How does making small loan payments boost my credit score?

During the academic deferment period, interest will accrue and any unpaid accrued interest will be added to your principal balance. Sixup offers the option for you to begin repaying your loan during your academic deferment period. The payment amount is $20 per month while you're in college (or attending school at least half-time). You can pay more than $20 a month without any fees. Six months after graduation, your payment amount will increase and you will be required to make full monthly payments. 

How does this help?

  1. Making small on-time monthly payments will help you build a strong financial profile. Having a positive repayment history may improve your credit score. Your FICO score has an impact on your financial mobility when it comes to making decisions such as buying a car, renting an apartment and applying for credit cards. 
  2. It helps reduce the balance of your loan you'll need to pay after your academic deferment period ends.

 

 See Also:

Repayment Plans

Early Repayment

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