There is nothing special or unique about a student loan as a type of loan in the calculation of your credit score.
Student loans are considered by lenders as a form of installment credit. Other examples of installment credit are loans provided by lenders for:
- cars and trucks
- major home appliances
- boats and other water sports vehicles
- motorcycles, motorbikes, and off-road motorized vehicles
Most installment loans are characterized by:
- a steady monthly payment amount which includes both principal reduction and interest cost
- a loan term length of 12 months to 84 months depending upon the cost of the item purchased and the amount, if any, of the down-payment you make
Installment loans are one of four major categories of loans that appear on a credit report. The other important consumer loan categories are:
- general purpose cards such as Visa, MasterCard, Discover, and American Express
- retail cards such as dedicated store cards and gas charge cards
Lenders like to see evidence that borrowers are able to manage different types of credit. Having multiple types of credit, reflect good money management skills on your part and result in stronger credit scores as long as payments are current on all accounts.