How will student loan debt affect other credit? (1 viewing) (1) Guest
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TOPIC: How will student loan debt affect other credit?
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William (User)
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Posts: 26
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How will student loan debt affect other credit? 1 Year, 9 Months ago
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I anticipate that my ultimate LS debt in combination with undergrad debt will be about 210K+ in loan debt...is there the possibility that it could hinder me in the future? Even if I have great credit? For example, might I have trouble buying a house someday?
Curious any thoughts...I should add that I already have some debt and will probably come out with even more than $210K. The new IBR program makes it easier to stomach, in terms of what my monthly payments would be...but I am wondering how it will affect other borrowing in life.
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chris (User)
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Re:How will student loan debt affect other credit? 1 Year, 9 Months ago
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Student loan debt is considered good debt, as long as the student loan debt can be paid off within 15 yrs of the accrual. If the student loan debt exceeds 15yrs of payments, then it will impact your ability to get other financing.
So, while $210k of student loan debt is large, if you take a job making $125k per, then it doesnt look so bad.
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jpol (User)
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Re:How will student loan debt affect other credit? 1 Year, 8 Months ago
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It’s usually a good idea to focus on paying off your bad debts first. If you have the bad debt, auto or credit card loans, then since they provide no value, they're more costly than your good debts. You should pay off credit cards and auto loans before tackling mortgages or student loans.
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