@Anonymous wrote:I made a 14,500 payment on my student loan in November 2014 and paid off another 14,500 in January 2015. I will pay off another 14,500 in January 2016. I've read that large payments on student loans doesn't increase your score as much as payments on revolving debt. Is this true? I've also read that paying off student loans before the expiration date can actually lower your score.
I have 25k of student loans left and want to go to grad school next year (possibly abroad). Does making large payments on my student loan increase my chances of being able to take out loans for grad school?.
Really don't know SL underwriting at all as it's a bet against future income.
To your other points, yes revolving debt counts more than installment, but we are starting to get some data that it does indeed count. Yes if you close out installment loans you can see a drop, might be worth hanging on the remaining ones for now and wait to see what happens when you apply for new ones: if you get denied for too much in debt payments or whatever, then kick them to the curb if you have the assets to do that, otherwise I'd keep them personally and hoard cash for the school run.
