Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
mightypixel

0 Contributions
0 People Helped
Would making interest-only payments on student loans improve my payment history?
I have 6 federal student loans currently in deferment. I'm in the process of extending that deferment due to economic hardship. When I spoke with with Sallie Mae, they asked me if I'd like to make interest-only payments. Obviously, this would help keep the principle at or about where it is at now. But I got to thinking... since my payment history is the worst part of my overall score right now, if I made interest-only payments, would these count as payments toward helping to improve my payment history?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
3051 Contributions
2791 People Helped

Helpful to 0 out of 1 people

I had to check with my friend at Crest Student Loan Consolidation and she said it would depend on wether or not Sallie Mae reports the payments or not.  If they do, then it should help.  It's a good idea anyway, because otherwise your interest will add up.  Have you tried to get an Income Based Repayment Plan?  If not, call my friends at Crest at 469-619-0644 and they can see if you qualify, no cost or obligation to find out.  Best of luck!

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.