Student loan forgiveness will likely have a modest impact on your credit score, said Ted Rossman, senior industry analyst at CreditCards.com.
"I don't think it's huge," Rossman said.
This is because student loans are considered "installment loans," which means a loan that you pay back over a set period with regularly scheduled payments. Those aren't heavily weighted in your credit utilization ratio, which is how much of the credit available to you you're using, he explained. Your utilization rate can represent up to 30% of your score.