Comments on: How does a student loan affect your credit?

By: jemmy t

jemmy t — Thu, 01 Jan 2009 17:26:47 +0000

If you set the loan period less than 10 years, your monthly payment may reduce but your loan terms may not be more than 10 years. But you should ensure that you pay your monthly installments regularly. Failure to do so will raise the interest you have to pay your lender. This is because the charge paid on these loans is an average of all the consolidated loans, rounded off to the closest 8th of a percent, maximized at 8.25%. But consolidating before repayments gives you lower interest rates.

By: liwen_bonita

liwen_bonita — Wed, 31 Dec 2008 09:21:01 +0000

Student loans effect your credit score like any other loans (that means credit cards also). As long as you pay on time your credit should be fine. But you do want to pay more than your monthly accrued interests, otherwise you will never pay off your student loan, and the balance will just get higher and higher.

By: Charlene

Charlene — Mon, 29 Dec 2008 02:00:37 +0000

If you pay them on time, then they will pretty much be like anything else. If you file bankruptcy, then they will still have to be paid.

By: Ask M

Ask M — Sun, 28 Dec 2008 08:06:37 +0000

why don’t you get a copy of your credit reports and make sure all three of them say the same thing. If you are paying regularly but your not paying per agreement. If it actually a
Government Loan they can garnish your wages, your bank account and your taxes, but only if it actually a government
loan and not just a private student loan.