How Student Loans HELP and HURT Your Credit Score.

I have had a lot of questions recently about student loans and how they affect the credit score and what to do if you got behind on them and if they can ever be discharged or wiped away, and other questions like that. Most of you know I’ve been in the real estate business as an investor for about 30 years and I’m also licensed civil engineer as well as home builder. As a result of that career, I know and awful lot about credit and how to fix credit and how to build and maintain it. I even know how to make it so that your credit is bulletproof and it can never be affected no matter what happens in your life.

This is part one of what will be at least a three part series explaining the truth about student loans as they pertain to credit and some of the myths and outright lies that people are putting out on the Internet, particularly on YouTube, regarding student loans. This episode will be generally about how student loans affect your credit score including how to help it and how they can potentially hurt it. Part 2 which I will release the week following this video is going to explain discharge cancellation and forgiveness of student loan debt. Part 3 will talk about bankruptcy as a tool for discharging student loan debt.


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The “SKINNY” on Student Loans

I’m often asked about student loans and whether they help or hurt credit.

At the time of writing this video approximately 44 million Americans share about $1.5 trillion in student loan debt. By way of comparison the total US national debt is about 22 trillion, with an expected rise of 1.2 trillion per year according to some economists. there’s both good points and bad points to student loans. The obvious upside is you use them to get an education. If you been following any of my videos you know that I’m big on education; after all, I don’t provide a credit repair service, I teach you how to fix your credit yourself so that you have the tools to do so for a lifetime.

That being said, if a person doesn’t have the means Through their own work or to family members, or the access to freebies like scholarships then personally I believe the liability you incur from student loan offsets the asset of education any day of the week. But that’s just my opinion.