The Consequences of Student Loan Refinancing and Consolidation on Credit Reports
Consolidation and refinancing can have temporary and long-lasting impacts on your credit report.
Consolidation and refinancing can have temporary and long-lasting impacts on your credit report.
Private consolidation of federal loans has major risks and major rewards. With no way to undo the decision, borrowers need to be certain they’re not making a mistake.
Consolidating or refinancing student loans usually impacts borrower credit scores. However, the impact is typically small and short-lived.
MyFedLoan may be a headache, but borrowers have plenty of options for refinancing and consolidating their federal student loans.
If you manage your Parent PLUS loans wrong, it could result in permanent double payments for all of your federal student loans.
Borrowers with federal student loans serviced by Nelnet may wish to consolidate or refinance their loans. Both options have major pros and cons.
The biggest variable in both the refinance and consolidation timeline is usually the borrower.
If you are counting down the months until student loan forgiveness, consolidation has a huge influence on the clock.
Consolidation is a quick fix to defaulted federal student loans. Rehabilitation takes a bit longer but has some major advantages.