Effect of consolidating student loans on credit score
I haven’t met a single person with student loans who doesn’t want them gone as soon as possible.
It’s hard enough to start a career or raise a family, and when a large chunk of your income is going toward student loans every month, it can feel downright impossible.
Most bank loans don’t offer extended measures of assistance, such as forbearance or deferments, which can last up to a year at a time.
However, to this point he has racked up -40,000 dollars in student loans. They wonder if taking out a student loan will help their credit, or hurt it, and to what degree will it influence overall creditworthiness.
The way that your federal student loans impact your credit is actually quite similar to the way any loan does.
To help ease the burden of student loan payments, many borrowers opt to consolidate or refinance their student loans.
Both options have the potential to help you pay your student loans off quicker and pay less interest along the way, but there’s a lot of confusion around how they work, how they differ, and whether they’re right for you.