Comments on: How Student Loans Affect Your Credit Score

By: Jen

Jen — Fri, 30 Dec 2011 21:12:00 +0000

I consolidated student loans about 10 years ago around 20K worth. For years this was reported as ONE loan with ONE payment. Recently my loan was purchased by NELNET (terrible company by the way) and they report it as THREE loans. The result is a net lowering of my FICO by 10 pts. I called Experian and Equifax to complain but they say it’s required by the government if the loans are different “types” like subsidized vs unsubsidized. My score is good, but it is irritating as hell that something completely out of my control lowered my hard-earned score by 10 points… overnight.

By: larry

larry — Wed, 10 Aug 2011 22:16:55 +0000

All of this is in regards to private student loans. What about government-subsidized Stafford loans and how they help in building up your credit score, if someone pays them off regularly while still at school? They don’t require any credit checks so it’s a great way for building up credit history if you make regular payments each month. How is that not helping your credit score? What if someone only takes one Stafford loan offered to them the first year and then none the next year – isn’t that better for your credit than taking out loans each year and consolidating them afterwards? While loan consolidation is great, it seems that this article is geared primarily towards people who did not pay off their loans even once during college and have multiple student loans – not to people who are CONSIDERING getting student loans in the first place!

By: Jan Raj

Jan Raj — Wed, 01 Jun 2011 17:40:41 +0000

I now owe 22,000.00 in student loan that I cosigned for my son’s school – Florida Tech. College. This school is a scam where student loan is concern. My son’s loan is 13,000.00. They said financial aid will help but the total of his degree is 5,000.00 over charged…no financial aid but more in student loan. What a scam. Thank God, I consolidated and is starting to pay this off now…hoping my credit will go back up.

By: Apply for a payday loan uk

Apply for a payday loan uk — Thu, 07 Apr 2011 13:00:04 +0000

Student need to begin with student credit cards before they jump into student loans. They are easier to manage and give you the ability to create a solid credit history.

By: buy online

buy online — Thu, 31 Mar 2011 06:00:51 +0000

Agreed with all the persons but finally i would like to say that students really need debt free loans for completion of their studies.
So the loan agencies and government should take steps to help them.
regards
rabia

By: Atlanta Used Engines

Atlanta Used Engines — Sat, 20 Nov 2010 04:08:53 +0000

I have to agree with Dan. Student loans are a big scam anyways. They are easier to manage and give you the ability to create a solid credit history.

By: unknown

unknown — Thu, 04 Nov 2010 01:07:03 +0000

Student loans are a big scam anyways. I just paid off a bunch of my student loans early because it is like getting 6.8% return, something you will not likely get by putting your money in the bank. If that lowers my credit score they can piss on it for all I care……

By: Joe

Joe — Mon, 18 Oct 2010 20:19:21 +0000

So having the student loans kills your credit score… and paying them off early kills your credit score. This is a bunch of non sense. You say they are all counted three times… why is this? This seems unfair and unlawful.

By: Brian Bien

Brian Bien — Wed, 19 May 2010 21:25:15 +0000

I have to agree with Dan, but at the same time, debt can help us build a better future for ourselves than we could have otherwise.

By: Dan

Dan — Fri, 16 Apr 2010 00:47:19 +0000

Living without debt gives you freedom to not worry about your credit score.