Delayed benefits: Student loans won't make a huge impact on your credit history until you start making payments after graduation. The biggest benefits come from timely payments, which many students don't start making until six months after graduation.

In general, student loans affect credit scores the same way for cosigners and primary borrowers. When you submit the application, the lender will run a hard inquiry on both applicants' credit reports. On-time payments help boost the cosigners' credit score, but a missed payment can damage their score significantly. This is because cosigners are guaranteeing they will make payments on the debt if the primary borrower doesn't.

Beyond credit score, it's also important to note that the student loan debt shows up on cosigners' credit reports as if it's their own. If they apply for credit -- especially a mortgage -- their debt-to-income ratio will include the student loan payment, even if they're not making it.

If you are considering this option, make sure your cosigner is fully aware of the benefits and drawbacks.

Because you and your loan servicer or lender have agreed to skip payments during this period, the forbearance won't impact your credit score negatively. However, if you miss any payments after the forbearance period ends, it could damage your credit score.

It's important to note that while forbearance can put your payments on hold, interest will continue to accrue and can increase your loan balance and monthly payment going forward.

Credit score impact on student loan forgiveness can depend on the type of forgiveness you receive. If you achieve only partial forgiveness, your loan will still be open, so there won't be any direct impact on your credit score.

If you receive full forgiveness, it'll close your loan accounts, which can affect your credit score slightly. You'll have one fewer account on your record and the average age of your accounts could decrease. On the other hand, your debt-to-income ratio will be lower, which will make it easier to get approved for other loans.

That said, the benefits of forgiveness far outweigh the potential drawbacks to your credit, and the negative impact of closing a credit account is generally temporary and small.

As long as you repay your student loan as promised, it'll have a positive impact on your credit score over time. Failing to do so can cause significant harm to your credit.

If you're having trouble making payments, contact your loan servicer as soon as possible to inquire about forbearance or deferment. These two options allow you to temporarily pause your payments to avoid a negative impact on your credit. As an alternative, you could ask your student loan servicer to temporarily lower your payments.