Does Student Loan Forgiveness Hurt Your Credit Score?
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- Опубликовано: 1 июл 2024
- Are you concerned about how student loan forgiveness could affect your credit? In this video, we go through the mechanics behind credit score changes post-forgiveness and offers expert advice on navigating potential dips.
Watch now to learn essential tips on managing your credit health during significant financial changes.
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• How the Hardship Forgiveness Program really works:
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🎥 Credits
• Hosted by Stanley Tate
• Editing by Helena Santin
I got $36,000 paid and I’m so relieved after 20 years. I don’t care if my credit score goes down.
Yes my score dropped a little because it recounted my credit age which my loans were my longest accounts for 18 years so it dropped but it’s coming up slowly as I pay down the amount
I am with Sloan looking for the 20 year forgiveness does that make it harder?
on the FSA site, it states that if you have already consolidated your loans into 1 loan, you are not eligible for forgiveness unless you are 1) in default or 2) are active military. So basically, if you consolidated your loans years back like I did (been in repayment since 2005, but its not owned by DOE) I am not eligible to consolidate into the DOE owned loan??? This is so dumb.
I think you're saying you have a FFEL Consolidation Loan. You can consolidate a single FFEL Loan into a Direct Consolidation Loan. We do it for clients all the time.
Go for forgiveness credit bounces back
Agreed!
I guess I'll add an installment loan to add complexity to loans after having my $80,000.00 discharged.
💯💯Thank you💯
Actually boss, my credit score increased so sometimes you guys need to chill. Credit scores fluctuate around everything so using student loans forgiveness as a benchmark to make your point seems a bit biased especially if you are a Republican. By the way who cares if your score changes, which one would you rather have; a loan that most have been paying on for years & still remains or having your debt removed?
Seems like we said the same thing. Some people scores go up. Some go down. Ultimately it doesn’t matter. Get the forgiveness and move on.
That’s exactly what he said
Are there tax consequences with the one-time loan forgiveness programs?
Not at the federal level if your loans are forgiven before 2026.
@stanleytate Thank you. Where can I find that info?
My loans have been consolidated since 2003 . I have been told twice I don't qualify for loan forgiveness. I have filled out paperwork and still denied. Why ???
Because you consolidated most likely to a private loan? Could possibly why unfortunately.
Is it to late to apply for forgiveness
It’s not too late.
You have to considate before wedsday if its not owned by department of education