How are student loans viewed by

Discussion in 'Credit Talk' started by IrishDiva, Aug 22, 2001.

  1. IrishDiva

    IrishDiva Well-Known Member

    potential credit grantors? I just finished rehabbing my student loan (tap tap tap Major Happy Dance!) and am now paying Sallie Mae for the next 10+ years. They will begin reporting this to the credit bureaus as of September 1st. The old defaulted loans with USAF have been removed as it is over 7 years since they deroged. So, how do companies such as Citibank, Chase, etc. (credit cards, auto loans) view these? Are they added into the mix? Could I possibly be declined because I have 25000+ in student loans I am repaying on time? I know the timely repayment will look great but I'm afraid the total amount due will keep me from anything. Currently, I have a Citi AA World Gold card (thank you Roni!) and a Cap 1 gold out there on my report. Thanks!

    Who's never been so happy to get a bill in her life as when she received the Sallie Mae coupons!
  2. kbelle72

    kbelle72 Well-Known Member

    They view them as installment loans like a mortgage. It depends on what your monthly payment is I think compared to total outstanding balance.
  3. IrishDiva

    IrishDiva Well-Known Member

    Hmm - right now the monthly payment is $275 on a 26000 (approximate) balance. It will take about 13 years. I can send extra each month and note the difference is to be applied to principle.

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