Does consolidating student loans affect credit score
This could also mean you won't qualify for student loan forgiveness programs such as PSLF. Consolidating your student loans could end up costing you more over the life of the loan if you forget a couple of things.
Immediately at consolidation, your new consolidation loan will be essentially equal to the sum of all your existing loans.
Read all about Spousal Student Loan Consolidation Loans here.
To qualify, you must have at least one loan in that is in the grace period of in repayment.
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Getting rid of student debt is high on the radars of everyone who has it.
Student loan consolidation is different from student loan refinancing, but many people use the terms interchangeably.
You can consolidate Federal loans, but you cannot consolidate private loans.
This can be hard to manage because you could have 3 different payments to make each month.
And if you miss one, you could end up harming your credit score.
WARNING: DON'T MAKE THIS STUDENT LOAN CONSOLIDATION MISTAKEThe first big problem that can happen with student loan consolidation is that, since you can consolidate just about every type of Federal student loan, you can accidentally put a loan type in your new consolidate loan that prevents you from having certain repayment plans. You can't transfer it to them, and you can't allow them to consolidate the PLUS loan into their loan.
The most common problem involves PLUS Loans Made To Parents. However, if you're a parent with other student loans in your name, and now you have this PLUS loan, you could potentially add it to your other loans via consolidation.