How does student loan debt affect my credit score?
I am at the final stage of paying off my credit card balances. Just one more month to go! I’ve also already paid off my car loan 7 months before the maturation date.
Anyway, I still have close to $6,000 in student loan debts, federal and private. But that’s it. I have never had any major credit problems. Will all this student loan debt have a negative impact on my credit score and rating? I always make the payments on time every month.
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June 22nd, 2009 at 9:14 pm
As unfair as it seems, they do lower your score abit. I have a pretty good score, but my student loans have affected it negatively alittle bit. When I asked about it, its because its such a long loan. Like, Sallie Mae gives you 10 years to pay it off. Even though thats not bad because its in agreement with Sallie Mae & that is very normal for a student loan, it counts as "too long to pay off a debt" on a credit score which I think is crazy.