Five ways student loans impact credit
Wednesday, June 17 at 2:00 p.m. CDT
Duration: 60 minutes
When your students borrow federal loans, do they understand the impact it will have on their credit reports? Unfortunately, many students don’t—but they should. Actions taken on their loans will determine whether they’ll have a favorable or unfavorable credit history. Making good decisions can result in them being able to get a job, car, or home but poor ones can diminish their options. Join us as we have identified the five ways federal student loans impact credit and what borrowers can do to build a good credit report.
Specific topics covered:
- How and when payments are applied
- How deferments, forbearances, delinquency, and default impact their credit reports
- What happens when borrowers rehabilitate or consolidate their loans