![\"\"](\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2018\/07\/student-loan-450.png?fit=180&webp=1)
<\/picture> <\/a> <\/figure> Your credit file<\/a> lists your borrowing history, including past applications and failed repayments, but your student loan won\u2019t appear on it at all. Normally, applications for credit and repayments of credit are reported back to credit reference agencies (CRAs) by lenders, but this is not the case with your student loan.<\/p> The exception to this rule concerns students who started university before 1998 and defaulted on their loan.<\/p> Given the way that student loans are administered, it\u2019s quite hard for most people to miss a repayment. Would-be lenders want to see that an applicant has borrowed responsibly, but since student loan repayments aren\u2019t reported back to CRAs they won\u2019t help.<\/p> The only way a lender will know that you have student loan debt is if they ask you.<\/p> Rules made under the Mortgage Market Review (MMR) means a mortgage lender may well ask you this and use your answer to consider whether you\u2019re eligible for a loan.<\/p> Usually, though, this is just so it can get a better idea of your net income. Banks must lend responsibly, and that means looking at your income and outgoings to make sure that loan repayments would be affordable. The amount of your monthly student loan repayment will change according to your salary, which lessens the impact further.<\/p> Having a student loan is unlikely to make or break the ultimate decision on your creditworthiness.<\/p> Will student loans affect my mortgage application?<\/a><\/p> It is possible to pay back your student loan early, cutting the total amount of interest you pay on your debt.<\/p> However, the interest rate on a student loan is are so low that you might find it more profitable to save or invest this money. In some cases, the debt will be wiped before you fully repay it anyway.<\/p> As such, it\u2019s best in many cases to let the loan repayments continue to be automatically deducted from your salary.<\/p> Paying back your student loan early will have no impact on your credit score, and little impact on your eligibility for most loans.<\/p> You should always be taking steps to improve your credit score, especially if you\u2019re planning on applying for a big loan in the near future. Repaying your student loan debt isn\u2019t an action that should top your priority list, though, as its impact on lending decisions is negligible.<\/p>Does student loan debt affect my ability to be approved for a loan?<\/h3>
Should I pay back my student loan early?<\/h3>
Tips<\/h3>
Do:<\/h4>
Don\u2019t:<\/h4>
Bottom line<\/h3>
Read about how different factors can affect your score<\/h3>
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