Does consolidating student loans affect credit score

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If you're a parent, and you borrow with a PLUS loan to pay for your children's college, you should never consolidate these loans. This is typically a bad idea because PLUS loans don't qualify for income-based repayment programs like IBR, PAYE, or Re PAYE.As such, if you consolidate, you're at a loss of these programs.Student loan consolidation is different from student loan refinancing, but many people use the terms interchangeably.Student Loan Consolidation: This is a free program to combine your Federal student loans into a new Federal student loan.If you can manage to add, say, an extra and pay 0 each month, you could in fact offset the time disadvantage that is introduced by paying less money towards your student loans.Note: This doesn't apply to Spousal consolidation loans.

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Additionally you need to be current on your payments.

If your loan payments are in default, you will be required to make at least 3 consecutive monthly payments before you can apply for the Federal student loan debt consolidation loan.

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.

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