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    Couple questions about student loans and credit

    Hello, my name is Jessica, I am 25 now and will be finishing school now..

    Couple questions about student loans and credit.

    So, do they affect the credit score?

    I don't have any job right now, and I am constantly looking, how much time will I have to start paying them off?

    I will have around $40,000 total of debt and just want to see how it will affect my credit because I plan on buying a home in the next 3 years.

    Do student loans will hurt my credit?

    Will I need to hire a a credit repair company so I have a score of 700 at least?

    Lets say I find a job at 80k, how much should I pay them off?

    Not sure what the interest is.

    Anyway, thanks! and I hope I am in the right category!

    #2
    Is most of your debt student loans? If they are the type my daughter has, you start paying back 6 months after you are no longer in school. You should receive information from the student loan to sign up on their website. You can see how much you owe and what your options are to pay back. I do not know if you have the same type as my daughter, but hers has options to pay back based on income. If you have student loans that are from a credit card company like Discover I do not know what their terms are.

    If you think you will have a job making $80,000 that is a high income for an entry position at least in my part of the country. I know in other areas there is higher cost of living and $80,000 doesn't go as far.

    The best thing for you would be start planning a budget and see what your expenses will be. Contact the student loans and see how much you will be expected to pay.

    Why is your credit bad at age 25 did you have credit cards you did not pay or stopped paying?

    Find out how much you have to pay monthly on student loans, make a budget. Put more money into paying off credit cards, assuming they are higher interest than the student loans. When you have a job do not charge, make a budget and pay with cash. You will need to save money for a down payment on a home. All these things need to be considered in your budget.

    I do not understand why you are asking about a credit repair. If you are not behind on payments to your credit cards you can pay them timely and add more money to each payment as your budget allows. I would focus on paying those off before paying more onto the student loans.

    It would be helpful to know how much of the $40,000 is student loan debt and how much is credit card debt.

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      #3
      Thank you for this question
      It helps us regarding this .

      Comment

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