Does Student Loan Forgiveness Hurt Your Credit Score?

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  • Опубліковано 4 вер 2024

КОМЕНТАРІ • 21

  • @Lengglo
    @Lengglo 4 місяці тому +6

    I got $36,000 paid and I’m so relieved after 20 years. I don’t care if my credit score goes down.

  • @downshift00
    @downshift00 4 місяці тому +1

    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.

    • @stanleytate
      @stanleytate  4 місяці тому

      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.

  • @mojoeherb3280
    @mojoeherb3280 4 місяці тому +4

    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?

    • @stanleytate
      @stanleytate  4 місяці тому +2

      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.

    • @Sniperboy5551
      @Sniperboy5551 4 місяці тому

      That’s exactly what he said

  • @Thatdude-tp7xs
    @Thatdude-tp7xs 4 місяці тому +3

    Go for forgiveness credit bounces back

  • @SmecaWash
    @SmecaWash 4 місяці тому +1

    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

  • @shanewinfrey1723
    @shanewinfrey1723 4 місяці тому

    I am with Sloan looking for the 20 year forgiveness does that make it harder?

  • @darcestelly
    @darcestelly 2 місяці тому

    I guess I'll add an installment loan to add complexity to loans after having my $80,000.00 discharged.

  • @marilynn2999
    @marilynn2999 4 місяці тому +1

    💯💯Thank you💯

  • @natashafarris4629
    @natashafarris4629 4 місяці тому

    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 ???

    • @Stephtheencourager
      @Stephtheencourager 3 місяці тому

      Because you consolidated most likely to a private loan? Could possibly why unfortunately.

  • @janicedeans977
    @janicedeans977 4 місяці тому

    Are there tax consequences with the one-time loan forgiveness programs?

    • @stanleytate
      @stanleytate  4 місяці тому +2

      Not at the federal level if your loans are forgiven before 2026.

    • @janicedeans977
      @janicedeans977 4 місяці тому

      @stanleytate Thank you. Where can I find that info?

  • @shanewinfrey1723
    @shanewinfrey1723 4 місяці тому

    Is it to late to apply for forgiveness

    • @stanleytate
      @stanleytate  4 місяці тому

      It’s not too late.

    • @Thatdude-tp7xs
      @Thatdude-tp7xs 4 місяці тому

      You have to considate before wedsday if its not owned by department of education