When does st. loan hit credit report?

[Aaargh]

Anybody know whether federal loans appear on your credit report immediately when you first take them out (ie, as a first year med student) out or only when you finish school/enter repayment? Does it vary by lender?

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[birdie]

Interesting question. I am wondering the same thing.

 

[Andrew_Doan]

Originally posted by Aaargh
Anybody know whether federal loans appear on your credit report immediately when you first take them out (ie, as a first year med student) out or only when you finish school/enter repayment? Does it vary by lender?

It's on there as soon as you take them out. They all showed up when we applied to buy our first house and when I did a credit check to buy a car during medical school.

 

[birdie]

Originally posted by Ophtho_MudPhud
It's on there as soon as you take them out. They all showed up when we applied to buy our first house and when I did a credit check to buy a car during medical school.

So by about how much would my credit score be lowered if I'm taking out loans for schools? I know that the score lowers a little (2-3 pts) when lenders check the credit history, but I'm wondering how badly its gonna lower once my loan is dispursed.

 

[Andrew_Doan]

Originally posted by birdie
So by about how much would my credit score be lowered if I'm taking out loans for schools? I know that the score lowers a little (2-3 pts) when lenders check the credit history, but I'm wondering how badly its gonna lower once my loan is dispursed.

As long as the loans are in deferment, then they don't have much impact. I had no troubles purchasing a house and two cars with a substantial student loan debt, which were still in deferment.

 

[birdie]

Dr.Doan, at first glimpse, I always think your avatar is a basketball. Then I look at it closer an realize that it is an eyeball. Haha, just wanted to share that.

 

[Aaargh]

How do they show up (in deferment? as installment lines or as student loans? etc.)?

Also, (for somebody else out there perhaps) does this vary by lender?