Does consolidating student loans hurt your credit
He has written for several newspapers in the state, including the Miami Herald, Orlando Sentinel, Tallahassee Democrat and Florida Times Union. We’ve got you covered with our Student Loan Smarts blog series.
While the various factors and weightings used in the calculation are publicly available on FICO’s website, its algorithm is proprietary, which means that no one can predict exactly how a specific financial event will affect your score.
The answer depends on whether you’re talking about federal or private student loans.
Federal loans don’t take credit scores into account, which is why every borrower gets the same interest rate regardless of financial profile.
Our expert tips and hacks will help you save money, pay off loans sooner, and stress less about student loan debt.
Read the other posts in the series to get all the info you need to make intelligent decisions about your student loans.
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The definition of loan consolidation in a nutshell, is this: One loan, one payment, one lender.