![]() ![]() If you make your monthly payments on time, student loan debt won't necessarily harm your credit score. Payment history is the most important factor in determining your credit score, accounting for 35% of its calculation. How else student loans affect your credit score depends a lot on how you manage your monthly payments. In addition, the large debt load boosts your debt-to-income (DTI) ratio, which can influence your ability to borrow more, such as a mortgage loan. ![]() The continuous payments may make it more difficult to save. Take note, however, that there are risks to carrying a big installment loan, such as a substantial amount of student debt. This is good for your credit since it adds variety to the kind of loan products you have and shows you can manage different types of debt. Since student loans are a type of installment credit, having them on your credit report adds to your " credit mix," which makes up 10% of your score calculation. Student loans on your credit report can be good or bad for your credit score. Investing +More All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs Bonds Help for Low Credit Scores +More All Help for Low Credit Scores Best Credit Cards for Bad Credit Best Personal Loans for Bad Credit Best Debt Consolidation Loans for Bad Credit Personal Loans if You Don't Have Credit Best Credit Cards for Building Credit Personal Loans for 580 Credit Score Lower Personal Loans for 670 Credit Score or Lower Best Mortgages for Bad Credit Best Hardship Loans How to Boost Your Credit Score Taxes +More All Taxes Best Tax Software Best Tax Software for Small Businesses Tax Refunds Small Business +More All Small Business Best Small Business Savings Accounts Best Small Business Checking Accounts Best Credit Cards for Small Business Best Small Business Loans Best Tax Software for Small Business ![]() Personal Finance +More All Personal Finance Best Budgeting Apps Best Expense Tracker Apps Best Money Transfer Apps Best Resale Apps and Sites Buy Now Pay Later (BNPL) Apps Best Debt Relief Best Mortgages for Average Credit Score.Best Loans to Refinance Credit Card Debt. ![]()
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