If I co-sign a student loan and the loan gets defer. Would it affect my cridit score?
I am thinking about co-signing a private student loan for my brother and I wanted to know if I would be affected as the loan is defer for the next 4 years? My fico score is fear “753″ and I don’t owe much. No mortgage, only car loan and small student loans.
I am only carious if “defering” can affect my credit score.
NO
FYI
It’s your government given right to Defer your loans due to financial hardships. You are allowed to defer them 36 months total. It will not affect your credit score in any way. You will continue to be charged interest on your loans, which you will have to pay off in the end
Hower defaulting on your loan, they are allowed to send your loans to a collection agent and that is when they will show on your credit report. The only thing that will change is that you will not be making payments to some other company.
