max you can borrow per year. Depending on the cost of your school, this max usually exceeds your tuition, books, etc, so there are remaining funds available to cover living expenses. Here is a link with loan limits and more: Stafford Loan Info
- Anyone have any feedback on Devry? My husband is thinking of going and taking out student loans for this purpose. It is very expensive and I just want to ensure we are thinking of everything before committing. Some feedback I've read says the school is just not that great when it comes to financial aid and things in that realm. Can't comment too much on this, as I went to a state school. Best advice I can give is to do your best to determine what career goal you have in mind, so you don't spend a lot of time and money on courses that don't go toward your degree. And try to be practical. Choose a career that has forecasted growth and earning potential that can provide a living while paying back those loans.
Starting Score LENDER PULLS (02/23/10): 587 (TU) 554 (EQ) 562 (EX)