Using the CoreLogic Rental Property Solutions’ tenant screening score from ScorePLUS, CoreLogic is able to measure the effects of student loans on millennials renters. Staffer Jianjun Xie explains that the score measure the likelihood of default in the next 12-18 months, with a higher score indicating better credit quality.
Data shows that those with college loans have higher ScorePLUS scores than those without. They also compared the scores between millennials with differing amounts of student loans:
We can see in both 2010 and 2015 that millennial applicants who had higher student loan debt earned higher average ScorePLUS scores than those who had a lower amount of student loan debt. A similar trend was found in renters’ FICO scores in Figure 3 which shows that applicants who carried higher student loan debt had higher FICO scores, on average.