Will going on a repayment plan for student loans affect my ability to get a loan in the future?
I am thinking about going on a repayment plan for my student loans, but I am concerned that it may affect may ability to get a loan in the future (e.g. car loan, mortgage, etc.).
Will going on a repayment plan affect my ability to get a loan in the future?
Thanks!
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Answer by Troy
Going on a repayment plan could be beneficial as you would be paying off your student loans. When you try for a loan in the future, the lender will take a look at your credit history as well as any loans you have outstanding. Showing you are paying off a student loan looks better versus you having a student loan debt which hasn't started to make repayments yet.
There is also a negative side as your lender for your new loan will take into consideration how much you are earning and what portion of that is going to your student loan repayment. This will give them an idea of how much you have remaining and how much you could potentially pay of the new loan. Also if you forget to pay or miss payments while on the repayment plan for your student loan, this will also reflect negatively on your credit.
Overall, as long as you continue to make payments it would be beneficial to go on a repayment plan in order to help you secure a future loan.
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