Your Student Loans Will Affect Your Credit Score

Student loans are a form of debt, which means having one will affect your credit score. Of course, it's pretty hard to get through school without one.

If you're worried about the impact a student loan could have on your credit, know that how you handle it will determine whether that effect is positive or negative.

How a Credit Score is Calculated

Your credit score is an extremely important number. As a soon-to-be or recent college grad, your credit score will play a huge role in your financial future. Basically, it gives lenders and creditors an idea of how financially responsible you are--how heavily you rely on credit and whether you pay bills on time, for example--and helps them judge the level of risk you present as a borrower.

Your credit score will play into how easily you can obtain credit cards, loans and even an apartment, so taking care of it now will save you a lot of grief in the future. Here's a breakdown of how your score is calculated:

Payment History: Your ability to consistently pay bills on time makes up 35 percent of your score.

Amount Owed: Coming in at a close second, the amount of debt you owe is 30 percent.

Credit History: At 15 percent, the length of time you've been using credit is also considered.

New Credit: 10 percent of your credit score is reliant upon how often you open up new lines of credit.

Types of Credit: Also at 10 percent, the varied types of credit you possess (credit card, student loan, auto loan, etc.) will affect your score.