Understanding the Real Impact of Student Loans on Your Credit Score
Student loan debt has surpassed credit card debt in the U.S., and more people are defaulting than ever before. Student loans impact your credit score differently than other kinds of debt, so it is important to understand the ramifications before you borrow.
This video explains the impact of student loans on your credit score. Each individual loan you take out over the course of your education appears separately on your report, which can have a negative impact on your score. Student loans can’t be discharged during bankruptcy and are subject to special reporting rules that keep negative information about your loan repayment history on your report for longer than other kinds of debt.
GCS Credit Union in O’Fallon, IL is here to help you make smart financial decisions about paying for your education. Find out more about our credit union services by calling (618) 797-7993.