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Student Loan Payments Affect on Credit

Started by sarahowens92, September 12, 2019, 01:50:07 pm

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Hello everyone!

I just graduated in December and have 45,000 of student loan debt. I would like to do an income-driven repayment plan but when I chose this plan it negatively affected my credit because the interest was higher than the payment and my debt was going up. I know that a lot of people choose this option and live a good life so how do I make low payments without it bringing my credit score down?

Thank you!


It will slightly negatively impact your score - but it's due to the balance and credit utilization aspect.

Continuing to make on time payments, as well as layering in other credit (like a credit card, etc) with on time payments, will keep your credit score in the high 750+ range.

If you're below that, utilize a free service like Credit Karma and understand what other areas may be negatively impacting your score.

If your only debt is this student loan, that's the dominant factor right now. That will evolve over time.