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Hi /biz/, kind of a different student loan question here.
Currently, I go to college in the US. Pretty much, because of financial aid, all my tuition is paid for. Additionally, I qualify for a federal direct subsidized student loan of $5k. No interest until I graduate, and a 6 month grace period for payments.
The thing is, I don't necessarily NEED the money, but what I was wondering was this: what if I just took out the loan, and used the same money to pay it back while I was in school to improve my credit score, if that was something they would let me do. Or could it be that taking out the loan could actually worsen my credit score?
How does it work? Any insight would be great, thanks.
Currently, I go to college in the US. Pretty much, because of financial aid, all my tuition is paid for. Additionally, I qualify for a federal direct subsidized student loan of $5k. No interest until I graduate, and a 6 month grace period for payments.
The thing is, I don't necessarily NEED the money, but what I was wondering was this: what if I just took out the loan, and used the same money to pay it back while I was in school to improve my credit score, if that was something they would let me do. Or could it be that taking out the loan could actually worsen my credit score?
How does it work? Any insight would be great, thanks.
