Hello folks…I graduated from undergrad in 2022 and made monthly payments on my student loans until April 2024. I stopped making payments to save money for a down payment on a house or condo, which I plan to buy in about a year.
I recently graduated from grad school and, thanks to the CARES Act, my next required payment isn’t due until August 2024. During this time, no additional interest has accrued since I made my last payment in April.
My question is: Will pausing my student loan payments, even though I’m not required to make them, hurt my credit score?
Yes, having a student loan will affect your credit score. The amount you owe and your payment history are included in your credit report. Your credit report, which influences your credit score, will show details about your student loans, like how much you owe.
More credit history would be helpful. It would be beneficial if you could be enrolled as an authorised user on a couple credit cards with long-standing good credit.
When I take out loans, my credit score decreases by about 20 to 30 points per semester, but it then increases again a month later. In my fourth year, my credit score is approximately 775-800.
Hey,
Student loans impact your credit score. On-time payments and a diverse credit mix boost it, while late payments, high debt, and defaults harm it. Manage loans responsibly to maintain good credit