I am just curious I just started school and I took out a Federal Direct Student Loan for $7,000 dollars and its reporting in all my credit reports. Does this have a bad affect on my credit report. I dont have to pay back after 2 years.

It is not negative unless you are paying late or default.

You start paying it back 6 months after you seperate from school

So even though you don't start paying until you graduate, its already showing on your credit?

yup...it is still a line of credit.

Every loan you take must be reported to at least 1 national credit bureau within 90 days of disbursement.

It is a debt that must be repaid.