When federal student loans resume on October 1st, 24 million borrowers will begin the process of repaying their loans. This can have an effect on their credit report. Here are some things to know about how this can affect your credit:
-Your credit score may go down when you start repaying your loans
-This is one factor that lenders will look at when considering you for credit in the future
-You may have trouble getting approved for a car loan or mortgage if you have federal student loans
-If you miss a payment, it can damage your credit score
If you have federal student loans, it’s important to be aware of how this can affect your credit. Make sure you keep up with your payments and stay on top of your credit score to avoid any negative effects.
You can read this full article at: https://www.housingwire.com/articles/student-loan-payments-to-resume-will-modestly-impact-mortgages-moodys/(subscription required)
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