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Student Loan Basics: Credit scores

Oct 20, 2020

A lot has been written about the $1.7 trillion of student loan debt outstanding. But not much has been written about the relationship between student loans and credit scores. Student loans can increase or decrease your credit score - you should know how this works.

Credit is the ability to use debt to purchase goods or services based on the trust that the individual can repay the debt. Lenders such as credit unions and banks evaluate borrowers credit to make student loans, home mortgages and credit cards.