How Bad will deferring student loans affect my credit?
I аm рƖаnnіnɡ tο ɡο tο law school іn thе fall аnԁ want tο ѕtοр paying mу student loans tο save up ѕοmе money. WουƖԁ getting a deferment/forbearance affect mу credit аnԁ/οr ability tο ɡеt future student loans?
August 26th, 2009 at 8:47 pm
Getting your current student loans deferred will not affect your credit score or your ability to get future student loans. As long as you have not been in default on a student loan you should be fine. Your credit score may not be affected, however, your debt to income ratio will be higher and they may affect your ability to get other types of loans. If you were looking at financing a house or a car in the near future, your deferments could come up as an obstacle.
January 6th, 2010 at 10:29 am
I don’t see how it could; as long as the deferment has been approved by the lender, and I’m sure it has or you wouldn’t do it.
It will affect your credit in the long run, of course, because they won’t be paid off as soon. I would think your credit record would be better after the loans are paid off.
That might be a good question for a one of the three credit reporting companies.