Does my student loan affect my credit rating?

Student loan-related questions pepper Google autocomplete: when will it come through, what will the interest rate be, how and when is it paid off, and will it affect my mortgage? The credit rating conundrum appears to be one of the most common – and it all depends on when you took out the loan.

The bad news is that if you started higher education between 1990 and 1997 your student loan will impact on your credit score if you are a late payer or miss a repayment. The Student Loans Company writes to late payers giving them 28 days to make contact before the payment will show up on their credit record.

But the good news is that if you started higher education between 1998 and 2011 your “post-98″-type of loan does not show up on credit reference agencies.

Jill Papworth

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