Understanding Your Credit
Your credit score and credit history can affect so much in life like your ability to cover expenses or make large purchases in the future. Some student loans are based on credit, and once you borrow your student loans, repaying them on time and in full is crucial to maintaining good credit.
Your student loans do have an impact on your credit. Student loans are reported to the credit-reporting agency. Until these loans go into repayment, their status is “open/in good standing.” Once you go into repayment on your loans, your monthly payment and duration are reported to the credit agency.
Before you decide to borrow money for any purchase, including borrowing money for college, we believe it’s a great habit to review your credit history. You can request a free credit report every year.