Pay off student loan before/after interest starts?

By BGM
December 24, 2004 in Student Loans

https://creditboards.com/forums/index.php?/topic/69679-pay-off-student-loan-beforeafter-interest-starts/

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BGM

Posted December 24, 2004

I have two student loans. One is $10K+ and I've already started paying it and will continue making the standard minimum payments for the indefinite future (it's consolidated at a really low interest rate). The other is around $2K, fixed at 5% interest, and I am planning to pay the whole thing off. Interest starts accumulating on Jan 1, and the first payments are scheduled for mid-February. This second loan doesn't show at all on my credit reports yet.

Would there be any benefits in terms of my credit score to wait until after January 1 to pay off the loan? Will it report any differently (or at all) on my credit report? If there are no benefits, I will send in my check immediately and save that one month of interest.

Thanks!

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