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does paying interest payments on student loans influence credit rating?

post #1 of 15
7/7/09 at 10:11pm
Thread Starter 
this is kind of a random question, but I really have very little in my credit rating (no car loan, no home loan... just some credit cards and I guess a cell phone?) and was wondering if paying back my student loans influence this? how about subsidized stafford loans? unsubsidized?
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post #2 of 15
7/7/09 at 10:13pm
yes. student loans will show up on your credit report, like any other loan.
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post #3 of 15
7/7/09 at 10:14pm
Thread Starter 
even federal stafford loans? would paying interest/principle back, before the interest kicks in (while I'm still in school) help my credit rating, or would it not matter?
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post #4 of 15
7/7/09 at 10:17pm
yes, all loans will show up on your credit report. the scoring system is complicated, but a factor there is the amount of debt you have outstanding. so paying off the entire loan earlier is better overall. if you just mean paying some of the back while in school, it doesn't really matter nor will it affect your credit rating. also don't forget that student loan interest is tax deductible if you meet the income thresholds, so it may make sense to let it accrue
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post #5 of 15
7/7/09 at 10:22pm
Thread Starter 
Quote:
Originally Posted by cchen View Post
yes, all loans will show up on your credit report.

the scoring system is complicated, but a factor there is the amount of debt you have outstanding. so paying off the entire loan earlier is better overall. if you just mean paying some of the back while in school, it doesn't really matter nor will it affect your credit rating.

also don't forget that student loan interest is tax deductible if you meet the income thresholds, so it may make sense to let it accrue

lollolol good one.
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post #6 of 15
7/7/09 at 10:22pm
whats funny about that?
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post #7 of 15
7/7/09 at 10:23pm
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Quote:
Originally Posted by cchen View Post
whats funny about that?
I am engish major my tax bill for last year was $4
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post #8 of 15
7/8/09 at 12:53am
Quote:
Originally Posted by Teger View Post
I am engish major my tax bill for last year was $4
When you graduate mang. Although I'm not sure it would be a net benefit. Edit - Never mind, I see you're an English major. You'll never have an income.
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post #9 of 15
7/8/09 at 12:55am
Didn't Obama just sign something saying that student loans could only account for up to 15% of your reported income? And that if it wasn't paid back in 25 years, the rest of the debt was erased?

Edit: yeah does't really have anything to do with this thread. Oh well.
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post #10 of 15
7/8/09 at 6:10pm
Thread Starter 
Quote:
Originally Posted by kwilkinson View Post
Didn't Obama just sign something saying that student loans could only account for up to 15% of your reported income? And that if it wasn't paid back in 25 years, the rest of the debt was erased?

Edit: yeah does't really have anything to do with this thread. Oh well.

I hope so

I know they bumped up the amount you're allowed to borrow under stafford provisions by a lot
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post #11 of 15
7/8/09 at 7:14pm
Quote:
Originally Posted by Teger View Post
I hope so

I know they bumped up the amount you're allowed to borrow under stafford provisions by a lot

Can I just give you money? It will remove the federal skim, and be cheaper for me in the long run.
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post #12 of 15
7/8/09 at 7:16pm
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Quote:
Originally Posted by Piobaire View Post
Can I just give you money? It will remove the federal skim, and be cheaper for me in the long run.

yes. paypal?
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post #13 of 15
7/8/09 at 7:27pm
Quote:
Originally Posted by Teger View Post
yes. paypal?

I have a friend who is a very wealthy, scumbag criminal defense lawyer. He just lambasted this woman once, who was talking about getting her Ph.D. in Folklore and student loan this, and grant that, and special fund this for low income students. He just went off on her about things. It was pretty funny.
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post #14 of 15
7/8/09 at 7:48pm
Thread Starter 
Quote:
Originally Posted by Piobaire View Post
I have a friend who is a very wealthy, scumbag criminal defense lawyer. He just lambasted this woman once, who was talking about getting her Ph.D. in Folklore and student loan this, and grant that, and special fund this for low income students. He just went off on her about things. It was pretty funny.

you'll be paying for my education one way or another, I suggest doing while you're still earning (google checkout preferred)
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post #15 of 15
7/8/09 at 7:55pm
Quote:
Originally Posted by Teger View Post
you'll be paying for my education one way or another, I suggest doing while you're still earning (google checkout preferred)

There's the rub. Having a seriously shitty week. Thinking this earning is bullshit and I'm a sucker. Might have to re-think things.
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