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Student Loans

Cory88
Contributor

Student Loans

I have a 4 student loan that will be reporting in Feb 2021 all are "in school deferment" I have a good credit score 780 to 790 on all three CRA will having a lot of student loans have a big ding on my credit? My school broke up my sub loans into two loans and one unsub loan and one Sallie Mae loan for Summer 2020 I had to do that they messed up my aid and could not fix it and I had to do a private loan. My employer was paying 100% but due to this virus thay changed the program and only pay 75% sill better then nothing and I'm almost done four more classes.

 

Sallie Mae - $1500

Sub - $1950 (750 & 1200)

UnSub - $1250

 

When these go into repayment will that take a ding on my credit for the repayment? I also want to say that I do not have any intentions on not pay or paying late for that matter. I wanted to do the "graduated repayment plan" it will start at about $25 and go up to $65 I also do plan on paying more then that to pay it down before the 10 years on the loan

Message 1 of 5
4 REPLIES 4
thornback
Senior Contributor

Re: Student Loans

Are you saying the loans haven't reported at all yet, or that they're reporting but in deferred status ending in Feb.? 

 

They should be reporting already so, if so,  coming out of deferment won't affect your scores. 

 

Having multiple student loans is common (i have 11).   

 

 

 

 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 2 of 5
Cory88
Contributor

Re: Student Loans


@thornback wrote:

Are you saying the loans haven't reported at all yet, or that they're reporting but in deferred status ending in Feb.? 

 

They should be reporting already so, if so,  coming out of deferment won't affect your scores. 

 

Having multiple student loans is common (i have 11).   

 

 

 

 


They have not, only one of the three have reported. The Salle Mae has reported three times.

Message 3 of 5
thornback
Senior Contributor

Re: Student Loans


@Cory88 wrote:

They have not, only one of the three have reported. The Salle Mae has reported three times.

So Sally Mae appears on each report 3 times and the other 2 not at all?   If Sally mae is reporting the same loan 3 times then you should contact them to have that corrected as it's overstating your amount of debt. 

 

What is the open date for the other two?  When they do report, they should have the correct open date (in the past) so you can calculate how they will affect your current AAoA to determine if the change may affect your scores. 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 4 of 5
Cory88
Contributor

Re: Student Loans


@thornback wrote:

@Cory88 wrote:

They have not, only one of the three have reported. The Salle Mae has reported three times.

So Sally Mae appears on each report 3 times and the other 2 not at all?   If Sally mae is reporting the same loan 3 times then you should contact them to have that corrected as it's overstating your amount of debt. 

 

What is the open date for the other two?  When they do report, they should have the correct open date (in the past) so you can calculate how they will affect your current AAoA to determine if the change may affect your scores. 


Sallie Mae 1 report and two for the two sub loans and one for the unsub loan. Sallie report date Sep 2020 and the three fed loans Dec 2020.

Message 5 of 5
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