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What will a second student loan do to my credit?
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VIVIAN216
1 year ago
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When I was a student, I opened several loans - typically one each year to cover the cost of books, tuition, and fees. The agreement on most student loans is that increase does not accrue and you are not required to make any payments, for four years, or until you are no longer a full time student, whichever happens first.
In the short term, adding a second student loan will not hurt your credit score, but once you graduate you will have to start making payments on both. Being late or failing to make payments can hurt your credit score.
tjarratt 1 year ago
Oh ok I thought it would make like a drop on your credit score if you had a high balance of student loans. So i'll just make sure i pay it off on time once i finish school. Thanks.
VIVIAN216 1 year ago
High balances on student loans do not affect as bad as a personal loan, they are looked at differently. I would suggest making payments whilst still in school, even if it's just $20 a month, to cut back on the interest you pay in the end.
browno 1 year ago
As long as you pay on time, this will probably help your credit. More debt in general is a bad thing, so I'd never encourage you to take out loans you don't need, but if you need them then I wouldn't worry about the impact to your score. Your score will be fine as long as you pay on time.
ryan 1 year ago